Atwater Village Homes and Real Estate – Always in Demand

Each year Atwater Village grows as one of the most popular neighborhoods in Los Angeles. From the time it was built to present, Atwater Village homes have remained in high demand. It is northeast of downtown Los Angeles, between Glendale and Los Feliz. Because of its central location, the Golden State Freeway (Interstate 5) and the Glendale Freeway (2) pass directly through Atwater making it easily accessible to all areas of Los Angeles.

Atwater Village has been coined one of the friendliest neighborhoods in Los Angeles. Its main street, Glendale Blvd, is full of restaurants and shops that provide for entertaining, leisurely strolls. New shops and restaurants are always opening up making Atwater a unique, modern neighborhood. The LA River runs through Atwater and has beautiful bike paths lined with trees and shrubs. The community is proud of the shops they have to offer and puts on a Farmers Market on Sundays, which attracts people from surrounding Los Angeles neighborhoods.     

Many of the housing units were built in the World War II era and consist of single-family homes, apartments, bungalows, and condos. When the Department of Water and Power was built in the early 1900s, Atwater gained many new citizens who were employed at the DWP. This working class of people contributed to developing Atwater into the friendly, middle class neighborhood that it is today. This group built many of the Spanish style bungalows that exist throughout the neighborhood. Most homes are prices between $500,000-$900,000. The population is a small 15,000 citizens with an average age of 34. The population is diverse with a high density of Latinos, Caucasions, and Asians. The yearly average income was $58,000 per household; this is close to the median income of Los Angeles. Approximately 59% of the population includes renters.

For families considering the neighborhood, there are three elementary schools present in Atwater Village. In the year 2000, approximately 22% of Atwater residents above the age of 25 had received a four-year degree. This number has continued to grow making Atwater Village a popular neighborhood amongst college graduates.

Many people are choosing to move to Atwater Village because of its considerable amount of perks. Its central location, variety of architecture, and original businesses give Atwater Village an original feel that is easy to call home. For those interested in in Atwater Village real estate, it is recommended that they consult an experienced Atwater Village real estate agent.

Altadena, CA – Wide Range of Real Estate Offerings

Altadena is unique in that it offers a range of high quality real estate inclusive to those with low and high sources of income. Altadena is located north of Pasadena and 14 miles east of downtown Los Angeles. Residents are able to enjoy the goings-on of the high paced city just over the hill, and the tranquility of a small town. Because of the close proximity to Eaton Canyon, Altadena offers a variety of properties ranging from level, flat lots to scenic, hillside views. The average monthly temperature is 72 degrees and is considered to be a warm-summer Mediterranean climate. Real estate in Altadena ranges from $200,000 to multi-million dollar homes.

Because of the range of homes available, from modest to mansions, a number of Altadena houses for sale are almost always available, regardless of the real estate market.

Altadena has a quaint community of 43,000 people with predominantly Caucasion, Hispanic, and African-American communities. 98.8% of the population lives in households, which provides a consistent residential environment throughout the city. The average age in Altadena is 41.8 years with a median income of $82,854 per household, which was a $20,000 increase since the year 2000.

Altadena is known for several points of interest. Altadena is home to a California historical landmark, Christmas Tree Lane. A tradition since the 1920’s, Christmas Tree Lane is a mile long road and the oldest, largest, outdoor lighting attraction in the world. One of the attractions found on Christmas Tree Lane is the Balian Mansion. The Balian Mansion has been lit since 1955 and is considered one of the first holiday lit houses. Altadena is also home to the free botanical garden at The Cobb Estate. The United States Forest Service is the caretaker encourages hikers to explore the numerous trails surrounding the estate that lead up to Echo Mountain.  There are also many recreational parks, like Farnsworth Park. Farnsworth Park was added to the National Register of Historic Places in 1997. This park includes a clubhouse and amphitheater where patrons can enjoy picnics and parties.

