Here's the latest batch of information and news for Eastside home buyers and sellers.
News & Notes
October Sales: The LA real estate market -- like real estate nationwide -- continued to surpass expectations in October, especially in light of all the economic disruption caused by the pandemic. Credit those record-low mortgage rates and a tight supply of properties for sale for the rise in prices. Here are the median sales prices of single-family homes that sold last month in these Eastside neighborhoods.
- Atwater Village-Silver Lake (90039 Zip Code): $1,120,000
- Boyle Heights: $350,000
- Eagle Rock: $855,000
- East LA: $535,000
- East LA-City Terrace: $628,000
- Echo Park-Silver Lake (90026 Zip Code): $1,180,000
- El Sereno: $710,000
- Glassell Park: $894,000
- Highland Park: $828,000
- Lincoln Heights: $926,000
- Los Feliz: $1,695,000
Mortgage Trouble? An estimated 4.2% of mortgages in the L.A-Orange County area were “seriously delinquent” in August compared to only vs. 0.6% last year. But that big jump in LA and across the state may not be as troubling as you may think. SGV Tribune
Hi & Low: The highest priced Eastside home sale within about the past week was an updated Los Feliz Traditional that sold for $2,400,000 ($405k over asking); the lowest was a 1-bedroom near Cypress Park that went for $470,000.
Real Estate Reductions
$49k chop on Silver Lake Spanish; $36k reduction on Cypress Park townhouse and $20k slice on Highland Park Bungalow
Here are some examples, followed by a breakdown by neighborhood, of recent price cuts on homes, condos, apartments and other Eastside properties.
Silver Lake Spanish: $49,000 chop on fully renovated Mediterranean home with 3 bedrooms, 2 bathrooms and vast backyard. Now asking $1,050,000.
Cypress Park townhouse: $36,000 reduction on 3-bedroom home with a walk-on closet and garage located near parks. Now asking $839,000.
Highland Park Bungalow: $20,000 slice on hilltop home with 2-bedrooms, front-yard and back-yard patio located near shops, and freeways. Now asking $710,000.
Which property remains overpriced?
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That's it for this week's issue
See you next Friday!
Jesus Sanchez, Publisher