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Monday, October 20, 2014

House hunting in Eagle Rock, Glassell Park or Highland Park? It’s not going to get any easier

Photo from Redfin.com

Whether it’s investors looking for a bungalow to flip or young couples searching for low-priced alternatives to Echo Park and Silver Lake,  buyers know house hunting is tough in Northeast L.A. And  it looks like the competition will only get more fierce this year, according to Redfin. The online broker predicts  that Eagle Rock, Glassell Park and Highland Park will emerge as among the nation’s 10 hottest neighborhoods in 2013 when it comes to real estate activity. In fact, Highland Park topped the list, which includes Logan Square in Chicago, The Mission District in San Francisco and North Maple Leaf in Seattle.

After asking its agents to identify the three hottest neighborhoods in major metropolitan areas, Redfin then analyzed statistics and trends at the end of last year to identify what are expected to be the 10 hottest neighborhood in 2013.  Refin CEO Glenn Kelman said that the 10 hottest neighborhoods share some common traits that go beyond real estate sales stats:

“They’re once-gritty urban areas and far-flung suburbs with school districts on the rise. This is the surest sign that the recovery is broadening, and that home-buyers are venturing out to once-marginal areas hit hard when the bubble burst.”

The chart below includes the neighborhood rankings and their year-over-year performance for number of listings, number of sales and price.

CaptureSource: Redfin

 



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23 comments

  1. Yay! Perhaps it’s time to cash in on LA life and move to a farm somewhere!

  2. Highland Park is a great neighborhood! We have great views, take the train to downtown LA for dinner, walk along the Arroyo, hike in Debs, eat all sorts of ethnic foods, etc. We love it. Yes, there are challenges, but on the whole, it is mostly hard working folks living side by side. Very mixed on all sorts of levels. A real sense of being part of a neighborhood exists here. Love it!

  3. Highland Park is a great neighborhood! We have great views, take the train to downtown LA for dinner, walk along the Arroyo, hike in Debs, eat all sorts of ethnic foods, etc. We love it. Yes, there are challenges, but on the whole, it is mostly hard working folks living side by side. Very mixed on all sorts of levels. A real sense of being part of a neighborhood exists here. We love Highland Park.

  4. The last time HP was cool was when the Dragon was still open.
    It’s so fucking lame now w/all the dipshits that moved in and franchised the businesses……….see, they don’t gentrify neighborhoods……..they franchise ‘em……..just like Echo Park, Silver Lake etc…………all the places are the same, look the same, have the same shit on tap, light fixtures etc…………….

    • What franchises? 99 Cents Only? The Taco Bell on Fig? I don’t think those particular businesses have anything to do with the interest in this neighborhood.

    • Not sure what you mean by franchise; do you know what you mean?

      Wikipedia definition:
      “Essentially, and in terms of distribution, the franchisor is a supplier who allows an operator, or a franchisee, to use the supplier’s trademark and distribute the supplier’s goods. In return, the operator pays the supplier a fee.”

      Are these the businesses you are bemoaning?

      According to Wikipedia, theses are the top ten franchise:
      1. Subway (sandwiches and salads)
      2. McDonald’s
      3. 7-Eleven Inc. (convenience stores)
      4. Hampton Inns & Suites (midprice hotels)
      5. Great Clips (hair salons)
      6. H&R Block (tax preparation and now e-filing)
      7. Dunkin’ Donuts
      8. Jani-King (commercial cleaning)
      9. Servpro (insurance and disaster restoration and cleaning)
      10. MiniMarkets (convenience store and gas station)

  5. When I see 3 bedrooms houses going for over 600k, I say, yes, it is a hot neighborhood. I just feel bad for the average family looking for a house now. So glad I bought when I did for half that cost!

  6. Wow. Highland Park #1. Too bad inventory is super low. Mount Washington is even harder!

  7. A sight hipsters in their natural habitat while driving down York.

  8. This too shall pass. Hopefully by the time I can buy a house.

  9. The higher they rise, the harder they fall. With mortgage rates at about 3.3%, people are scrambling now. But when rates are going up a year or so down the line, and back to the more typical 8%, those prices will crash. They cannot by supported at typical 8% mortgage rates. That what happens with bubbles.