Altadena residents are zoned into Pasadena Unified School District, which contains over fifteen public schools and five private schools. Altadena is comprised of a multi-ethnic and cross-cultural community.   

Altadena is a welcoming community that offers comfortable weather, stimulating nature, and a variety of houses. This variety allows people of all backgrounds an opportunity live an enriched life in a beautiful location.  Buyers and sellers of homes in Altadena are advised to seek out the assistance of an experienced Altadena real estate agent who specializes in this desirable neighborhood.

NELA Real Estate Ranting about Buyers, Sellers and Requests for Repairs

I am primarily a listing agent. That is, I mostly represent sellers of residential real estate. But we do work with buyers so we hear their side of it, too. Buyers today are overwhelmed by fear; fear of overpaying, fear of their friends telling them they made a mistake, fear of their parents thinking they weren’t well informed, fear of the market going down after they buy, fear that something will go wrong that they should have known about … the list goes on about another foot or two.

In our Northeast Los Angeles neighborhoods, the market is shifting right now, and it is going in the direction of a seller’s market. That means that inventory is very low and prices are beginning to go up. There are fewer Highland Park homes for sale this spring 2014 than all of 2013. There are fewer homes for sale in Atwater Village, Eagle Rock, Hermon, Glendale and Pasadena. There is about half the number of homes in Altadena this year as there were just two years ago.

Buyers do not want to hear this.  They are remembering all the bad news of the last four years and think it is still a buyer’s market with high inventory and a tidal wave of distressed properties looming on the horizon, ready to flood the market and bring the prices down more.

Then they lose out on a few multiple offer situations and decide they’d better offer more in order to get the deal. Or maybe they find a property that has been on the market awhile and scoop it up. Then it is time for inspections. They pay for every possible inspection and further inspection that is recommended to them. This is good. One should understand the condition of the house one purchases.

This is where it gets complicated. Sometimes an inspection turns up a big problem that no one knew about. If the buyer has paid over market for a house that has a major foundation issue, it might make sense for a seller to negotiate some kind of compromise with the buyer. But to expect that the seller should also repair the sewer line, upgrade the electrical panel, and replace the old but working heating system is questionable. Every situation is different, there are no rules, and the eventual resolution runs the entire spectrum from no concessions to paying for everything, from arriving at an amicable agreement to canceling escrow.

I think it comes down to who is negotiating in good faith and how much experience they have. I find it hard to believe that a first time buyer is re-negotiating the price entirely of their own volition; their agent, friends or family are advising them. In several cases, after clearly and emphatically agreeing to an “as-is” sale where the buyer agrees that the seller will make no repairs, we have heard the buyers’ agent tell the buyer that the next step after the inspection is the request for repairs. Unfortunately, it has become customary for a buyer’s agent to advise negotiating for repairs. They believe that this is their value to the buyer.

If you are buying a home built in the 1920s, you should expect that there will be items that are older but still functioning. There will be items that were up to code when installed, but not up to today’s code. No home is in perfect condition, not even new construction. Yet, many buyers expect sellers to deliver a perfect house or give a discount.  Did it occur to anyone that the price was already discounted to cover any defects? Some buyers are convinced that the seller must have known about the issue and is being dishonest about it.

How about looking at it from the seller’s point of view? I have sold so many properties in the last couple of years for people who paid more for the house than they are selling it for, who have decided that the best thing for them to do is to take the loss and move on. If it’s a short sale, where the seller owes more than they can sell it for, there is no question of repairs–the seller isn’t doing any. It’s the seller who has equity enough or resources enough to sell it without having to ruin their credit and go through the pain of a short sale who seems to be the magnet for the fearful buyer.

It’s time to move on and just live with the loss of $20,000 to $150,000. This could be due to misfortunes like divorce or job loss, or good stuff like marriage or needing a bigger house for their growing family.

