Mortgage Rates Drop (and Buyers are on it!)

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Mortgage rates ticked down a bit this week on average, which is great news for buyers who (predictably) applied for more loans, according to the LA Times’ Andrew Khouri. However the news comes with a mixed-bag of data overall; Khouri further reports that prices surged in December, “the first significant increase since June.” Research firm DataQuick attributes the rise to “fewer distressed sales and demand that has outstripped tight supply.”

“Pitifully low inventory is the main culprit,” says DataQuick President John Walsh. “The jump in home values over the last year suggests we’ll eventually see a lot more people interested in selling their homes, which would help ease the inventory crunch.”

We sure hope so. Another Khouri report points out that new housing starts are actually down as builders continue to wait on the sidelines (!) ‘“Construction remains the laggard of the recovery,” Trulia chief economist Jed Kolko said in a statement.’

Translation: If you’re able to find a home today and lock in these low interest rates, go for it. Inventory is likely to remain tight for the foreseeable future.

We’re here to help! We can find you the ideal home to fit your needs, budget and taste. It starts with a conversation; we’re great listeners with tremendous market knowledge and a style that sets us apart. Call, text, or email us anytime at Tracy Do Real EstateHope to hear from you soon.

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OPEN HOUSE: Sat. & Sun. Jan. 18th & 19th, 1 – 4 PM

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1312 El Paso Dr. 90065 l Offered at $549,000

Multi-level Contemporary Home in Glassell Park!
Open House: Sat., & Sun., Jan. 18th & 19th from 1-4PM

A great value in fast-rising Glassell Park. This contemporary, multi-level home was built in 1991. High ceilings and large windows enhance the open floor plan that is abundant in natural light. The ground level features an entryway and attached two-car garage providing direct-access to the home. Second level living, dining and kitchen flow together beautifully and are warmed by a lovely fireplace. Two sets of sliding doors make for easy access to a patio and yard, ideal for relaxing, entertaining or al fresco dining. Upstairs bedrooms having soaring ceilings with overhead loft storage, plus the flexibility to use one as your office or den. This centrally-located home is at the foot of Mt. Washington, with easy access to Fresh & Easy Market and the shopping and dining districts of nearby Eagle Rock and Highland Park.

www.1312elpaso.com

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1312 El Paso Drive in Glassell Park

List Price $549,000

3 bedrooms • 2.5 bathrooms

1,580 sf • 7,219 sf lot

ElPaso1Here’s a great value in fast-rising Glassell Park, offered exclusively by Tracy Do Real Estate. This contemporary, multi-level home was built in 1991. High ceilings and large windows enhance an open floor plan that is abundant in natural light.  ElPaso2From the ground-level entryway and attached two-car garage, there is direct-access to the home. Second level living, dining and kitchen flow together beautifully and are warmed by this lovely fireplace.ElPaso3Two sets of sliding doors make for easy access to a patio and yard…ElPaso5Ideal for relaxing, entertaining or al fresco dining.ElPaso4Upstairs bedrooms having soaring ceilings with overhead loft storage, plus the flexibility to use one as your office or den.

This centrally-located home is at the foot of Mt. Washington, with easy access to Fresh & Easy Market and the shopping and dining districts of nearby Eagle Rock and Highland Park. There are many more photos, check them out at 1312elpaso.com.

For a private tour, contact Tracy Do Real Estate.

To receive new listings by email, or to schedule a viewing click here!

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Updated Traditional in South Pasadena

List Price $1,169,000

3 bedrooms • 2 bathrooms

2,066 sf • 9,997 sf lot

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There’s just one problem with South Pasadena: too few homes for sale. Hardly surprising considering it’s one of the nicest places to live in all of LA County. Blessed with beautiful homes on tree-lined streets, a charming downtown featuring shops, cafés, a Gold Line rail station…. What more could you want? Good public schools? South Pas has some of the best in the whole state.

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This 1921 Traditional style home has many of its original details to go along with modern, tasteful updates. It’s got plenty of space, too. A great family home.

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But don’t wait on this one — it’s likely to go quickly. Such is the allure of South Pasadena, and of this charming, well-located home.

To book a tour, contact Tracy Do Real Estate.

To receive new listings by email, or to schedule a viewing click here!

