5341 Hilltop Road in Eagle Rock

List Price $399,000

3BDs/2BA on 13,653 sq. ft. lot

Here’s my new listing. Located in a great part of Eagle Rock, it sold before hitting the MLS. I am, however, seeking backup offers for this project house that’s primed and ready for rehab. If you’re out looking tomorrow be sure to stop by my open house, anytime from 2-5 PM. I’d love to meet you and can also tell you about some other opportunities I have coming up.

For complete info on 5341 Hilltop Road, click here.

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FYI Quick Read…

E. Scott Reckard of the LA Times reports that “the latest frenzy of mortgage refinancings has benefited millions of Americans.” But he also points out that many haven’t done all they can to secure the very best rate. I work with mortgage brokers almost every day. If you need advice on your loan, refi or any other matters related to your home, don’t hesitate to get in touch. I’m happy to assist you in any way I can.

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An Inside Scoop in Los Feliz…

I was called in for a price opinion today, so heads-up to anyone interested in a gorgeous traditional three-level in the Franklin Hills. It has 4 well-proportioned bedrooms, 3.5 baths in just under 3K sq. feet. Remodeled kitchen, nice yard. Expect a price north of a million (we’ll see how north) and in any case this home is likely to sell quickly. If you want to be among the first to get in, contact me here.

 

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Los Feliz map courtesy of Pendersleigh & Sons Cartography and 1650gallery.com

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5341 Hilltop Road 90041

5341 Hilltop Road 90041

Unique Private Home with Additional Lot
Offered at: $399,000

Status: Sold
Type: Single Family Home / Bedrooms: 3 / Baths: 2

Situated on two legal lots here is your chance to create your secluded paradise. Lots of options, improve the existing artist retreat, build a dream home, perhaps keep the existing as a guest house and build another. Buyer to verify if two new homes are possible. Currently a private, in need of work, hilltop retreat exists near the lower section of the first lot. Situated in a park-like setting above Hill Dr., Eagle Rock’s best neighborhood. This listing includes 2 parcels totaling 13,653 sq. ft. The lodge consists of 2 bedrooms + loft + balcony (property records show 440 sq. ft.; buyer to verify actual sq. footage). Charming, artistic retreat, an excellent opportunity for the right buyer. Includes addit’l parcel #5671-001-033. In addition there are wonderful views and great Summer breezes. Please enter property from the top of Hilltop Rd. at the top of the cul-de-sac.

This entry was posted in: Eagle Rock Homes for Sale, Sold Listings

You Should Know: Distressed Share

Where are all the bargains, anyway? I get asked that question a lot, usually by my buyers who are looking for a deal — and who wouldn’t be? Everyone wants to pay less for their house, and if there’s a bargain out there believe me I’ll find it for you. But the opportunities these days are precious and few, and when they do pop up a bidding war is the frequent result. Bye-bye bargain.

So what happened? Where’s the “shadow inventory” of foreclosed homes that banks were supposedly sitting on, just waiting for the right time to flood the market? The answer varies by region, but here in LA County, thousands of foreclosed properties have already been packaged by banks and quietly sold off to institutional investors. Read this informative article by the Wall Street Journal’s Nick Timiraos. He talks about the downward-shifting ratio of the “distressed share,” ie. the percentage of bank-owned or bank-involved properties like foreclosures and short sales. The smaller that number gets, the healthier the market. But bargains, it seems, will only get harder to find.

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Photo of an unfinished housing development courtesy of Boston.com and Google Earth

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FYI Quick Read (x2)…

Tiffany Hsu of the LA Times reports today that home prices were up 3.8% in July, their largest year-over-year leap since 2006. “The real estate market is ‘clearly seeing the light at the end of a very long tunnel,’ said CoreLogic Chief Executive Anand Nallathambi.”

 

And Vickie Elmer of the NY Times writes that, with interest rates remaining so low, homeowners have been trading out of their “jumbo” mortgages to refinance into conventional loans. “‘It’s an opportunity not to be missed,’ said Melissa Cohn, the chief executive of the Manhattan Mortgage Company, adding that her customers like the idea of locking in a lower rate.”


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A Home or Art?

That’s the question posed in an article by James B. Stewart, published yesterday in the NY Times. “If it’s $100 million, is it art?” We’ve seen these stratospheric prices attached to certain unique properties in places like LA, Miami, NYC. So what’s the answer? I can only speak from my own experience: a home is worth what someone is willing to pay for it.

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Photo courtesy of the New York Times

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