Here's the latest batch of information and news for Eastside home buyers and sellers.
How is your Eastside house hunt going? Share your experience and advice with other readers if you are looking for a place to buy or rent if you are looking on our coverage area. Keep it short -- no more than 150 words. Send your submission to hello@TheEastsiderLA.com.
News & Notes
California home prices are expected to continue to rise in 2021 -- but at a more modest pace than in 2020, according to a forecast by the California Association of Realtors. “The uncertainty about the pandemic, sluggish economic growth, a rise in foreclosures, and the volatility of the stock market are all unknown factors that could keep prices in check and prevent the statewide median price from rising too fast in the upcoming year,” said economist Leslie Appleton-Young.
Home buying activity has continued strong into the fall, normally a time when sales begin to moderate. New pending sales in LA, OC, Riverside and San Bernardino counties rose nearly 9% compared to last year, reports. OC Register
Nationwide sales of luxury homes in the third quarter jumped 41.5% compared to last year. But sales of medium-priced homes rose only 3% while sales of affordable homes dropped -- "underscoring the coronavirus pandemic’s disparate impact on Americans with lower levels of wealth." Redfin
Hi & Low: The highest priced Eastside home sale within about the past week was a 2-on-a-lot in Eagle Rock that sold for $2,260,000 ($260k over asking); the lowest was a 2-bedroom Highland Park condo that went for $445,000 ($16k above asking).
Which home is the best deal?
Real Estate Reductions
$10k reduction on Highland Park 2-bedroom, $20k slice on Echo Park bungalow and $46k chop on Silver Lake contemporary
Here are some examples, followed by a breakdown by neighborhood, of recent price cuts on homes, condos, apartments and other Eastside properties.
Highland Park 2-bedroom: $10,000 reduction on fully remodeled home with open-floor plan and detached garage. Now asking $799,900.
Echo Park bungalow: $20,000 slice on 2-bedroom Craftsman located on hill with new a/c and backyard. Now asking $849,000.
Silver Lake contemporary: $46,000 chop on open floorplan home with 2 bedrooms, 2 fireplaces, 2 1/2 baths and 3 balconies offering city views. Now asking $1,349,000.
Which property remains overpriced?
Fixer-uppers for less than $700,000 in East LA, Lincoln Heights and Silver Lake
If your house-buying budget is $700,000 max, here are three properties in your price range:
Lincoln Heights bungalow: 2-bedroom home with fireplace and newer HVAC close to Downtown, and Dodger Stadium. Asking $679,000.
Silver Lake duplex: Two side by side 1-bedroom units with long driveway and work shed. Asking $699,000.
Sponsored Real Estate Listings
That's it for this week's issue
See you next Friday!
Jesus Sanchez, Publisher