Here's the latest batch of information and news for Eastside home buyers and sellers.
News & Notes
Urban vs Suburban: Real estate prices in urban and suburban areas rose strongly last year thanks to what many described as a pandemic boom. But the same could not be said for the rental market, where the virus outbreak appeared to undermine urban rents while boosting suburban rents, according to Zillow. In the Los Angeles metro area, urban rents as of December 2020 had risen only 0.4% compared to December 2019. Meanwhile, suburban rents climbed 3.6%. Urban rents may stage a comeback this year, however, if the virus is brought under control and the economy strengthens.
Real Estate Reductions: You can still get a house below asking but it might be getting tougher. A recent report by the California Assn. of Realtors found that 21% of listings had a reduced price. But that figure has been fallen in 7 of the past 8 months.
Hi-Low: The highest priced Eastside home sale within about the past week was a 3-bedroom Franklin Hills contemporary that sold for $2,200,000 ($198,000 under asking); the lowest was a 2-bedroom Historic-Filipinotown condo that went for $460,000 ($37,888 under asking).
Real Estate Reductions
$10k slice on Silver Lake condo; $30k reduction on Echo Park one-bedroom and $200k chop on Los Feliz Spanish
Here are some examples, followed by a breakdown by neighborhood, of recent price cuts on homes, condos, apartments and other Eastside properties.
Silver Lake condo: $10,000 slice on a 2-bedroom unit in gated complex with 2 bathrooms, fireplace, kitchen appliances and balcony. Now asking $759,000.
Echo Park one-bedroom: $30,000 reduction on a Lilac Terraces unit with floor to ceiling windows, updated bathroom, new flooring, and in-unit laundry. Located near shops, restaurants, hikes, trails and Dodger Stadium. Now asking $399,000.
Los Feliz Spanish: $200,000 chop on a 2-bedroom home in need of TLC. Includes fireplace in living room, long private driveway, and backyard. Now asking $990,000.
Which property remains overpriced?
Homes for under $500,000 in East LA, Lincoln Heights and Cypress Park
If your house buying budget is around $500,000, here are three properties that are currently available:
Remodeled 3-bedroom in East LA: Modern style home with 2 bathrooms, and renovated basement with multiple rooms. Located near DTLA and restaurants. Asking $468,000.
Lincoln Heights studio condo: Studio in gated community with open floor plan, in unit stackable washer and dryer, and balcony. Complex includes recreation room, fitness room, and pool. Asking $344,501.
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