    Second, I must say, Redfin is hardly the source for unquestionable sales and price statistics — just a slight conflict of interest there. And gee, they even admit they surveyed only their own people, hardly a scientific sample! In fact, their statistics seem to fly in the face of those from other market watchers, which show prices rises much lower, and favor the Inland Empire for the highest anywhere around here, but even that substantially lower than what Redfin is saying for here!

  10. Two words for folks who are being priced out of Highland Park – Eagle Rock – Glassell Park: Sunland-Tujunga. Oh, and a third word: Altadena. Those three areas are surrounded by natural beauty but are still a bit down-on-their-heels.

    • um, sunland-tujunga vs. highland park/eagle rock/glassel/etc.
      seriously? la crescenta is a bit nicer than the biker/meth/car on cinderblocks on the front lawn that sunland-tujunga is. & altadena’s nice, but as far as neighborhoods go, it’s apples & oranges.

      & with highland park- wait till the aves shoot a few white people. that’ll burst the bubble before any mortgage dynamic does.

      • db, the shooting/killing white folks didn’t work very well in Echo Park, did it?
        Such a cynical response…..

      • D.B., I agree that La Crescenta is nicer than Sunland-Tujunga (I bought my house in La Crescenta in 2010) – and the Glendale Unified schools are more well-regarded than the LAUSD choices in Sunland-Tujunga – but the lowest-priced house in the 91214 (La Crescenta) zip code yesterday was $490,000. There are more deals in Sunland-Tujunga, and there seem to be plenty of nice, decent parts of Tujunga and probably a few nice parts of Sunland as well. Altadena also seems to have lots of decent areas, and it’s not far from the Gold Line -Lake Avenue station.

        As a first-time buyer, you can’t have everything you want. Out of three criteria – size, condition of property, and location – a first-time buyer might only get one criterion met. My first house was a decent size in a great location, but it was a fixer-upper. My second house was a serious fixer upper – and a tiny house – in a great location. I tend to value location more than the other criteria. Point is, first-time buyers usually can’t have everything they want.

      • The “Aves” have no leadership its not the early 90s …..
        Just a few youngins running around trying to keep it alive.

        There is little motivation for gang activity in these neighborhoods.

        No drug turf (Motivation)

  11. Hmmm… Before I moved to HP almost 9 years ago I lived in Logan Square in Chicago.

  12. Well I welcome toe news but not sure how true the prediction is. I have been noticing a lot of sales and development in the area and as a home owner I welcome the positive direction. However T=there has been a number of incidents of late relating to crime which has been on the increase of late. I’ve been here 10 years now and as I said welcome the news but am concerned about the uptick in crime. I have not scene it this active in my 10 years here and hope its just a blip but I sure welcome the news of our neighborhood benefiting from the increase of home sales and the influx of new businesses and new folks to the area.

  13. My family moved to Highland Park in the late 60’s my street was all Italian then in the 70’s it was mostly Mexican then the Asians moved into the area Filipinos and others. Highland Park has really never had great diversity of restaurants or shopping. I and many others welcome the people who are fixing up the homes and giving us someplace in the area to eat and to be proud of. To all the people who are so down with the hipsters what do you want it to be? The houses falling apart and all of York Blvd to be just car repair shops and party rentals??? Really these people are investing in the neighborhood and I for one welcome the new. You people are not the real Highland Park citizens if you are not welcoming to the new so called “hipsters. Highland Park is changing AGAIN and I for one say it is about time.

  14. mark buddy… when was the last time we had a 8% rate. my guess is over 15 years ago. not going back to 8. get real…

  15. that makes you a hipster god

  16. I agree. Highland Park is for dip shits. I’ve never seen so many suckers buying into the hype. $600k for little craftsman bungalos in the flats? It’s as bad as Silver Lake now. Pretty soon, its gonna be all Volvos and baby strollers full of white “creative” types and their mommy and me classes. whatever.

  17. SinglesArePeopleToo

    THANK YOU. this needed to be said.

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