Listing courtesy of Kevin Bourland, John Aaroe Group, Pasadena.

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Hello 2014: A Glance Back + What’s Ahead

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It’s a new year in the housing market, and for most home owners it begins quite nicely. After all, 2013 saw a record rebound in residential equity as net holdings “soared $2.2 trillion from the third quarter of 2012 to the third quarter of this year,” according to new data collected by the Federal Reserve and reported by the LA Times’ Kenneth R. Harney.

 

For those who don’t yet own their home, but are looking to buy, the picture is a bit more layered. 2014 starts with a piece of good news as the Federal Housing Finance Agency has decided to postpone a proposed hike in upfront fees that many people would pay for a home loan (per Les Christie of CNN Money). However, there is some not-so-great news in that interest rates have crept up, increasing the cost of borrowing (E. Scott Reckerd reports in the LA Times). Rates rise and fall, of course, so this shouldn’t worry anyone too much. The general consensus among economists is that, in this still-recovering economy, rates are likely to rise at least slightly in 2014 — but aren’t likely to shoot through the roof. Taken on balance, this would indicate that buyers should remain active, ie. you should be out looking for that home and lock in your mortgage rate sooner rather than later. Bankrate.com’s Polyana da Costa has some excellent advice for 2014 mortgage borrowers, you can read it here.

Of course, there’s still the issue of inventory — or lack of it. According to the respected John Burns Real Estate Consulting, and reported by LA Curbed among others, the number of new homes put up for sale in Southern California is the lowest it’s been in 20 years (!)

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Maybe that’s why folks are simply purchasing homes and leveling them, leading to a mini construction-boom in some LA neighborhoods as buyers tear down modest-sized houses to make way for bigger ones, as reported by Andrew Khouri in the LA Times.

TDRE_NelaUnion_ESLA_3That might sound extreme, but it’s hardly surprising. Low inventory is one thing; what this market really lacks are options, given that too few existing homes are designed for how today’s buyers want to live. That’s why we’re so excited to present a great opportunity for home ownership that will be available very soon: NELA Union modern homes in Glassell Park. Set within beautifully landscaped grounds that include a community garden and dog run, these residences are being built with open floor plans that can be fully customized in the onsite design lab. With private two-car garages and sustainable elements like tankless water heaters, high efficiency furnaces and radiant roof barriers, NELA Union will not only meet but exceed Title 24 and California green building guidelines. Best of all these stylish, energy-smart homes will be offered at a cost comparable to paying rent. Learn more and sign up on our interest list at www.nelaunion.com.

To receive new listings by email, or to schedule a viewing click here!

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Huge Greenspace Coming to Glassell Park

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Glassell Park has been on a roll lately, and here’s one more reason why real estate values in that neighborhood are likely to rise. As reported by Tony Cella of the Eastsider LA, “The City Council has moved to begin negotiations to buy more than 40 acres of the former Taylor Yard rail yard on the border of Cypress Park and Glassell Park and turn the contaminated land into public green space and restored wetlands along the L.A. River.”

This is great news for so many reasons, and makes us all the more excited about our new listing coming in February: NELA Union Modern Homes in Glassell Park. These spacious 3-level residences feature open floor plans with 2, 3 or 4 bedrooms, with an Eagle Rock Boulevard location just a over a mile and a half from the announced new park.

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Prices start in only the mid/high $400,000’s. You can check out the designs and sign up on our interest list, which currently has over 300 members (!) and is growing fast. It’s all at www.nelaunion.com.

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3145 Atwater Avenue in Atwater

List Price $689,000

2 bedrooms • 2 bathrooms

1,024 sf • 4,797 sf lot

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Celebrated design+build firm ReInhabit proudly presents this beautifully rendered home, an exclusive offering of Tracy Do Real Estate. The vintage California Bungalow in Atwater has been restored, expanded and thoroughly reimagined. Staying true to their mission, the creative builders have preserved or recycled most of the original structure that dates to 1925, carefully and artfully re-engineering it with new construction and locally-sourced salvage elements.

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Expanding the footprint by over 500 square feet was only the start for this home, and required ReInhabit’s team of designers, architects and craftsman to add a new network of systems including foundation, roof, plumbing, electrical, sewer, central heat & air and a tankless water heater.

