Prices Rising (and Expected to Go Higher)

Today on HousingWire, Christina Mlyinski reports that “California home prices increased by the most in 33 years as a result of strong sales growth in higher-priced markets and continued housing supply shortage, pushing up median home prices in May.” It’s lead to whispers about another housing bubble, but as Megan Hopkins writes, not so fast. “Standard & Poor’s Ratings Services states that, although double-digit gains are ultimately unsustainable, we may not have reached bubble status quite yet.”

Home price expectations

“Home price appreciation can be attributed to a number of factors, including historically low rates, property purchases by investors who are renting homes out and a shortage in home inventory… S&P states that U.S. home prices are relatively low compared to historical values… Additionally, housing remains undervalued about 8% based on the price-to-income ratio, which takes into account the median sales price of a home relative to median annual incomes…”

“Overall, S&P expects that the current pace of home prices gains will not last for long; however, it’s too soon to call this a bubble. In fact, as home values are still below their pre-recession peaks, home prices could continue to rise throughout the year.”

For help selling or buying your home in this active market, contact the people who have a successful track record and a long list of satisfied clients: the friendly, local professionals at Tracy Do Real Estate.

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2406 Silver Ridge Ave. in Silver Lake

List Price $1,189,000

2 bedrooms • 2.5 bathrooms

2,173 sf • 4,995 sf lotSilverR1

Exclusively from Tracy Do Real Estate. This 3-level contemporary in the Silver Lake Hills features walls of glass and balconies on every floor, opening to spectacular city views. Recently constructed in 2007 and recognized in numerous design publications, the 2 bedroom, 2.5 bathroom residence is dramatic yet practical, with well-proportioned living space and ample storage.

Silver2

The hallway entry leads to a media room, complete with fireplace, built-in wet bar and a beautifully tiled half bath. An ideal spot for entertaining or relaxing, it’s versatile enough to be used as your guest quarters or office.

SilverR3

A slate stairway flows down to the “great room” where you’ll find dining and living areas adorned by a second fireplace. The gorgeous open kitchen is outfitted with stainless steel Bosch appliances and a built-in Miele espresso machine. A spacious bedroom on this level includes a full bath and walk-in shower. On the third level, the Master Suite feels private and luxurious, with a huge walk-in closet and bathroom worthy of a 5-star hotel.

SilverR4

Tasteful appointments and high grade materials are everywhere; bamboo floors, custom built-ins, resin glass sliding pantry doors, Venetian plaster, and recycled concrete in the kitchen and baths. There’s a carport for two vehicles with direct-home access, a laundry area, and a secure, 300+ sq ft basement/storage room.

For a beautiful, detailed photo tour head to 2406silverridge.com

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Houses Local+Global: Duendes House by Estudio Puyol / Meinardy

Duendes1

This home in San José del Rincón, Santa Fe, Argentina would be a great fit for Southern California. The single-level floor plan and integration of indoors-to-out strike us as being quintessentially LA.

Duendes2

Says the Arch Daily: “The house is designed as a series of sequences and promenades that are in permanent flow between the interior and exterior, intentionally created from the layout of the spaces, their design, the system of openings, and the importance of the interior courtyard due to its position as the true heart of the project.”

Duendes3

Photos courtesy of Federico Cairoli, blueprints by Estudio Puyol / Meinardy, Architects.

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As Prices Rise, Here’s One Reason Why

Real-Estate-Investing-On-the-Rise-articleInlineThe LA Times Alejandro Lazo reports that U.S. home prices climbed 12.1% in April. Low inventory remains an impetus, and the NY Times’ Nathaniel Popper points out that Wall Street is playing a not-so-minor role. “Large investment firms have spent billions of dollars over the last year buying homes… The influx has been so great, and the resulting price gains so big, that ordinary buyers are feeling squeezed out.”

It’s worth noting that this investor-backed buying spree has not been particularly prevalent in the greater LA area, where the number of foreclosures was small by national standards. However, we’re still feeling the effects. Popper continues, “While these investors have not touched many healthy real estate markets, they are among the biggest buyers in struggling areas of the country where housing prices have been increasing the fastest. Those gains, in turn, have been at the leading edge of rising home prices nationwide.”

For more information, and advice on how to stay ahead of this competitive market, contact Tracy Do Real Estate.

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1874 Morton Avenue in Echo Park

List Price $749,000

3 bedrooms • 2 bathrooms

1,839 sf • 5000 sf lot

Morton1

Exclusively from Tracy Do Real Estate. This Architect’s home of early-LA vintage has been carefully renovated, with a spirit and soul that embodies its Echo Park surroundings. Featuring stunning views and a prime location, the home is a short distance from Elysian Park as well as the best offerings of Echo Park Avenue.

Morton2

The foyer presents stairs made from reclaimed wood, leading to a great room with polished concrete floors and abundant natural light. The open kitchen meshes wonderfully to the dining and living areas; multiple French doors provide seamless flow to an expansive yard. Both upstairs bedrooms have their own remodeled baths, while a third bedroom downstairs is ideal for guest quarters or office.

Morton3

In the outdoor space you’ll find beautifully landscaped gardens, pathways and sitting nooks, including this large enclosed patio where you can relax and entertain. Showings are by appointment only. Please contact Tracy Do Real Estate.

A beautiful photo tour can be found at 1874morton.com.

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1874 Morton Ave. LA 90026

1874 Morton Ave. LA 90026

Renovated View Home in the Echo Park Hills
Offered at: $810,000

Status: Sold
Type: Single Family / Bedrooms: 3 / Baths: 2
Living Area: 1839 Square Ft. / Lot Size: 5000 Square Ft.

This Architect’s home of early-LA vintage has been carefully renovated, with a spirit and soul that embodies its Echo Park surroundings. The foyer presents stairs made from reclaimed wood, leading to a great room with polished concrete floors and abundant natural light. The open kitchen meshes wonderfully to the dining and living areas; multiple French doors provide seamless flow to an expansive yard. Both upstairs bedrooms have their own remodeled baths, while a third bedroom downstairs is ideal for guest quarters or office. In the outdoor space you’ll find beautifully landscaped gardens, pathways and sitting nooks, including a large enclosed patio where you can relax and entertain. Featuring stunning views and a prime location, the home is a short distance from Elysian Park as well as the best offerings of Echo Park Avenue.

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Prices ⇡ Again

la-fi-case-shiller-20130528-gHousing remains hot. In today’s LA Times, Alejandro Lazo reports that a “tight housing supply and strong demand continued to fuel a robust market recovery in March, with the Standard & Poor’s/Case-Shiller index of 20 U.S. cities recording a 10.9% year-over-year increase (see chart, left). That was the strongest increase since April 2006.”

Over at HousingWire, Christina Mlynski talked to David Blitzer of the S&P Dow Jones. His take is that “other housing market data reported in recent weeks confirm these strong trends… At the same time, the larger than usual share of multifamily housing, a large number of homes still in some stage of foreclosure and buying-to-rent by investors suggest that the housing recovery is not complete.”

The upshot? This surging market has yet to run its course – and might not for some time. For help staying ahead of things, contact Tracy Do Real Estate. Our sellers get top-shelf representation, with maximum exposure for your property and ace transaction management. For our buyers, we’re having tremendous success connecting people to the beautiful homes they want and deserve.  Don’t wait for the market to price you out or pass you by. Get in business with the very best: the friendly, experienced professionals at Tracy Do Real Estate.

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