The median sale price for a home in Northeast Los Angeles recently hit $920,000, with even small Highland Park bungalows like this one selling for over $800,000.
But even amid rising prices, it’s possible — not easy, but possible — to find an affordable home.
The following three homes are all fixer-uppers but none of them are clearly teardowns. That combination makes them desirable for investors and cash-strapped buyers alike.
Sold for: $575,000
Redfin Estimate: $634,511
Days on Market: 48
Listed by: Robert Fielder of eXp Realty
Extreme fixer status aside, this piece of El Sereno real estate was a steal. The house sits on 9,800 square foot lot — one of the largest parcels to sell in NELA in October and certainly one of the most affordable. In addition to boasting a grove of tropical fruit trees and room for a pool, the lot is also zoned as RD2, which means a developer could build multiple residential units on the land — and really double down on their investment.
Sold for: $550,000
Redfin Estimate: $614,216
Days on Market: 24
Listed by: Crystal Sheppard of Sheppard Properties
One of the fastest-selling homes in NELA in October, this 2 bed/1 bath bungalow was snapped up in just 24 days. The sellers must have been in a hurry because a home selling that quickly usually goes for a premium above asking, but in this case, the buyers got a $30,000 discount. Again, a major selling point was the lot size, which at just about 7,000 square feet could support two single-family residences.
Sold for: $482,000
Redfin Estimate: $583,612
Days on Market: 38
Listed by: E. Lee Bothast of Keller Williams Larchmont
At $782 per square foot, this tiny 1-bedroom/1-bath home boasted an affordable price point for NELA, but was actually one of the more expensive homes sold in October foot-for-foot. Still, Redfin values the home at $583,612, so the buyer has apparantly already seen a healthy return on investment. Considering that this is one of the more move-in ready homes in the bargain bin this October, it’s easy to see why it sold in just 38 days.
Jeffery is a seasoned data journalist and has covered the California real estate market for over a decade.
