Glassell Park Homes have Become Hip

Glassell Park is a neighborhood located in northeast Los Angeles. The population is approximately 25,000 people. The most common ethnicities found in Glassell Park are Latino and Asian. This is different than most communities in Los Angeles where the dominant ethnicity is white. The majority of households earn between $20,000 to $40,000 per year. The average resident age is 30-years-old, and 20% of these citizens have graduated from a four-year institution.

The big story in Glassell Park, however, is the home buying and home selling.  Glassell Park real estate is red hot. Most homes in Glassell Park range from mid $400,000 to low $800,000. The number of citizens with money to invest in remodeling their homes and improving their neighborhood is ever increasing.

Some new-and-improved homes in Glassell Park include townhouses under the control of the NELA Union. The NELA Union is a collection of modern homes that are for sale in Glassell Park. NELA’s goal is to work with Glassell Park realtors in order to appeal to a new generation of homebuyers and draw them into areas that need gentrification. NELA has put a lot of attention into Glassell Park and has become one of the front-runners leading to the gentrification of the neighborhood. They have new townhouses that opened within the last week and are for sale between $475,000 and $600,000. NELA has been able to offer this beautiful property within the average budget of other Glassell Park homes. These homes are located just off the “2” which make them accessible to many areas of Los Angeles. These townhouses vary between 2-4 bedroom and 3 stories. They range from 1500-1900 square feet. They were built with the California green building standards in mind and have wonderful amenities that make the place feel like a tight community. There is a central park with a beautiful garden where residents can meet each other while walking their dogs or simply enjoying the sunlight.

NELA is working together with the residents of Glassell Park to produce modern, attractive homes. Glassell Park’s central location in Los Angeles and affordable housing make it an attractive option for college graduates. The presence of young, urban citizens help to develop the neighborhood into a desirable place to call home. Glassell Park may be one of the “late bloomers” in terms of Los Angeles communities being gentrified, but its transformation has just begun. People have begun to call it “Glasselland”. Its hilly environment provides for break taking views and unique architecture in new homes. The nightlife also adds to the growing appeal of the community with dive bars like The Eagle Rock Brewery and Verdugo Bar. Glasselland has promise in its future and can only continue to grow.

Eagle Rock Homes and Real Estate – A Lesson in Gentrification

Eagle Rock is a tight community located between Pasadena and Glendale. Eagle Rock is characterized by its numerous styles of homes. The neighborhoods of Eagle Rock are filled with homes in the Spanish and Mission style along with Art Deco. Eagle Rock is also one of the special neighborhoods in Los Angeles, which contains Streamline Moderne homes. There are also homes in the Craftsman and Georgian style sprinkled throughout Eagle Rock neighborhoods.  

Eagle Rock homes have been steadily climbing in value. The price range for homes in Eagle Rock range between the low $500,000’s to the mid $900,000’s. The demand for homes in Eagle Rock is increasing because of the low-priced, high-quality homes sprouting up throughout the community.

The recent inhabitants of the neighborhood initiated the gentrification of Eagle Rock. Since the early 1900’s Eagle Rock has been known for its high concentration of artists and creative types. Filmmakers and writers and the combination of young professionals have worked together to increase the face value of Eagle Rock. Not only have the homes been repaired and restored, but new art galleries, coffee shops, and unique restaurants have been established as well.  This fact has further helped Eagle Rock real estate to soar in value.

The majority of these new hot spots can be found on Colorado or Eagle Rock Blvd. Some traditional family restaurants include baked pizza at Casa Bianca, unique burgers at The Oinkster, delicious barbeque sandwiches from Dave’s Chillin & Grillin, succulent omelets at Pete’s, and Mexican food that tastes like its straight from Ensenada at Cacao Mexicatessen. There are also gourmet restaurants like Little Beast.

The schools in Eagle Rock have a wonderful reputation of delivering high quality education. The schools are located within the neighborhoods of Eagle Rock where it’s safe for children to walk to school. Some of the most well known elementary schools include Dahlia Heights and Eagle Rock Elementary. Occidental College can also be found tucked nicely within an Eagle Rock neighborhood. “Oxy” was founded in 1887 and is a private, liberal arts college. It was one of the first liberal arts colleges founded on the West Coast. Oxy is a great choice for college, because the students get the quaint neighborhood experience, and are also next door to the city of Hollywood and downtown Los Angeles.

The gentrification of Eagle Rock has just begun. The attractive community continues to bring in more people. Eagle Rock will continue to grow and become one of the top neighborhoods in Los Angeles.

In Northeast Los Angeles Real Estate, “Pretty” Costs More

The adage “Pretty Costs More” applies to a number of subjects, but especially to the current real estate market.

