Here's the latest batch of information and news for Eastside home buyers and sellers.
News & Notes
Masks or No Masks: The state may be lifting most pandemic restrictions on June 15, but face coverings will still be required at open houses, according to the latest guidance from the California Assn. of Realtors. "Open house masks will be required because even if a single unvaccinated person enters an open house, then everyone must be masked," said the association. However, "masks need not be worn during a showing if everyone is fully vaccinated."
Pessimistic Buyers vs Optimistic Sellers: A survey of 1,000 California consumers in May found that only 19% "believe it was a good time to buy a home. That's way down from 31% reported in May of 2020 by the C.A.R. Housing Sentiment Survey. The blue mood reflects declining affordability and a lack of inventory, according to analysts. Meanwhile, the same survey found that 72% "believe it is a good time to sell." That's an all time high since the survey began in September 2018.
Hi & Low: The highest priced Eastside home sale within about the past week was a 5-bedroom Echo Park Modern with pool house that sold for $3,200,000 ($400,000 under asking); the lowest was a 1-bedroom Cypress Park TIC that went for $425,000 ($20,000 under asking).
Real Estate Reductions
$11k slice on Monterey Hills condo; $60k reduction on Mount Washington Traditional; $255k chop on Los Feliz 5-bedroom
Here are some examples, followed by a breakdown by neighborhood, of recent price cuts on homes, condos, apartments and other Eastside properties.
Monterey Hills condo: $11,000 slice on 2-bedroom unit with 2 bathrooms, a den, and a balcony. Refrigerator, washer and dryer are also included. Property is gated and offers 2 parking spaces, tennis courts, jacuzzi, and swimming pool. Now $688,000.
Mount Washington Traditional: $60,000 reduction on 2-bedroom home with 1 bathroom, a fireplace in living room, and an attached garage. Property also includes central air cooling and heating. Balcony and deck offers elevated neighborhood views. Now $1,190,000.
Los Feliz 5-bedroom: $225,000 chop on modern home with 4 bathrooms, 2 master suites with walk-in closets, 2 fireplaces, a wine cellar, and 3 electric vehicle charging stations. Property also includes a landscaped backyard, a salt water pool/spa, a gas BBQ, and an outside room. Now $2,995,000.
Which home remains the most overpriced?
3 Silver Lake homes near Ivanhoe Elementary
Silver Lake is already pricey. But you can expect to pay a premium for properties located near Ivanhoe Elementary, one of L.A.'s most highly regarded public elementary schools. Here are three properties that are described as being in in the coveted Ivanhoe attendance area.
Here are three current options:
• 2-bedroom Mid-Century with exposed beamed ceilings. Now asking $1,535,000.
• 3-bedroom condo with 2-car garage. Now asking $1,059,000.
• Renovated 1940s home with 3 bedrooms and views. Now asking $2,395,000.
Which is the best deal?
Sponsored Real Estate Listings
That's it for this week's issue
See you next Friday!
Jesus Sanchez, Publisher