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Sunday, September 25, 2016

Eastside Property Report: Highland Park too hot?

Highland Park remained one of the most active Eastside real estate markets in September, with 26 homes selling for a median sales price of $390,000, according to figures compiled by DataQuick and the Los Angeles Times. September sales included the 820-square-foot, 1920 bungalow (pictured) in the 500 block of Merdian Terrace, which sold nearly after nearly four months on the market at an asking price of $269,000, according to Redfin.  Many agents have pitched buyers to Highland Park as an affordable alternative to Echo Park and Silver Lake. But is Highland Park still a deal or is it time to look someplace else?

Chart data from  DataQuick and the Los Angeles Times; photo from theMLS.com



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9 comments

  1. I have lived in Highland Park for over five years (born and raised in LA), and I love the 90042. Now, I’m getting the opportunity to buy a home, and I am afraid that everything in my price range will be bought out by wannabe flippers and others trying to turn a quick buck. I am willing to put sweat equity into my future home, and plan to stay and support the neighborhood.
    (Don’t get me wrong, I admire the work of bettershelter and others like them, but not many are offering the quality of work they put out.) I am just bummed out to think my dream home could be bought out from underneath me by some flipper with cash.

  2. It is sad that a neighborhood like Highland Park, which has it’s own unique history and character, is being pitched as an ‘alternative to Silver Lake and Echo Park’. How insulting.

  3. Interesting houses, interesting people, interesting geography.

    What’s not to like?

  4. Eastsider, please don’t make it sound like Highland Park being “too hot” is a bad thing! I own my home there, LOVE the area and am stoked that more people are discovering it!! It definitely was not an alternative to Silver Lake. I WANT to live here rather than there.

    @MissMarissaLynn: Keep trying for your home! I was actually up against a flipper who offered cash. How did I win out? I wrote a letter to the seller about how much I loved the house and property so they accepted my offer, not the flipper’s.

  5. I once lived in Highland Park a few years ago for a short time before moving back to Echo Park – I loved how low the rent was (until the neighborhood kids broke in and tagged all of our stuff). As soon as I moved away these great bars and restaurants popped up, we even recently visited an incredible recording studio run by folks who had fixed up the whole building. Sounds like they are headed in the right direction in Highland Park!

  6. Don’t worry about the temperature in HP. Close friends lived in the house that you have pictured and they took a pretty substantial hit when they recently sold it. The issue wasn’t their house, which they had put a lot of work into over the five years that they owned it. The problem was the other houses in their area that had gone through foreclosures and short sales. These “comparable” homes drove the value of their home down. It’s happening all over HP right now.

  7. Lauren: thanks for the positivity. I haven’t picked the exact home yet, but if I am up against a wall, it’s nice to know that there are ways to fight for the future I am looking for.

    GhostBlood: It’s a sad state of affairs your friends went through. I have noticed that a high percentage of the homes currently for sale are foreclosures and short sales. It’s a shame, but I am trying to see the possibility these homes can be brought back to the beauty and value they deserve.

    In regards to Highland Park being an “alternative”, I suppose it is for some – but for many, it’s the first and best choice! I personally am drawn by the hometown pride the people exude, as well as the history and arts culture that thrives here.
    Hooray for the 90042!

  8. It’s great to hear people buying houses in HP. I would like to see people buy houses to live in HP versus flippers. On a positive note, many of the houses being flipped – are being revitalized to their old, historic charm that will greatly benefit HP as a whole. As for foreclosures and short sales – hate to break the news to you – This is not an HP issue. it was a national and state disaster when people purchased homes at outlandish prices; instead of their true market value. There are still good deals in HP – so welcome to our first choice!!!

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