Mt. Washington: One of LA’s Hot Real Estate Neighborhoods in 2016

Let there be no mistake: Homes for sale in Mt. Washington, a hillside region of Northeast Los Angeles, are in high demand by homebuyers seeking views and an artistic, progressive community to live in. It is considered to be one of LA’s hottest neighborhoods.

Redfin is a well-known residential real estate company that analyzes information on their web database to determine the neighborhoods of the highest demand throughout the country. Redfin organizes their web traffic by looking at the neighborhoods with homes marked as “favorite” and the recurrence of individual searches for homes in neighborhoods. Based on this data, Redfin makes a scientific prediction of what they believe the “hottest” neighborhoods of the year will be. In past years, they predicted hot spots that continue to be popular today like Highland Park and Eagle Rock. For 2016, there is another Northeast Los Angeles neighborhood that has won the top title. Mount Washington.

Mount Washington is a charming community tucked into the mountains of Northeast Los Angeles. Mount Washington is characterized by its architecturally stimulating homes, its curvy private roads, and its high quality elementary school. These are not the only highlights of this neighborhood. Mount Washington is a comfortable distance away from the city, which allows its inhabitants to detach from the busy life and enjoy hillside serenity. The 110 freeway flows right past the mountain allowing residents quick access to Downtown LA or Pasadena. The elevated mountain where Mount Washington sits allows residents to enjoy breathtaking views regardless of the direction they face. The tall trees and vas t shrubbery provide a perfect enclave for artists and nature lovers alike.Lucky residents may spot wildlife such as coyotes in the early mornings or hawks in the bright afternoons.

Mount Washington real estate is more expensive than many neighborhoods on the east side. The homes here are increasing in both value and price as surrounding neighborhoods become gentrified elevating Mount Washington as a particularly desirable location. According to Zillow the average home price in the housing market is $562,800. Mount Washington is approximately 25% above the average home price ranking in at $699,000 as the median home price. This fair price for LA’s hottest neighborhood reduces the average listing days on the market to a short 18 days. The race to obtain a Mount Washington home is often a swift and aggressive one. For the rare few that are leaving Mount Washington, these sellers are obtaining 103.7% of their original asking price.

Redfin’s reliable predictions have earned solid credibility over the last several years. Now is the time to invest in Northeast LA property while the prices are still reasonable. As more people discover the aesthetic homes and magical hills of Mount Washington, we can plan on the prices to rise and the availability of homes to decline.

Glassell Park: An Up and Coming Real Estate Market

Glassell Park is a charming community sandwiched in the middle of Northeast Los Angeles between several other neighborhoods that have been developed through gentrification. These include the always-hot neighborhoods of Highland Park and Mt. Washington, both that have seen the values of homes skyrocket. Now, Glassell Park real estate is becoming more in demand.

The Los Angeles River borders the west side of Glassell Park with Glendale, Eagle Rock, and Mount Washington surrounding the other edges. As these three cities continue to flourish and grow, their prosperity has begun to bleed through the borders of Glassell Park resulting in an increase of both price and home value. The rolling hills and breathtaking views of Downtown Los Angeles are just two perks that upper middle class families and young professionals are discovering about this neighborhood.

Glassell Park is one of the largest areas of Northeast Los Angeles with a cornucopia of micro communities that vary from block to block. Many professionals and hipsters from Los Feliz and Silver Lake are yearning to settle here in lieu of the classic Craftsman style homes, the open space and the reasonable prices. The most impressive homes with views can be found in the high-end pockets of the neighborhood. The convenient roads and freeways that run through Glassell Park allow the residents to quickly access many parts of LA like Downtown, Pasadena, the Burbank Airport and Universal Studios.

Currently, the average price for a home in Glassell Park is $642,600.Over the past year the values of homes increased over 9.4% and is expected to raise another 2.6% by the end of 2016.The surrounding neighborhoods have the following median home prices: Atwater Village, $761,500; Eagle Rock, $706,700; and Mount Washington, $693,900. It is expected that Glassell Park’s homes will continue to grow in value to match the areas directly attached to it. The average rent in Glassell Park is $2,662 a month, which is similar to the Los Angeles average of $2,655 a month.

Because an increasing well-to-do population is calling Glassell Park their home, the property values of all other homes are also increasing. The fortunate people who have bought their buildings or homes in Glassell Park will benefit from the increase in property value in case they ever decide to sell. Glassell Park is evidence that the hottest neighborhoods aren’t always the ones with the nicest reputations. Neighborhoods that suffered from the economic crash are starting to become revisited as the wealthy population yearns to buy fixer-uppers and remodel them into the homes of their dreams. Glassell Park has joined its surrounding neighbors and will contribute to the beautification and re-branding of North East Los Angeles into a community of prosperity.

