Silver Lake Area Real Estate News And Information: October 2009

Fabulous mid-century modern home in Los Feliz

 Yesterday I went out to take a look at the area homes that came on the market this week. Hand down my favorite was 4349 Cedarhurst Circle in Los Feliz.  Every so often I see a home that makes me what I would have to do to move into the place myself.  This is one of those houses.

Behind a private gate on a small street in the Franklin Hills lies this oasis from the city.  The walk down the path past the pond and fountain in the front yard sets the calming and welcoming mood.  What a terrific property!  A true 1951 gem with great light, layout and indoor-outdoor floor done up to today's standards. 1,852 of living space with 3 bedrooms, 3.5 baths a fabulous double sided fireplace and a great vibe.

Listed at $1,100,000, this Los Feliz beauty is sure to be gone in a hurry. It will be open this Sunday from 2-5pm or give me a call and I'll arrange a showing. If you've been looking for your own zen retreat in Los Feliz, this may must be the ticket.

For more information on Los Feliz, Silver Lake, Eagle Rock and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Silver Lake, CA Moreno Highland Foreclosure in the Ivanhoe School District Listed for only $888,800!

OK, now that I have your attention... Yes, there is a bank owned home in Silver Lake's Moreno Highlands that came on the market 10/24/09 at the incredibly low price of $888,800.

 This over sized 1920's Tudor is in a prime location and boasts almost 3200 sq feet of living space on a  6700+ sf useable lot.  This property is not a fixer by any stretch of the imagination. There is a bonus room plus bath, dining, kitchen and living room upstairs with 3 bedrooms and two baths downstairs. Don't forget the attached garage and views of the reservoir.  Seriously, do you really expect such a house to sell for less than $900,000?

I had seen this house before when it came on the market at $1,570,000 back in September of 2007.  No doubt the seller was hoping to be able to make enough money to be able to pay his debt to the bank and still walk away with some cash in his pocket. The house sat for quite a while and went through a number of price reductions:

09/04/07  original list price $1,570,000

1/27/07  reduced $1,499,000

4/21/09 reduced  $1,395,000

7/29/08 reduced $1,249,000

9/02/08 reduced $1,175,000

9/`7/08 reduced- now it's a short sale! $999,000

 The property had been purchased in November of 2004 for $1,080,000.  Apparently the owner took some of the equity out but when it went on the market in Sept. 07, nobody was interested in paying $1,5 million plus for it.  Once it hit that low price of $999,000 a year later, it got it's share of interested buyers.  Yes, this Silver Lake property had short sale offers and the bank simply refused the short sale.  It was foreclosed 6/08/09 for $935,000. 

I was at the open house this afternoon and it was certainly well attended. There were groups, agents, singles and couples- some with kids in tow, no doubt hoping to get them into the coveted Ivanhoe School district.   I hope their agents warned them that a list price is just a list price and may have absolutely nothing to do with the final sale price of a property.  The last big house in the Silver Lake's Moreno Highlands that sold anywhere near this list price was a complete mess. It may be torn down more easily than refurbished. 

This listing is in move-in condition. Other than the fact that the previously stellar view of the Silver Lake Reservoir now shows Ivanhoe Reservoir covered in black bird balls- there's really nothing to complain about here.  Do I think this house will sell anywhere close to that listing price? In a word, NO!  If you don't have at least a million dollar budget, don't get your hopes up. This one is bound to sell fast and in multiple offers substantially above the list price. If you can compete in that price range and would like to see this house, please give me a call and I'll arrange to show it to you.

If you are maxed out in the high 8's, I'm afraid this is not the right house for you, but I'll do my best to find you another place to call home.  For more information on Silver Lake, Los Feliz, Eagle Rock and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

3 Bedroom, 2 baths in Silver Lake's Ivanhoe School District less than $520K?

You'd love to buy a home in Silver Lake CA but what can you get in the $500,000. range that's more than 1,000 square feet, has 3 bedrooms and to top it off, is actually in Silver Lake's coveted Ivanhoe School District?  If you said "nothing", you're right that you're not going to find a house that fits that description but what about buying a Silver Lake condo?  If you've never considered it, this could be the perfect time. Condominium living offers all the benefits of home ownership, without the hassles of yard care or exterior maintenance.  You may think you want a big back yard and a grassy front lawn but do you really have the time or inclination to mow it, and how much would you actually use it?

With Single Family home prices in this neighborhood of Silver Lake still out of reach for many buyers, it might be time to check out some condos.  I've talked about condos for sale in Silver Lake CA in a previous post, but a small, 6-unit complex on Auburn suddenly has two units available.  I saw both of them on Sunday and if you like clean, contemporary lines these units are a real treat!

The condos are located at 2714 Auburn between Rowena Avenue and Waverly Dr..  This 6-unit complex was originally built as apartments in the early 90's and converted to condos just a few years ago.  The complex is in a great location. You're right across from Ivanhoe School and just a short walk to Edendale Grill, Blair's and The Coffee Table. Less than a mile and you're at Gelson's and Trader Joe's.  That's nothing to complain about!

