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Wednesday, October 1, 2014

Eastside Property: City Terrace Spanish-Colonial fetches $75,000 over asking

Back in August The Eastsider asked if freeway noise might undermine interest in this 1938 Spanish Colonial Revival-style home in City Terrace.  Apparently not.  The one-story home with a red-tiled roof and many of its original features sold at the end of September for $325,000 – or $75,000 over the asking price, according Redfin.

While paying more than $300,000 for a City Terrace home might have once raised eyebrows,  Redfin figures shows that about 20 homes have fetched more than $300,000 in the neighborhood so far this year.

5 comments

  1. $75,000 over asking is huge! I think this proves that there is real demand for charming homes on the eastside.

  2. It’s hard to find places like that with so many original details. Most have had many unfortunate updates. This was a little gem and $300k isn’t bad when it’s less than ten minutes from Downtown. I have a feeling this is the next real estate frontier for everyone who’s been priced out of other areas on the east side.

  3. Aurora,
    I think this maybe the place , I live in CT, and have seen a transformation in the neighborhood. There is still a little-riff-raff- here and there. I walk my 3yr-old to the Park on Hazard every other day and have not encountered anything “bad” in the 4 years I’ve lived in CT. The proximity to DTLA is awesome. All this ‘hood is missing in a Coffee Shop and a eatery and it would be a new Frontier. A DR and Nurse from USC just bought near me. Our kids go to CSLA’s Child Care program which is 5minutes away and is great! If this home sells, we may see a trend
    http://www.redfin.com/CA/Los-Angeles/1217-N-Hazard-Ave-90063/home/6956678
    DK

  4. That Redfin link shows the house as immediately being relisted at 360k within the same week that it sold and now ‘Pending’. What’s the deal with that? Break neck speed flipping?

  5. City Terrace is the place to invest in and enjoy DTLA. Born and raised in City Terrace in the 60’s, and having lived all over Southern California including San Diego. I can tell you that moving back to the old family home was a surprise. The surprise was how City Terrace is changing, and for the good. When I relocated back to LA from San Diego, it was just temporary until we found something we liked in Pasadena. Well we decided against that idea, and we are investing in the old family home, why? because I see the neighborhood going one way UP!!! City Terrace was developed back the 1920’s and will go thru a gentrification process much as some of the more popular hip neighborhoods around LA, San Diego, San Francisco and New York are and have experienced. I see it and live it. The neighborhood is on the move up and it is exciting to see new faces and pride of ownership happening. This hills are quiet, breezy and with great views. It is only a matter of time that you will see a great coffee and food scene emerge here to match the new neighbors. I you want to get in on the ground floor of this the time is now.
    Until I write again…..

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