Here's the latest batch of information and news for Eastside home buyers and sellers.
News & Notes
Mortgage Rates: Home loan rates have started the year by rising from rock-bottom lows. But for how long? That mostly depends on when the COVID outbreak is brought under control and improvements in the job market. Zillow.
Virtual Deals: About 63% of home buyers last year made an offer without seeing the property in person, according to a Redfin survey. Virtual and live-video home tours are expected to remain popular in the years ahead. “Homebuyers who are searching for a home out of town and don’t have the time or ability to view the home in person will use virtual tours as their primary means of viewing a home," said Redfin economist Daryl Fairweather.
Hi-Low: The highest priced Eastside home sale within about the past week was a 3-bedroom Los Feliz Traditional that sold for $2,900,000 ($375,000 under asking); the lowest was a 2-bedroom Highland Park condo that went for $460,000 ($4,777 under asking).
Real Estate Reductions
$10k slice on El Sereno condo; $20k reduction on Highland Park 3-bedroom and $35k chop on Silver Lake condo
Here are some examples, followed by a breakdown by neighborhood, of recent price cuts on homes, condos, apartments and other Eastside properties.
Highland Park 3-bedroom: $20,000 reduction on gated home with fireplace in living room, 2 bathrooms with new fixtures, and detached studio. Located near DTLA, shops and restaurants. Now asking $922,800.
Silver Lake condo: $35,000 chop on 3-bedroom, 3-bathroom home with two-car garage, community pool and rooftop deck offering views of the city. In close proximity to reservoir and L.A. River bike path. Now asking $1,095,000.
Which property remains overpriced?
Garvanza homes for under $1 million
If your house buying budget is less than $1,000,000, here are three properties in Garvanza that are currently available:
2-bedroom Traditional: In close proximity to Rose Bowl and Gold Line, this home has a large rear yard, large driveway with covered BBQ area, and split A/C system in garage. Asking $869,000.
3-bedroom hillside home: Cottage style home with front porch offering elevated views, a galley kitchen, central AC and heating, and long car port in backyard. Asking $798,800.
New remodeled 3-bedroom: Property includes a 2-bedroom main home with 1-bathroom, and attached 1-bedroom guest house with 1-bathroom and separate entrance. Home has new landscaping, paint and other remodels. Asking $998,000.
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