There’s no doubt parts of South LA and Northeast Los Angeles are on buyers’ minds. Prices continue to go up and frankly it’s probably the last chance to get in, before it becomes ridiculous. Personally I love North East neighborhoods and it makes me happy to see Mount Washington to go up another 10% year-to-year. Glassell Park is super popular these days among the flippers. Properties usually come back on the market with up to $200K hike in asking price.
Where to invest? Look at the latest heat map from The MLS published Aug 5th, 2017. A few years ago Playa Del Rey and Beverly Hills were in blue. Today they are leading sellers markets with over 40% average price increases year-to-year.
Personally I decided to stick to Northeast LA, Eagle Rock, Atwater Village but also expending my search for next property to Hollywood Hills and Echo Park. Are you interested in flipping in these areas and looking to partner up, call me.
Los Angeles, San Francisco, New York… all face bidding wars recently. I personally got into one few months ago on a fixer in Silver Lake / Echo Park area of LA. It’s was listed under $600K as a probate sale. Within less than two weeks sellers had 62 offers on the table.
Here are my tips to navigating Los Angeles all-out bidding warfare.
This is my recent favorite. This map shows exactly what kind of craziness is happening right now and where Los Angeles real estate market is heading. I like showing it to my clients that are in permanent “looking around” mode. They always think that maybe they should just wait a little longer and they’ll find “something better”. I say “while you waiting for something better, buy something good; and when you find that something better you can sell something good and put some extra cash in your pocket”. Makes sense? It’s fast and easy these days to offload unwanted single family home.
Year to year average listing price changes
With shortage of inventory in Los Angeles getting rid of of a property to get another one, has never been easier. Look at these numbers! Hollywood +53% Bel Air / Holmby Hills +30% Westwood and Century City +25 Cheviot Hills +38 Palms/Mar Vista +27% Hancock Park / Wilshire +33%. Also Mid and East Los Angeles are +25-27%. Please remember these percentages do not represent value increase (not directly), but an average listing price. Nonetheless they prove we have small inventory / strong seller market. For the past month things slowed down a bit. The buyers who like to take their time with their purchase process this means the best time to buy. At least till January, when market usually tends to warm up again.
This is my first blog post. Finally! I’ve been wanting to do it for over a year now. How did I do? I need your input. Any comments would be greatly appreciated.