After 48 days on the market and a $100,000 price drop, this 3-bed, 2-bath bungalow in Highland Park sold in October for $1.09 million.

Tracking the slowdown in NELA real estate

By Jeffery Marino Home prices in Northeast Los Angeles continued to cool down in the fall, as higher interest rates and persistent inflation took their toll on NELA’s once surging market for residential real estate. The median sale price for a home in NELA was $1.09 million in October, the latest month with comprehensive data. […]

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Two homes on one lot in Highland Park are a good deal for the developer and the buyers

By Jeffery Marino In Los Angeles, where housing is in critically short supply, there are more questions than answers about how and where to build. But one developer in Highland Park has come up with a solution, creating two homes (one remodeled and one new construction) on a single lot and proving in the process […]

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This Highland Park home was listed for $1.3 million in June and sold in September for $1.14 million. Many homes in NELA that were listed at top dollar in the summer have sold at a discount months later.

Lower and slower: Home sales in Northeast L.A. adjust to higher mortgage rates

By Jeffery Marino

Home prices in Northeast Los Angeles decreased in September as mortgage rates averaged about 6%. Since then, rates have increased to 7%, so when data for October is in, prices are all but certain to be lower still.

In September, the median sale price for a home in NELA was $1.125 million, down 3% from August. Prices have declined month-over-month since June.

Looked at on an annual basis, prices were higher in September than a year ago, but the increase – 6% — is the lowest annual price growth since July 2020. There’s more. Click house image above to continue.

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As the market softens, prices drop: These homes in NELA sold for a lot less than the owners hoped

By Jeffery Marino

It’s a truism of real estate that home sellers are usually the last to catch on when the market goes south. Having spent years on the sidelines as bidding wars drove up prices, they tend to price their own homes based on the dynamics of the past rather than the realities of the present.

The two homes featured below, one in Highland Park and one in Atwater Village, illustrate this point. Read more to see why.

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This three-bed, two-bath home in Mt. Washington sold for $1.28 million in July, fully $85,000 over the asking price. It was off the market in nine days.

It’s still a good time to sell a home in NELA, but home sellers remain in short supply

By Jeffery Marino

Despite higher interest rates and higher consumer prices, buyers continued to compete for homes in Northeast Los Angeles in July, the latest month with full housing data. Get up to date with us on the market here.

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This Highland Park bungalow sold for $1,206 million in June, 10% above the asking price. It was off the market in 30 days.

House prices in NELA dip as borrowing costs rise

By Jeffery Marino

The housing market in Northeast Los Angeles began to slow in June, the latest month with comprehensive data, as higher interest rates took a bite out of what homebuyers were able and willing to pay.

The median price for a house in NELA in June was $1.218 million, $28,000 lower than in May (a 2% drop). It was the first decline in the monthly median since November 2020. There’s more. Click to read about it.

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Homeowners are reluctant to sell, but those who do are still cleaning up

By Jeffery Marino Two opposing factors are driving house prices in Northeast Los Angeles. Mortgage rates are up, which tends to put a damper on price growth. Inventory is down, which tends to pull prices up. Here’s how that dynamic is playing out so far: In April, the latest month with comprehensive sales data, the […]

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This Highland Park home, under contract after only nine days on the market, sold in January for $1.15 million, fully $155,000 over the asking price.

Paying a million dollars or more for a home in NELA is now the rule, not the exception

By Jeffery Marino At $1.1 million, the median price of a house in Northeast Los Angeles was unchanged from December 2021 to January 2022.    But the pause in price increases looks temporary for the simple reason that there are still more buyers in NELA than houses for sale. The dearth of homes on the […]

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NELA Real Estate in 2018: Big Money and Big Issues at Stake in Regulating Short-Term Rentals

Los Angeles is awash in short-term rentals (STRs) and neighborhoods in Northeast L.A. are no exception. A recent glance at Airbnb and other STR sites turned up 251 offerings in Highland Park at an average rate of $98 per night, 159 in Eagle Rock at an average rate of $159 per night and 118 in […]

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NELA Real Estate in 2018: Want to Buy a Fixer-Upper? Good Luck. 

  It’s no secret that many houses for sale in NELA in recent years have been flipped by investors who buy, remodel and quickly re-sell them for big profits. What is (somewhat) surprising is that investor buying remains strong even at today’s high prices – and that homebuyers are still paying up for recently rehabbed […]

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