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
• About 35% of L.A. home buyers could afford to purchase a median-priced home of $548,000 during the second quarter of this year, says the California Assoc. of Realtors. That's down slightly from 36% in the first quarter but still remains above last year's level. You would have needed an annual household income of $103,200 to qualify for a loan.
• More L.A. County homeowners are late paying their mortgage. In May, 3.43% of the first mortgages were 60 days late -- a big jump from 0.55% in May of 2019, says Bubble Watch. Similar spikes were seen across Southern California.
• Rents are down -- at least in some large new apartment buildings packed with amenities but apparently lacking in tenants. Average asking rents in what are described as Class A or luxury properties have dropped 4.3% since March across L.A. County, says the L.A. Times.
• How empty retail, office and other commercial space may help ease California's housing crunch, says a Rand economist.
Real Estate Reductions
$60k chop on Eagle Rock traditional, $30,000 reduction on Echo Park contemporary and $20,000 slice on Historic Filipinotown 3-bedroom
Here are some examples, followed by a breakdown by neighborhood, of recent price cuts on homes, condos, apartments and other Eastside properties.
Eagle Rock traditional: $60,000 chop on 2 story home with 2-bedrooms and backyard filled with fruit trees. Now asking $915,000.
Historic Filipinotown 3-bedroom: $20,000 slice on spacious 3-bedroom home with views of downtown LA skyline. Now asking $740,000.
Which property remains overpriced?
Echo Park Homes for less than $700,000
If your house-buying budget is capped at $700,000, here are three properties in your price range:
2-bedroom on a big lot: Hillside Bungalow offering views of DTLA and 2-bedrooms. Asking for $699,000.
4-bedroom fixer: 4-bedroom home located near DTLA and Elysian Park Trail. Asking for $699,000.
2-bedroom cottage: 1913 Craftsman with 2-bedrooms and bonus studio on a separate entrance. Asking for $639,000.
Which home is the best deal?
Sponsored Real Estate Listings
That's it for this week's issue
See you next Friday!
Jesus Sanchez, Publisher