Tuesday, November 24, 2015

Eastside Property: What does $700k buy in Eagle Rock?


By Marni Epstein

EAGLE ROCK —  L.A. was just ranked the second least-affordable housing market in the U.S. for middle class buyers, behind only San Francisco. New York has even tipped its hat at us and muttered “Good Luck” under its breath to prospective L.A. buyers. So with that news in mind, we wondered what will putting down a large chunk of change get you in Eagle Rock? Here’s what about $700,00 buys in the neighborhood Redfin called the “second hottest of 2014.


5028 Hartwick St, 3bd, $695,000

A lovely Craftsman which melds charm and upgrades. Though the backyard may need some TLC, a large patio is set for summer entertaining.

5218 Vincent

5218 Vincent Ave, 3bd, $699,000

An inviting front porch leads into this wonderfully spotless home. Though reasonably appointed, this Craftman may be calling for updates in a couple years time.

4933 Vincent

4993 Vincent Ave, 3bd, $699,000

Just down the street from the above property, sits this three-bedroom bungalow. This recently updated home boats a pool and character accents like built-ins and exposed beams.

Marni Epstein Epstein is an entertainment, music, and lifestyle Journalist and resident of Echo Park. She has previously worked in the film and digital media industries with FOX and Sony Pictures Entertainment. She is currently also pursuing a Masters in Historic Preservation.

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  1. Fallopia Simms

    When you have NIMBYs fighting every development that is proposed in Silver Lake and throughout Los Angeles, of course the affordability level will cease to exist. Insufficient supply+Great demand=High Prices. Stupid NIMBYs.

    • Well, the demand side problem would be helped if all the folks who can’t afford to live here simply moved to where they could afford to live. Remove Section 8, affordable housing covenants, long term unemployment benefits.. and instead provide subsidies for moving vans :)

      • Unfounded libertarian/tea party tripe. Cities and communities are at their best when all can participate in their evolution.

      • Shorter True Freedom: “This place would be a lot more affordable if only the poor people would stop bidding up the prices on rich people.”

        • Sorry, Kenny, but rich people do not participate in the same housing market that poor people do. So, I’ll rephrase your paraphrase: “there would be more affordable housing for the working poor, if the subsidized and unemployed poor left”

          • Rich people do participate in the same housing market as first time buyers. They either buy these houses to flip them and make a huge profit raising prices in the process, or they buy these same houses and rent them out. Again, waiting for housing prices to keep rising so that they can then sell them off at a much higher price. Either way they are causing a huge shortfall in first time housing market.

          • @X-man : I should have clarified that I was speaking about a person’s primary residence. With respect to flippers inflating prices… they don’t inflate prices, the buyers do. Prices won’t rise if no one is willing to pay them.

            Investment properties do, I think, effect housing prices.. in that they remove inventory from the market for folks who want to purchase their primary household. As for high rents, again, high rents are caused by renters who are willing to pay. This is why I say if all the folks who can’t afford to live here left, rents.. home prices.. etc would fall.

          • @true freedom…the issue is location when it comes to the flippers. First time buyers in LA can’t afford flipped homes so it’s not first time buyers buying these things. And these investors take these houses off the market by doing all cash buyouts so there is no way a first time buyer can compete to purchase these fixer uppers in desirable locations.

            In LA, a flipper pays all cash for a fixer upper in Echo Park, Silver Lake, or Highland Park for $300,000 and flips it 8 months later for $649,000. What first time buyer can afford that? 20% down payment, about $6,000 in property tax yearly, and you would need an income of at least $12,000 per month. But at $300,000, a first time buyer can swing it.

            And in areas like the San Gabriel Valley you have foreigners paying all cash for homes as well. But at least in their situation, they are buying to live in the property.

    • NIMBY’s are increasing the value of their own property by fighting new housing development. They have theirs and don’t want anyone else sharing the pie.

  2. And the scary thing for young people should be that these are going to probably seem like absolute deals in just a couple of years……..

  3. There are still deals out there for first-time buyers, folks. The sky is not falling. If I were a first-time buyer, I’d consider Sunland-Tujunga, Northwest Pasadena, Altadena, or any of the cities along the 210 where the Gold Line is going to extend (i.e., Monrovia, Glendora, and Azusa). There are also pockets of the San Fernando Valley that remain affordable and are relatively safe and calm. Folks who feel they must live in the 90026, 90027, 90039, 90041, 90042, or 90065 zip codes are going to pay a premium.

    • Seems like good advice. I’ve been impressed with development in NW Pasadena and Altadena.

      But, I’m not sure about the relevance for a typical homeowner of the Gold Line extension – unless you work somewhere it reaches easily. (The regional connector just got approved, which will eventually (year 2020) make more locations directly reachable.)

      The relevance for real estate speculators of the Gold Line extension — now that’s big. Imagine the sort of real estate development you see in Pasadena, around the Del Mar station, but spread all along the Monrovia-Azusa corridor. It’s going to be huge.

      • and, unfortunately, like Pasadena.. the vast majority of these new residents in stack and pack housing in the Monrovia-Azusa corridor will own and use cars for the bulk of their trips. Westside traffic coming to the SGV.

        • West Side 4 A Bit Longer

          On behalf of my fellow Westsiders, we don’t got the SGV if we can possibly avoid it. Crossing the 405 is bad enough but SGV never.

          • You’re missing out on some great dim sum restaurants, as well as Vietnamese banh-mi sandwich shops.

          • @West Side: Your comment seems beside the point. @TF wasn’t saying the westsiders were coming to live in the SGV, just that that model of development (high-density apartments with primarily car transportation) was displacing the single-family homes and small apartments that have characterized the SGV. You have to admit that the resulting traffic congestion is one of the major downsides of the Westside.

            I don’t know why you’d bother with that tired “not going east of the 405” here anyway. I don’t often go west of Vermont, but, west or east, it’s not a flag worth waving. (“I’m provincial!”).

  4. Has anybody else noticed that ANY house north of Colorado in Eagle Rock now fetches $1 million+? It’s not like the area is THAT much nicer than south of Colorado. Not worth it.

  5. Every one of those houses will likely go over 700K. If something is even halfway decent, it’s got multiple offers — often with few contingencies and sometimes all cash. This housing market is crazy. What James says is true: cool people who only want to live where other cool people live are going to pay A LOT more for their two bedroom/one bath.

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