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From an old commercial building, they recovered an automatic roll-up door, installing it as a section of wall along the main portion of the house. With the simple touch of a button the outdoors come inside, showering the living, dining and kitchen areas in daylight or evening as they join seamlessly to a newly-made deck. This is the ideal place for morning coffee or drinks with friends.

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For dinner parties, an edible landscape is available right out front in professionally-installed planter boxes. Not many homeowners can harvest their yard for garden-to-table eating.

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And for the ultimate conversation piece, the kitchen where you will prepare those meals features hand-finished cabinets painted by an established artist known as Fuse

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a.k.a. Larry Masters. Here he is in action, creating amazing “functional art.” The cabinets are made of metal, salvaged from an old home in Pasadena. In Fuse’s hands, they become something else entirely — and help make this a very unique, special home.

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With a garage and bonus room that could serve as your office or creative space, 3145 Atwater Ave. is ReInhabit’s case-study in expanded living with an eco-friendly footprint. It is also very well-situated, with easy access to the shopping, dining and night life of Atwater Village and its neighboring communities.

There is much more to learn about the process and painstaking effort that went into the restoration and expansion of this home. Head to the property website, or ReInhabit’s own blog.

For a private tour, contact Tracy Do Real Estate.

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Harvard Economist Spells it Out: Buying a Home Makes Financial Sense

UnknownAny time there’s a story involving the high cost of real estate, we hear a mob of angry (often anonymous) voices scream, “See?! It makes more sense to rent!” We humbly disagree — but don’t take our word for it. Eric Belsky is Managing Director of the Joint Center for Housing Studies at Harvard. His research proves there’s a whole bunch of reasons why it makes financial sense to own your home. Five of them have been nicely summarized on the blog of real estate news source Keeping Current Matters (see below).

Quick side note: The timing is interesting, given that HJCHS has also just released a report that names Los Angeles as having the highest percentage of renters of any major US metro area last year — a whopping 52%! Read Curbed LA’s take on the story here. And to start living the financially sound life that you have worked so hard to achieve, get in business with housing experts who will put your needs first. We’re here to help you find a home that you can afford and will love. Contact us anytime at Tracy Do Real Estate.

5 REASONS TO BUY A HOME:

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2445 Riverside Place in Silver Lake

List Price $699,000

3 bedrooms • 2 bathrooms

1,446 sf • 3,570 sf lot

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Exclusively from Tracy Do Real Estate comes this slice of Silver Lake history, restored for the modern day. Indian Summer Investments has carefully refurbished this hillside residence, bringing state-of-the-art amenities to a home steeped in vintage beauty and amazing views.

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The living room is abundant in natural light. Vistas stretch to Northeast Los Angeles and the San Gabriel Mountains beyond.

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The kitchen is finished in reclaimed barn-wood and includes marble countertops, a double sink and Samsung appliance suite. There are refinished white oak floors, as well as original details that match handsomely with custom cabinets, period-appropriate hardware and handcrafted light fixtures.

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The Master Suite is a new, permitted addition of over 300 square feet with an attached bath and walk-in closet. It flows seamlessly to a flat back yard where a pathway leads to a secluded-feeling deck and outdoor dining area.

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The “Red Car” of the old LA Railway ran right past this residence, until the line was decommissioned in 1955. The track has been replaced by an open-space buffer zone, providing privacy and a walkable trail to many parts of Silver Lake, like the Reservoir and soon-to-be-completed Whole Foods.

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The long list of enhancements here includes completely renovated bathrooms, roof, plumbing, a tankless water heater and 200 amp electric panel, among others. Storage has been expanded throughout, highlighted by this huge, finished bonus space which is perfect for use as your office, creative hub, as well as for your boxes, gear and wine storage. New heat and a/c plus a garage with automatic opener make this a complete and modern home that, in the best way possible, is mindful of its past.

There are many more photos, head to the property website here. Or see the home in person at our OPEN HOUSE: Saturday & Sunday, December 7th & 8th, 1 to 4 PM. Hope to see you there!

For more info or to book a private showing, contact Tracy Do Real Estate.

To receive new listings by email, or to schedule a viewing click here!

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