Pandemic. Economic uncertainty. Political turmoil. Through it all, the housing market in Northeast Los Angeles continues to break records. Have NELA homebuyers lost their minds?
The answer, in a word, is “No.” The main drivers of today’s prices are limited supply and healthy demand, as explained here.
Against that backdrop, the price of a house — even in a sellers’ market — has to adhere to some semblance of reason.
The three homes featured below sat on the market for more than 100 days and then sold at discounts to their asking prices and for less than the median price in the region. They stand as reminders to NELA home sellers that the sky is not the limit, even here, even now.
Sold for: $850,000
Discount from Asking Price: $135,000
Days on Market: 166
Bought with: Valeria Matron, eXp Realty of California Inc
This 4-bed, 2-bath home hit the market for nearly a million bucks in July, when it was clear that the pandemic was not causing a housing market crash. But it looks like the sellers were too ambitious with their price point. Although this home could be considered turn-key, with many of the original finishes in excellent condition, it’s not comparable with other newly renovated, million-dollar homes in Highland Park. After languishing on the market for nearly half a year, it finally sold for $850,000, or $515 per-square-foot, a price that could actually be considered a steal.
Sold for: $853,000
Discount from Asking Price: $125,000
Days on Market: 149
Bought with: Joy Bolger of Compass
A rare two-story near the intersection of Eagle Rock Blvd. and Yosemite Dr., this 3-bed, 3-bath Eagle Rock home was also listed near $1 million in late summer. It’s not a designer home by any means, but it’s spacious, well located and — after the $100,000+ price reduction — a very good value.
Sold for: $660,000
Discount from Asking Price: $39,000
Days on Market: 105
Bought with: Brendan Curran of Keller Williams
The original asking price of this 2-bed, 1-bath bungalow was $699,000 — relatively affordable for a house in NELA, but at $760 per-square foot, still too high for buyers to tolerate. Although the listing boasts an accessory dwelling unit (ADU) on the property, it is unpermitted, which means a buyer would probably have to spend a few hundred thousand dollars more to bring the ADU up to code and remodel the main house as well. We’re betting we’ll see this property back on the market in a year or so with a million-dollar price tag.
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Jeffery is a seasoned data journalist and has covered the California real estate market for over a decade.