Buyers in today’s market are being bombarded on all sides with confusing stories about what a home might be worth, whether it’s a good time to buy, what to look for in a home, and especially whether the market is going up or down from here. What to do?

Many buyers go for looks. Just like a pretty girl gets more attention at the high school dance than the brainiac, a house that looks like it stepped out of Dwell or House Beautiful gets more attention and subsequently more money than the house with good bones, solid construction, but tired or out-of-date bathrooms and kitchen.

One example of the pretty theory from the area of Highland Park real estate: a 3-bedroom, 2-bath house in Highland Park recently came on the market for $379,000. It was a trust sale and the house needed a lot of work.  So the agent had inspections done, had the sellers clean, paint, and stage it, and hoped to get a few offers and a bit more than the asking price. Perhaps you saw it on the front page of the Los Angeles Times.  This property captured the attention of the media because it was cute and charming — and at a great price. The paint and staging brought out the unique character of the home and buyers came running.  Seventy-three (yes, 73!) offers later, the property ended up selling for $542,000.  And that was even after the agent provided to all prospective buyers disclosures and inspection reports that showed the house needed lots of work, including foundation, electrical, plumbing.  Basically all the expensive, not fun items that make for a smooth running, low-maintenance home.

Here’s another example from the ever-booming region of Eagle Rock homes for sale: a cute little 2-bedroom, 1-bath cottage was listed for $419,000. At the time (the start of the spring buying season), it seemed like a reasonable price for a small house in a good but not the best part of Eagle Rock. Seventeen offers later, the house sold for $505,000 cash. This was an investor flip and all the investor did was polish it up a little — new kitchen counters and a dishwasher, refinished the hardwood floors, painted and landscaped. The inspections showed that the chimney was completely unusable, the HVAC was at the end of its life, and roots invaded the sewer line to the extent that the camera couldn’t get through the whole line. No matter, the buyers were happy that they were able to buy the charming home.

The perfect example of how pretty is worth more is 2035 Ridgeview Avenue, which was perfectly updated and exquisite, but only 1353 square feet. We came on the market at $649,000, which was what the sellers had paid for it in 2006 before putting about $200,000 into in, and we ultimately sold it for $760,000, the highest price per square foot for a home sale in Eagle Rock since 2007.

The final example is where all the factors came together at the perfect time: a good 1920s house on a large lot with views, a wonderful private setting, a tastefully updated floor plan, and a seller who did everything the stager dictated. We priced it at $699,000 because that was a number the seller could live with, and at our first open house we were asked by some people why it was priced so high. There were no comparables for a house that size in that location. But the house had such emotional appeal that we ended up with 23 offers and the property ultimately sold for $865,000.

On the other hand, there are a couple of good solid homes in good locations that are currently sitting on the market. We priced them $80,000 to $100,000 less than the prettiest listings, and we have no offers. These are properties that a buyer could put their own designer touches to and have great properties for less money, but buyers obviously don’t see it that way. Why?

Buyers have no imagination. If it isn’t gorgeous already, they don’t see the potential. Sorry, buyers, this sounds harsh, but I have seen it time after time.

In today’s market, the pretty houses that are well-priced are going for more in multiple offers. If you are a buyer, tired of losing out in the intense competition, what can you do?

• Find some more money and offer more on the next one.
• Look for properties that have several good features, see if the ones you don’t like are ones that you could improve yourself, and make an offer.
• Give up and stay where you are.

Another option that I have seen many people try is to keep looking, thinking they will surely find that needle in a haystack, that great house that nobody else has seen that is in a great neighborhood, has a great price, and is really charming and pretty besides. If this is the option you are pursuing, maybe you should ask yourself if you really want to buy a home right now, or do you just think you do.

Whether you’re talking about Eagle Rock, homes for sale in Glendale, Pasadena or Echo Park real estate, the pretty theory consistently holds true.

The Northeast Los Angeles Market Update You’ve Been Waiting For

What a difference a year makes!

Within twelve short months the real estate market has done a complete turnaround:

• The number of homes listed for sale is at an all-time low. Today there are 16 homes for sale in Eagle Rock. This time last year there were 42. In Highland Park there are 25 for sale, compared with 81 Highland Park homes for sale last year.

• The number of buyers looking for a home is growing every day. As we talk with buyers at our open houses we’re hearing less “I’m not sure we’ve hit the bottom yet” and more “I really want to buy a house now.”

• Most homes that are market priced are selling in multiple offers over the asking price. All of the homes we’ve closed escrow on this year received multiple offers.

• The competition for homes is increasing every day. We recently submitted an offer for a client on a house that had 22 total offers, and went to an all cash offer.

