Here's the latest batch of information and news for Eastside home buyers and sellers.
News & Notes
"Normalizing": Economists say the California real estate market will cool off a bit for the remainder of the year. The pool of available homes for sale has been and is expected to grow, allowing buyers to shop around and take more time. “We do see the market as normalizing,” said Jordan Levine, chief economist at the California Assn. of Realtors. Still, the state's median home price is expected to hit $795,600 this year -- up 20.7% from 2020. OC Register
Silver Lake: Brent Kutzle, the bass guitarist One Republic, has bought a five-bedroom contemporary on famously steep Baxter Street for $5.7 million, Dirt reported. The sellers are both actors and producers - Mark Duplass and Katie Aselton - who bought the home in 2014 for $4.45 million. Dirt said this is the second most expensive single-family home sale in the Silver Lake area, behind the $8.55 million that music industry executive Luke Wood paid for a John Lautner-designed home in 2014.
Hi & Low: The highest priced Eastside home sale within about the past week was a 3-bedroom Country English-style home in Los Feliz that sold for $3,340,000 ($345,000 under asking); the lowest was a 2-bedroom East LA home with an unpermitted basement apartment that went for asking at $399,000.
Real Estate Reductions
$24k slice on Victor Heights condo; $73k chop on Eagle Rock Traditional; $50k cut on Silver Lake 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: $73,000 chop on 4-bedroom home with 2 bathrooms, fenced-in lot, and patio in backyard. Property is located near Rose Bowl Stadium. Now $695,000.
Silver Lake 3-bedroom: $50,000 cut on traditional style home with 2.5 bathrooms, newly refinished hardwood flooring, a patio, a detached 2-car garage, and balconies that offer views of hills. Now $1,399,000.
Which home remains the most overpriced?
$1 million homes in Eagle Rock, Highland Park & Los Feliz
$1 million properties have become more common in many Eastside neighborhoods in recent years. Here are three homes around $1 million that we came across this week:
• Los Feliz condo: Corner unit includes 2 bedrooms, 2 bathrooms, new sliding doors, a private balcony, and 9ft ceilings with windows that offer views of hills and the city. Now asking $995,000.
• Highland Park Modern with ADU: Gated property features a 2-bedroom, 2-bathroom main house with a detached guest space with 1-bathroom and 1 bedroom. Property is fenced-in and is landscaped with fruit trees. Now asking $999,000.
• Eagle Rock triplex: Property includes 3 bedrooms, 3 bathrooms, and has the potential to add an ADU. Located near restaurants, shops, grocery stores, Dodger Stadium and the Rose Bowl. Now asking $999,000.
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