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Saturday, October 25, 2014

Eastside Property: Got less than $200,000 to spend? Maybe it’s time to go condo

With investors scooping up Highland Park properties for their next house flip and Echo Park cottages selling for $605,000 in cash, what’s a first-time home buyer on a budget to do? Condos often serve as a lower-priced alternative to single-family homes but finding an Eastside unit for under $200,000 can still be a challenge. A check on condos priced $200,000 and under across our Eastside Zip Codes turned up less than a dozen properties–two of which are being sold at auction.  The results could either  motivate you to do some condo shopping or save up to buy a detached home. Here’s a peek at three:

805 Temple Terrace #211, Monterey Hills
Price: $200,000
A two-bedroom, two-bath unit includes a balcony that overlooks a pool and spa in the 32-year-old Temple Terrace, one of the sprawling condo complexes that crown Monterey Hills. Association fee include basic cable TV.
 4755 Templeton St. #2310, El Sereno
Price: $185,000
The newest (built in 1995) of the three condos includes two bedrooms and three bathrooms. The third-floor unit features a living room fireplace and balcony.
3030 Villa Vista Drive #18, Glassell Park
Price: $49,000
With an asking price of $49,000, this could be either a real deal or really depressing. This single, 393-square foot unit is being sold at a probate auction this month.
Photos from Redfin


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5 comments

  1. Just to play devil’s advocate, that 400/mo at todays rates will pay for another 100k in house ;)

  2. ^referring to the HOA dues

  3. HSL, $400 a month seems like an awful lot for homeowners’ dues in a building without a doorman (doorperson). Where did you see the figure for the HOA dues? I didn’t see it in the listing info.

  4. if you click on the second one, it’s right there… on their link…

    “$449/month” That’s not really outrageous in la… you know some of the marina buildings have 1200+/month hoa !

    • My mistake – I had only clicked on the $49,000 listing, so I thought that was the one you were referring to. Around 10-12 years ago, I remember seeing a listing for a one-bedroom condo on Wilshire in Westwood (or close to Westwood) for around $120,000, which amazed me – until I noticed the homeowners’ dues of $1000+. It was also some sort of co-op, which made it more difficult to find financing.

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