This morning we sent out the latest edition of the 3beds2baths Digest, a monthly newsletter covering trends in architecture, design, local neighborhoods, as well as the business-side of real estate. It’s also a great way to see a summary of all the great home listings we have here at Tracy Do Real Estate.
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With all respect to our friends at the LA Times and NPR, they’re a little late with their reporting on the current “home flipping frenzy.” Fact is, rehabbers have been a driving force in LA real estate for months now. Granted, the number of trucks, cement-mixers and porta-potties lining residential streets seems to have peaked of late. But going back over a year, and in some cases longer, house flippers have been acquiring, renovating and re-selling LA homes for profit. The impact on inventory has been significant, and by consequence we’ve seen values appreciate across the board. So what’s next? For all this flipping business, what does it mean for you?
For starters, it means there are lot less fixer-uppers out there. Buyers seeking bargains or a “diamond in the rough” will be challenged to find one, since so many rehabbers are looking for the exact same thing. Secondly, as these buyers who missed out on bargains revise their budgets upward, settling for more “turn key” type homes, it creates competition for dwindling inventory that is downright fierce. Jed Kolko, chief economist for real estate website Trulia, says: “Consumers are worried that mortgage rates and prices will keep rising before they buy, and many are willing to fight over the limited number of homes for sale.” KPCC ran a piece this morning that echoes that sentiment, you can listen to it here.
This might sound a bit bleak for prospective home buyers, but don’t despair: relief may well be in sight. House flippers are indeed active right now and will likely be around for awhile. But with such low inventory, many rehabbers have already packed up and left LA for greener pastures. Furthermore, rising interest rates are having the intended effect of putting the brakes on things. We don’t predict that prices are going to decline anytime soon, and the vast majority of economists agree. But as more potential sellers realize they have regained much — if not all — of their home equity, we can easily envision a scenario where more residences are brought to market. Add to that the new housing developments that are taking shape to meet rising demand… It certainly appears that the clouds are clearing a bit for home buyers. And that’s a very good thing.
To stay ahead of this market, as either a buyer or seller, you will truly benefit from talking with professionals who know LA and Pasadena real estate inside and out. We’d love to hear from you. Contact us anytime at Tracy Do Real Estate.
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“Flip or Flop” (image above) courtesy of HGTV, via the LA Times website.
Mortgage rates continue to cool off, as reported by Christina Mlynski at HousingWire. Having jumped nearly a point in recent weeks, this is welcome news. Remember: even if you missed out on the “very best” rate, in historic terms the cost of a mortgage today is still quite low — and prices are only rising (!) Need help understanding mortgage rates and loans? Contact Tracy Do Real Estate for friendly advice and expert guidance in all your housing-related needs.
4759mendota.com
Broker’s Open House: Tuesday, July 30th, 11AM to 2PM
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Exclusively from Tracy Do Real Estate comes this great opportunity in trendy Highland Park: two updated homes on one big lot right near the action. You can live in one and rent out the other, since both units will be delivered vacant.
Each house is stylishly remodeled, maximizing the two bedroom + one bathroom floor plans while embracing open space and indoor-outdoor flow. Features include remodeled kitchens and bathrooms, plus beautiful dark wood and tile flooring. There are mountain views and tons of natural light.
The “main” house has a lovely front porch and a private rear patio.
The second house can make use of the huge back yard. The property also has an extra large two-car garage plus two off-street parking spaces on the driveway. Café de Leche and Highland Park Cafe are mere blocks away, as is so much more.
You’ll find lots more great photos at 4759mendota.com.
For a private tour, contact Tracy Do Real Estate.
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Exclusively from Tracy Do Real Estate: This updated California Bungalow style home in Silver Lake offers a great location and spectacular views.
Built in 1924, it has been stylishly remodeled with respect to its original character, from the wood + tile floors to the dining room that feels like a vintage sun porch, bathed in natural light.
The main level features a living room with fireplace, a sleek, updated kitchen, bathroom, and a versatile space that could be an office or bedroom.
Multiple sets of French doors provide smooth outdoor access, where a rear deck/BBQ area makes the perfect spot for entertaining against the shimmering LA skyline.
Downstairs, a den with huge windows frames a gorgeous vista and flows to a private, zen-inspired back yard. Systems have been upgraded, there’s central heat + a/c, and a 1-car garage. The Reservoir, Dog Park, LA Mill, Sunset Junction and more are just a few blocks away.
Many more beautiful photos can be found at 1630benton.com.
OPEN HOUSE: Sunday, July 21st, 2 to 5 PM
BROKER’S OPEN: Tuesday, July 23rd, 11 AM to 2 PM – lunch served!
For a private tour, contact Tracy Do Real Estate.
To receive new listings by email, or to schedule a viewing click here!
Prices rising, packed open houses, bidding wars, all-cash offers… Must be a housing bubble, right? Nope. Andrew Khouri reports in the LA Times: “Real estate information firm CoreLogic said Tuesday that a bubble has not formed in the U.S. housing market, nor in hot regional markets, adding that rising interest rates will put a brake on any danger.” CNBC echoes that analysis, here.
The talk at HousingWire is that “the housing market is still a seller’s market,” with June numbers pointing to more “balance.” Here’s a map of what LA’s housing recovery looks like through the end of 2012…
Is it time to make your move in housing? Whether buying or selling, you’ll find friendly, accessible, highly experienced pros at Tracy Do Real Estate.
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Map data & analysis by Andrew Khouri and Doug Smith.
The personal residence of noted architect Young Woo is on the market for the very first time. Located in the hills of Mount Washington, it has walls of glass and sweeping views.
The home was published in Architectural Record as a Record House in 1968. Features include an “indoor garden,” sliding walls, and clerestory windows allowing in lots of natural light.
Much of the residence is original as-built, though there are some updates to the kitchen and flooring surfaces. Across an outdoor patio is an “architect’s studio,” complete with its own bath.
To tour this wonderful Mid Century Modern home, contact Tracy Do Real Estate.
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Listing courtesy Of Georgia Seid, John Aaroe Group Pasadena
Over on Inhabitat, Tafline Laylin reports on a “micro” home with a secret: it’s actually pretty massive.
The Dynamic Augmented Living Environment, aka “DALE” was designed right here in the LA/Pasadena area by students at SCI-Arc (The Southern California Institute of Architecture) and CalTech (California Institute of Technology). As part of this year’s Solar Decathlon competition, the two combined forces to create a “net-zero” living space, capable of existing completely off the grid.
What’s different and quite cool about this small, sustainable home is what you can do with it. Two airtight, prefabricated modules are set on rails that allow them to separate, creating a courtyard space with an optional solar canopy. Usable living space goes from 600 sq. ft. to almost 1,800 sq. ft., then slides right back to its original size as needed. The two parts can function individually or as a complete unit, offering the flexibility to change with the weather, for example. Or to allow a bunch of friends to come over and hang out.
A sophisticated solar power system provides climate control plus hot and cold water. The stylish, very practical living space isn’t in mass production yet, but that could change soon. See it for yourself at the Solar Decathlon, October 3rd through 13th in Irvine. For more info on the project, click here.
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