Unit 4 is and upstairs light filled 3 bedroom, 2 bath of 1100sf with a balcony in the living room and one in the master bedroom. It's a front unit with stylish finishes including bamboo floors and stainless steel kitchen appliances. You also have inside laundry and central heat and air. What's not to like? This unit is currently listed for $539,000.
 

If you prefer to live downstairs and farther off the street, unit #3 is another option.  At 1140sf it is slightly larger than the upstairs unit and it's got a smaller price tag at   $519,000.  This unit shares the same bamboo floors, modern kitchen with Bosch appliances and butcher block countertops, inside laundry and central heat and air.  HOA fees are a mere $289 and you get two parking spots with either unit plus an onsite gym.  Honestly, they are both so nice I would have a hard time choosing between the two of them myself!

To see either or both of these units or for more information on Silver Lake, Los Feliz, Eagle Rock and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Cool Mid-century California Ranch house in the Los Feliz Hills

4042 Farmouth Dr. in Los Felizis a prime example of a cool Mid-century California Ranch house that practically erases the lines between indoor and outdoor living. The large living room has walls of glass that open to a great outdoor entertaining area with sweeping views from the Observatory and the rolling hills from Griffith Park to the San Gabriel Mountains.  It actually took my breath away when I walked into the living room with it's high ceiling and fabulous views that seem to go on forever.

The home is a spacious 3 bedroom, 3 bathroom of with almost 3000 square feet of living space but what is remarkable is the practically flat lot in excess of 10,000 square feet. This is something that is just not commonly found in the hills of Los Feliz.  Most large lots in the hills tend to have a lot of unusable space this Los Feliz treat is more of a gated compound and respite from the rest of the world.

This Los Feliz home will no doubt be gone in a flash but you still have time to see it if you are around this weekend. There is a public open house scheduled this Sunday from 2-5pm. I recommend you come by and take a look. This house is a great for entertaining or for shutting out the rest of the world. Believe me, I am tempted myself!

To see this fabulous Los Feliz home listed by Richard Stanley for $1,499,000 or for more information on Silver Lake, Los Feliz, Eagle Rock and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Los Feliz Real Estate Market Update: September 2009

Low priced Los Feliz real estate is selling relatively quickly, however there is a relatively large inventory homes for sale in the area right now. The mls show the current active listing inventory in the 90027 zip code to be 67 homes. The follow chart shows Los Feliz Real Estate Market activity for the Month of September, 2009.

Now let's take a look at some year to date figures from January 1, 2009 through September 30, 2009. These figures are for single family homes in Los Feliz (zip code 90027) only and to not include Los Feliz condos or income properties.

Los Feliz Home Sales Year-to-date from January 1st, 2009 through September 30, 2009

• Number of Single Family Homes SOLD: 80
• Highest price - $4,000,000
• Median price -$968,750
• Average price -$1,219,791
• Lowest price - $391,500
• Average Days on the Market - 59
• Average Square footage 2,642.92 sf
• Average price per square foot- $467.87

According to the information provided in the MLS, of the total number of single family homes sold in Los Feliz so far this year, 16 where short sales and 11 where bank owned, meaning approximately 34% of the total where distresses sales.

Los Feliz prices vary by location, school district, property size and condition.  The following chart shows that the majority of sale of Los Feliz single family homes this year have sold between $750,000 and $1,000,000.  If you have been hoping to find a house in Los Feliz for $500,000 or less you'll see that relatively few homes have sold in that range.  This price range is not only very competitive, but the majority of the properties are major fixers, very small, and/or in less desirable areas.

For more information on Los Feliz, Silver Lake, Echo Park and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Elysian Heights Duplex! Buy a duplex in Echo Park get help paying your mortgage

I've talked about this before.  Why buy a house when you can buy income property and have a tenant help you pay your mortgage?  That post was about properties for sale in Silver Lake, but the same information holds true for whatever area you are looking to buy. 

This property is located at 2158 VESTAL AVE and consists of  a 2 bedroom/1 bath unit plus a 1 bedroom/1 bath unit.  Echo Park is a highly desirable rental area and this is a nice street of small bungalow type properties.  Besides the location, this property has a couple of big plusses for average hard-working first time buyer.  It's Done! You don't have to raise a finger. Just call your friends with trucks, order some pizza and beer and move right in.

Which unit should you move into?  That's another plus. Take your pick. Both units are vacant. You can live in the 2 bedroom, or take the smaller unit and collect more rent.  Having the property delivered vacant lets you set the rents to market value, plus there are no relocation fees to pay to existing tenants before you can take occupancy. 

The garage has been converted into storage but there is still off street parking available in the driveway. This are of Echo Park also has a decent amount of offstreet parking available.  The lot is small so it's a bit of a condo alternative. The front yard is fenced in and grassy but that's about it for outdoor space.  If you think in terms of living there now and moving out later to rent both units out, the small yard simply means less maintenance for you as a landlord down the road.

This one is definitely worth a look. It's scheduled to be open today from 2-4 but if you'd like to check it out another time, give me a call at 213-215-4758 and I'll make arrangements.

For more information on Silver Lake, Los Feliz, Eagle Rock and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com