Purchasing a home in a neighborhood such as Glassell Park, undergoing the process of gentrification, can be confusing and tricky. It is vital, therefore, to do your research and to hire an experienced Glassell Park real estate agent who specializes specifically in that area. Only an experienced agent can properly guide you through the twists and turns in the road towards making a home in Glassell Park your very own.

Common Mistakes of First-time Northeast Los Angeles Homebuyers

So you’ve decided to buy a home. And you’ve decided to buy a home in the hot-market area of Northeast Los Angeles where homes in Highland Park and Glassell Park real estate have become extremely sought after by homebuyers. Neighborhoods such as Eagle Rock, Hermon and Garvanza – seen as cool, hip, artistic areas – have seen ever-growing interest and higher asking prices.

The purchase of your first home is an act filled with adrenaline, joy, fear and confusion. Amidst the excitement, common mistakes can surface and complicate the process for first time buyers. Bringing these common issues into your awareness will help prepare you to avoid them and bring peace into your move.

Spending excess money

The final sale price of your home is only a portion of the cost to bring your home into a reality. From the beginning, be honest with yourself and what you can afford. Besides the price of the house, you will additionally be paying for taxes, utility bills and likely renovations. It is recommended to have a cushion of money in case you run into maintenance issues or pest problems.

How to be proactive:Create a detailed “fixed costs” list with some extra room for emergency situations. In addition to the fixed costs list, ask the previous homeowners what they spent annually on bills. There is a plethora of online budget calculators that can aid you in organizing your finances appropriately. Typically, your monthly housing costs should not exceed 32% of your gross monthly income.

Spending too much money on a home you’ll end up not being able to comfortably afford cannot only lead to greater stress, but can lead to a short sale or foreclosure. After the last housing market crash homes in Mt. Washington and Eagle Rock, both seen as artist enclaves for young homebuyers, had a great number of distressed sales in the listings.

Being too frugal

If you penny pinch during your home buying extravaganza, you may end up with a house that falls below your expectations, forcing you to invest in another expensive move before it was necessary.

How to be proactive:Plan a bit for your future. If you want to start a family soon or have intent to find a bigger house, it may be worth it to spend as much money as you can now to find a property that will keep you rooted for a longer period of time.

More than most areas of Los Angeles, Northeast neighborhoods provide a wide range of homes, often side by side, in varying sizes, shapes and costs. The key is to perform your due diligence and take your time in your search for the perfect home.

Lead with your heart and intuition

Don’t become distracted by a house that doesn’t fit your most important needs. Let us say that you found a picture perfect house with renovated bathrooms, a modern kitchen, your favorite color of paint, large bedrooms and a magical water feature out front. This house also happens to be on the outskirts of an area blitzed with crime and you have young kids who like to immerse themselves with their neighbors. Your intuition would say, “Find a better place.”

How to be proactive:Visit the house several times, and each time go through every room, check out the location, consider the weather, see what stores are near you. Is this place safe? Will it keep you happy for years to come?

Of utmost importance, too, is: How far is your home from the nearest major freeway? If you do some amount of traveling for work or pleasure, you’ll want to be in a city or neighborhood close to a major freeway. Luckily, when it comes to Northeast LA, cities like Highland Park and Eagle Rock, Mt. Washington and Glassell Park are all convenient to major thoroughfares in the city.

Remember the hidden closing costs

Once you’ve settled the final price of the house, remember to keep your checkbook open to close out the remaining fees that often become forgotten in the hustle of purchasing a home. In addition to the house you will also be paying inspections, your realtor’s commissions, transfer taxes and moving costs like boxes, trucks and storage and extra moving help.

How to be proactive:It is safe to estimate that closing costs range from 1.5-4% of the final sale price. Incorporate this amount into your budget when considering different homes.

Do your homework

Buying a home should never be done without putting forth your due diligence. There are many factors that can influence a forced sale: pressure from family, push from your realtor, and panic of other potential buyers closing in. However, nothing is more detrimental than moving into a house and realizing that its not a good fit for you or your family.

How to be proactive:Do your research online from the very beginning – and do your own research “on the ground”. Nobody is aware of your needs and wants better than you. Spend time during the night and day walking through the neighborhoods;learn about the local schools and parks nearby. Inquire an inspection report on the house to ensure there are no internal problems like termites or water damage.

Absolutely be in constant communication with your real estate agent throughout the process. It is vital that an agent who specializes in the area you’re seeking to live in is hired and consulted.

Throughout this stressful, enjoyable new chapter of your life, make sure your bases are covered and that you don’t fall victim to common mistakes. Do your research and have faith that your dream house is just around the corner.