By Jeffery Marino
The economy is in a recession. The pandemic is surging. But residential real estate in Northeast Los Angeles remains a seller’s market.
Here’s why: In recent months, the pandemic has resulted in a significant decline in the number of homes for sale in a market that was already short on inventory. The mismatch between supply and demand has kept competition stiff and prices high.
In June, the latest available sales data, inventory in NELA was down 30% compared to last year. This dearth of homes for sale has sparked bidding wars, with some homes fetching as much as 10%, 20% and even 30% more than their original asking price.
Premiums that large are eye-popping even in hot markets. In NELA, the sales-to-list ratio (a measure of how much a home sells for compared to the list price) is typically between 102% and 104%, meaning the average home sells for 2% to 4% over list. But the homes we’ve featured below sold for staggering premiums, proving that the pandemic has only made NELA real estate that much more valuable.
Address: 1228 Cliff Dr., Los Angeles, CA 90065Neighborhood: Mount Washington
Sale Price: $820,000
List Price: $599,000
Premium over Asking: 37% – $221,000
Sold By: Lauren Reichenberg of Compass
Although it may look a bit like a haunted cabin in the woods from the outside, this Mount Washington bungalow has been completely updated inside and looks as though it could be pulled from the pages of Dwell magazine. While the ultimate sale price of $820,000 is in line with the median home price in Mount Washington these days, most homes that hit that price point have 2 to 3 bedrooms and total area of at least 1,000 sq. ft.
Not so with this gem: a 1-bed, 1-bath, 773 sq. ft. bungalow, this is a tiny home by any definition. At $1,061 per square foot, this was easily one of the most expensive NELA homes to sell in June foot-for-foot.
Neighborhood: Highland Park
Sale Price: $1,047,000
List Price: $828,000
Premium over Asking: 26% – $219,000
Sold By: Janette Emamian of Compass
Bordering Eagle Rock on the northern edge of Highland Park, it’s easy to see why this 2-bedroom, 1-bath home incited a bidding war. On the market for only 38 days and eventually selling for 26% over asking, the many high quality updates to the interior include a beautifully updated kitchen with top-of-the-line appliances. In addition, the terraced backyard and stand-alone studio space add both charm and usability to this Highland Park hideaway.
Address: 2754 Lompoc St., Los Angeles, CA 90065Neighborhood: Glassell Park
Sale Price: $1,061,000
List Price: $899,000
Premium over Asking: 18% – $162,000
Sold By: Susan Hillier of Redfin
Completely updated inside and out, this Glassell Park mid-century ranch home checks every box for million-dollar buyers: high-end finishes, open floor plan, floor-to-ceiling windows with city and mountain views, as well as proximity to trendy restaurants and top-rated schools. Plus, at 1,428 square feet, there’s room to grow. Of the three homes featured here, this is the only one to have three bedrooms and a two-car garage. When it comes to price-per-square foot, this home was definitely one of the best values for high-end NELA homes sold in June.
A word to the wise: At the same time that these NELA homes were selling for significant premiums, some homes moved at major discounts. The main difference between the two? The homes that sold for the most over the asking price were listed recently and priced at or below market rates. The homes that sold at a discount were listed as long as 250 days ago at prices the market just wasn’t willing to bear.
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