Homes outperformed condos in 2020 | LA expected to cool as a real estate hot spot

Here's the latest batch of information and news for Eastside home buyers and sellers. 

News & Notes

Condo vs House:  By almost every measure, the condo market trailed the single-family home market during 2020, according to Zillow. In November, for example, the median sales price for condos in the greater Los Angeles area rose 5.5% compared to 11.7% for a single-family home.

Not-So-Hot: Where will home values show the biggest growth this year? Not L.A., according to a survey conducted by Zillow.  LA home values are expected to grow more slowly than the national average.

Hi-Low: The highest priced Eastside home sale within about the past week was a 4-bedroom Los Feliz Tudor that sold for $2,200,000 ($317,000 over asking); the lowest was a 3-bedroom fixer in East LA that went for $400,000 ($1,000 over asking) in a probate sale.  

Real Estate Reductions

$25k slice on new East Hollywood contemporary; $50k chop on Echo Park 3-bedroom with studio and $49k reduction on East LA Tudor

Here are some examples, followed by a breakdown by neighborhood, of recent price cuts on homes, condos, apartments and other Eastside properties.

New East Hollywood contemporary: $25,000 slice on modern 3-bedroom with private enclosed yard, 2-car direct entry garage, and second floor deck offering views of Hollywood Hills. Now asking $1,425,000. 

Echo Park 3-bedroom with studio: $50,000 chop on turnkey home with 2 car garage, newly paved patio and garden. Front house includes 3 bedrooms, 2 bathrooms and fireplace. Now asking $1,249,000.

East LA Tudor: $49,000 reduction on fixer property with 2 bedrooms, long driveway, and 1-car detached garage. Bathtub needs to be replaced. Located near shops, schools, and freeways. Now asking $520,000.

Now Asking

City Terrace homes for under $600k

If your house buying budget is around $600,000, here are three properties that are currently available:

Multi-Unit Family Home: Traditional-style, 2-unit home includes 3-bedrooms, 2 bathrooms, private patio and porch, backyard, and deck offering mountain views. Home utilizes solar energy. Asking $599,000.

Single Story Traditional: Gated home with 3 bedrooms, 1 bathroom, garage and backyard patio. Asking $585,000.

City Terrace Cottage: 3-bedroom home with central A/C, laundry hookups, and expansive front yard. Located near local favorites. Asking $565,000.

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That's it for this week's issue

See you next Friday!

Jesus Sanchez, Publisher

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