Here's the latest batch of information and news for Eastside home buyers and sellers.
News & Notes
Staying Put: More than 25% of American homeowners have lived in the same home for more than 20 years, according to a Redfin survey conducted last year. That's a record-high number and substantially above the 14.3% reported in 2010. High home prices, a lack of inventory and COVID-19 concerns are among the reasons many homeowners are aging in place.
New Year Sales: California home sales during the first two weeks of 2021 have "noticeably downshifted" since the middle of last month, says the California Assn. of Realtors. However, sales activity normally declines at the start of the year. Even so, sales so far are running 10% above where they were at the start of 2020.
Hi-Low: The highest priced Eastside home sale within about the past week was a 3-bedroom Mount Washington Traditional that sold for $1,475,000 ($375,000 under asking); the lowest was a 2-bedroom Monterey Hills condo that went for $451,000 ($277,000 over asking).
Real Estate Reductions
$5k slice on Lincoln Heights condo; $20k reduction on Montecito Heights view home and $60k chop on Eagle Rock 4-bedroom
Here are some examples, followed by a breakdown by neighborhood, of recent price cuts on homes, condos, apartments and other Eastside properties.
Lincoln Heights condo: $5,000 slice on contemporary 3-bedroom home with 2 bathrooms, patio, in-unit washer/dryer and kitchen appliances. Complex is gated and secured, and includes fitness center, community room, and courtyard. Now asking $530,000.
Montecito Heights view home: $20,000 reduction on Craftsman home with 3 bedrooms, 2 bathrooms, built-in book place, gas fireplace and rear deck with covered parking spots below. Now asking $749,000.
Eagle Rock 4-bedroom: $60,000 chop on Modern compound home with patio, private balcony and multiple decks. Home is gated and offers plenty of parking space. Now asking $1,490,000.
Which property remains overpriced?
Homes for about $800k in Glassell Park, Highland Park and Silver Lake
If your house buying budget is around $800,000, here are three properties that are currently available:
Glassell Park 3-bedroom: Updated home with covered front porch, 2 bathrooms, storage room, pantry, laundry area, and a rooftop deck. Asking $800,000.
Highland Park bungalow currently used as office: Built in 1910, this home has 2 bedrooms, 1 bathroom, a dining room and a living room. Driveway and parking on street. Asking $799,900.
Silver Lake townhouse: 2-bedroom loft with modern amenities, tankless water heaters, garage suitable for electric cars, and a rooftop deck. Sliding glass doors lead to private outdoor terrace. Asking $799,000.
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