• Many buyers are paying all cash, are willing to close in a very short period of time and will offer a lease back option if helpful to the seller.

• Interest rates continue to hover at historic lows.

Without a question, this is the best time to sell your home in the last five years.

If you are thinking of selling your home you might be very surprised at what a buyer will pay in today’s market.

If you are interested in moving up, this is the perfect time. The opportunity to get a great price for your current home and buy a new home as values rise is incredible.

This could also be the ideal time to make a great real estate investment, whether you are thinking about buying or selling.

Real estate in Northeast Los Angeles is very exciting again!

What’s Happening in the Northeast LA Real Estate World Now?

The Northeast LA real estate market is an ever-changing beast.  Here are the main elements of what’s driving our market today:

Increased Interest Rates

The big news in the real estate market is that rates have jumped up quickly. Most of the market volatility is stemming from speculation that the Fed will eventually be discontinuing its QE3 program. Rates have increased approximately 1% across the board on all products.

Although no one really likes higher interest rates, it is normal in a recovering real estate market to see rates rise. Also slightly higher rates will allow new lenders to enter the arena making for a more efficient market through increased competition. However, rates are still at historical lows compared to the 13.4% 30 years ago! The market is filled with opportunity and we cannot emphasize the importance of good strategic advice with access to innovative products to thoughtfully structure the right solution for clients.

Increased Inventory

The number of homes for sale in Northeast Los Angeles has definitely increased in the last few weeks including homes for sale in Eagle Rock. We are now averaging about 30 homes currently for sale in Eagle Rock. While significantly higher than the 12 we had earlier this year, we are still a far cry from the 75 homes for sale back in 2010. Highland Park real estate is warming up.  In Highland Park we are averaging about 40 homes active on the market, compared to 159 back in 2009. We are still seeing multiple offers on our listings.

Instead of perhaps attracting 10-15 offers, we are receiving 5-6. This of course depends on pricing strategy and what else is available when we come on the market.

The under $500,000 market continues to move very quickly. We received 10 offers on our one bedroom listing at 1915 Chickasaw (listed for $389,000). A house on Avenue 54 in Highland Park received 60 offers (listed for $299,000) and sold for 33% over asking price.

Increased Average Sales Price

The average sold price in Eagle Rock in June 2013 was $590,000, which continues the upward trend we’ve been experiencing. That’s 7.5% higher than the average of $549,000 in June 2013, and 27.4% higher than the average of $463,000 in June 2009.

In Highland Park the average sales price has reached $439,000, which is 44.9% higher than the average in June 2009, and 17.7% higher than the average of $373,000 just last year.

What does this mean for you?

This is still the best time to sell your home that we’ve seen in the last 5 years. While we are not experiencing the dramatic price spike that we saw earlier this year, prices have gone up considerably year over year. With more inventory available, the ability to move up into a bigger home, or downsize, while selling your home is more achievable. Our sellers are getting strong prices for their homes. Our buyers are starting to see more opportunities in the market.

Northeast LA New Construction: Glassell Park

There has been quite the surge in new construction hitting the Northeast Los Angeles real estate market lately, particularly in Glassell Park.  Glassell Park real estate continues to be popular with home seekers who love the area and the views but are priced out of the costlier Eagle Rock real estate market.

Glassell Park, which is boxed between Glendale, Eagle Rock, Atwater Village and Elysian Valley has seen a resurgence of interest after Eagle Rock began to gentrify seven or eight years ago. Because it is a hilly neighborhood, many homes in the area have spectacular views.

First we saw a development of four homes by 4site Real Estate, designed by Holz Architecture, located in the hills of Glassell Park at 4239-4243 Scandia Way.  Featuring panoramic views, vaulted ceilings, and walls of glass, these modern homes started at $889,000 and went up to $959,000.  As of Fall of 2013, three have sold and the fourth is currently in escrow.

Next to hit the market is the latest from Heyday (who were behind the Rock Row project in Eagle Rock).  Peak Place is a development of 6 fee-simple single-family homes located at 3510 N Fletcher in Glassell Park.  Each home has 3 bedrooms, 2 baths and is about 1,900 sq. ft. in size, with a private courtyard for its outdoor space.  These homes have achieved the LEED Gold status with their sustainable features, from tankless water heaters to high efficiency furnaces.  As of Fall 2013, asking prices range from $625,000 to $640,000.

And soon to come is the North East Los Angeles Union development, which is currently under construction.  This is a development of 52 modern homes located on Eagle Rock Boulevard in Glassell Park.  With a range of floor plans, from 2 bedrooms to 4 bedrooms, the asking prices will range from the upper-$400s to the low-$600s.