Interest rates are shockingly low…much lower than when they bought it in say, 2006. And they cannot refinance into these current rates because they have no equity to qualify for a new mortgage. They did inspections when they bought and spent some money fixing the problems or remodeling because they knew that the house they bought wasn’t perfect. They were just glad to get a house that had much of what they wanted.

And now here is a buyer who offered the most to buy their house, just like they had done. And this buyer promised to buy it as-is, just like they had done. But now this buyer is asking for $10,000 to $40,000 back to pay for things that were not played up as issues when they bought. It seems as if the buyer offered a lot to get the house and now is trying to get the price back down.

Does this sound familiar to any of you out there? See how suspicious buyers and sellers are of each other today? But I know these people. These sellers are not intentionally hiding problems or being unreasonable. And I don’t think these buyers are really as cunning about re-negotiating price as they seem to be. So what’s up?

Standards have changed. With the proliferation of investor “flips” that have freshly updated marble counter tops throughout, dark-stained wood floors, white interiors, and minimal but stylish landscaping, a dated but well-built older home looks tired and in need of lots of repairs.  HGTV is another influence that has taught many that original tile and practical, period-appropriate materials like Marmoleum are no good. Liability has changed. Where an inspector 6 years ago might have said that a less than 100-amp electric panel and 60-year old wiring was serviceable, today they will call for an electrician to evaluate. Guess what, the electrician recommends an $8,000 re-wire and updated panel. Chimneys and sewer lines that would be called old but working would now be referred to chimney masons and plumbers for their replacement costs.

But also, here is a seller who has lost a good amount of money being asked to pay out some more so they can move on to the next phase of their life. They see a buyer who is paying less for their house than they did several years ago, obtaining a loan at an interest rate they can’t get on the house, trying to get them to pay for repairs or upgrades that they either didn’t know were issues, or were things that they hadn’t been able to afford to do. And they are being treated as if they are lying about such things, or at least were stupid for paying more for a house that needed so much work.

Is it really any wonder why everyone is unhappy?

A Look at Real Estate in the Los Angeles District of Hermon

The small, eclectic enclave of Hermon, with its open spaces, short commutes and affordable homes, is fast becoming one of LA’s most sought-after neighborhoods.

The small Los Angeles district of Hermon is a very special community indeed. Located in a half-square-mile area, Hermon might instead be called “tiny”. Since the early 90’s, Hermon has been undergoing a renaissance. With increased interest in the Northeast Los Angeles real estate that has seen homes in communities like Highland Park and Eagle Rock skyrocket in value, Hermon real estate is now enjoying its own resurgence.

Younger working class and professional couples, attracted to the area but seeking an even quieter and peaceful community, are purchasing the small character homes and remodeling them, contributing the Hermon’s long-waited and exciting gentrification. Once accessible only by a bridge over the Arroyo Seco, Hermon retains a pleasant feeling of isolation from the bustle of the emerging hipster communities to the West.

Established in 1903, Hermon has a rich history and is known for it’s open spaces and undeveloped hillsides, with large parks that feature century-old sycamore trees that align the Arroyo Seco Parkway. With it’s close proximity to the 110 freeway, downtown LA is only ten minutes away. A small retail and commercial hub is located at the center of town that features an independent market, two restaurants and more.

Highly regarded public schools, an elementary school and a charter high school, are located within Hermon’s boundaries, as are two public parks, Hermon Park and Ernest E. Debs Regional Park, as well as Hermon dog park.

Hermon was founded around the turn of the century and the homes that are being bought and remodeled reflect that fact. Small cottages and bungalows built on small lots still dominate the residential community, with a variable mix of Craftsman, Spanish and mid-century homes built during the ensuing years.

Because demand for homes in Hermon is typically high and inventory is typically low, real estate in Hermon has become a seller’s market. Both buyers and sellers, then, are advised to work only with real estate agents who are experienced and intimately familiar with Hermon’s real estate market to represent them in the transaction.