Here's the latest batch of information and news for Eastside home buyers and sellers.
News & Notes
Bubble Talk: The sharp rise in prices over the past year have some economists and real estate observers worried about a bubble forming in the market. But many others -- agents in particular -- say prices have risen for supply and demand reasons -- not because of a speculative bubble. USA Today
Mortgage Relief: More homeowners who have fallen behind on their mortgage because of the pandemic have gained more time to catch up on payments and avoid foreclosure. The White House recently extended forbearance programs and a moratorium on foreclosures until June 30 for borrowers with loans backed by the federal government. Yahoo Finance
Hi-Low: The highest priced Eastside home sale within about the past week was a 4-bedroom Los Feliz home on a half-acre lot that sold for $3,400,000 ($101,000 over asking); the lowest was a 1-bedroom City Terrace home that went for $435,000 ($36,000 over asking) in a probate sale.
Real Estate Reductions
$25k cut on East LA Traditional; $50k chop on Atwater Village 2-on-a-lot; $51k reduction on Echo Park 3-bedroom
Here are some examples, followed by a breakdown by neighborhood, of recent price cuts on homes, condos, apartments and other Eastside properties.
East LA Traditional: $25,000 cut on a remodeled home near LA County USC Medical Center. Now $550,000.
Atwater Village 2-on-a-Lot: $50,000 chop on contemporary front and back houses with garage. Now $1,599,000.
Echo Park 3-Bedroom: $51,000 reduction a 3-bedroom, 2-bath home on a quarter-acre lot. Now $1,049,000.
Which home remains the most over priced?
Homes near the L.A. River for less than $900,000
If your house buying budget is around $900,000, here are three properties that are currently available:
Atwater Village Traditional: 1925 home with 2 bedrooms, a front and backyard, a tiled fireplace, and a detached garage. Located near boutiques, restaurants and the Atwater Farmers' Market. Asking $796,500.
Elysian Valley Contemporary: New construction home coming in August with 3 bedrooms, 4 bathrooms, Brilliant Smart Home technology, stainless steel appliances, and 2-car parking. Asking $820,000.
Cypress Park 4-bedroom: Contemporary tri-level home with high ceilings, side by side 2-car garage, private patio, and equipped with kitchen appliances. Asking $849,000.
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