Maybe you are not ready to buy | Pandemic real estate boost fading?

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

News & Notes

Think Twice: Here are 5 signs you may not be ready to buy a home just yet. Realtor.com

Pandemic Bump Over?: There are some signs that the pandemic-related boom in real estate maybe cooling off. While mortgage rates were at record lows at the end of 2020, the number of new home loan applications has edged down slightly. Blame high prices for offsetting record-low mortgage rates. CNBC 

Hi-Low: The highest priced Eastside home sale within about the past week was a 5-bedroom Los Feliz Modern that sold for $3,810,000 ($185,000 under asking); the lowest was a 1-bedroom TIC in Historic Filipinotown that went for asking at $300,000. 

Real Estate Reductions

$70k chop on Highland Park new construction; $51k reduction on Los Feliz condo and $50k slice on Silver Lake hillside home

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

Highland Park new construction: $70,000 chop on 3-bedroom home with 3 bathrooms, 3 balconies offering mountain views, and expansive yard. Now asking $1,399,000.

Los Feliz condo: $51,000 reduction on single level 2-bedroom condo with 2 bathrooms, central AC/heat, washer and dryer, a private backyard patio area, and 2 parking spaces. Now asking $699,000.

Silver Lake hillside home: $50,000 slice on 3-bedroom, 3.5-bathroom home with balconies on each floor. Master suite on top floor includes 2 walk-in closets, and bathroom with large tub and rain shower system. Now asking $2,599,000.

Now Asking

3-bedroom homes for under $700,000 in Boyle Heights, City Terrace & Echo Park

If your house-buying budget is $700,000 max, here are three properties in your price range:

Boyle Heights fixer upper: Gated home with 3 bedrooms, 1.5 bathrooms, large basement, and ample parking space in close proximity to East LA cultural landmark, El Pino. Asking $575,000.

City Terrace Hillside home: 3-bedroom home with spacious living room, built-in wood dining table and backyard with gazebo. Asking $645,000.

Echo Park Traditional: Historic newly updated home with 3 bedrooms, 2 bathrooms, a storage room, car garage, and private driveway. Asking $699,000.

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See you next Friday!

Jesus Sanchez, Publisher

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