Foreclosure in 91103>Question Details

Boldtime7, Both Buyer and Seller in 91103

How would you rate this residential area overall?

Asked by Boldtime7, 91103 Tue Nov 17, 2009

Want to know is there appears to be stagnation, decline, or appreciation in home and multi-family property in the area

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Answers

2
Hi
That zip code covers a very broad range of areas.
There are parts with properties ranging from $150k to 400k just a few blocks away from properties from $1m to $6m so you can't just analyze it by zip code.
In the less desirable areas I would say the prices are currently in decline, especially for bank-owned properties and multi-family properties.
Definitely no appreciation right now.

If you have anything more specific you'd like to know you can email the details to me at LizBarkhordarian@charter.net and I can look into it for you.
Regards, Liz
0 votes Thank Flag Link Tue Nov 17, 2009
It really depends. I describe this market as a dual market. You have your foreclosure/REO market A and the regular sales which include probates market B.

Market A is in transition. Whereas the property is distressed and the purchase price has been under market for the past year, the banks are now requiring more money to close these sales. They are pushing up the prices on these so the deals are not really there anymore for the most part. REO's are the next greatest number of inventory. The REO inventory we have is selling well, as a result of buyers and agents becoming tried of the runaround. The previous short sale chasers are now shifting to the REO listings. REO listings find themselves competing with multiple offers some as high as 50 people bringing in offers. That is if the property has only minor repairs needed. They are selling above market comps. A contributing factor for this has to do with the FHA loans being available to so many people and the willingness of the banks to give 3% in closing costs to the buyer, making this an ideal opportunity for 1st time home buyers.

Market B multiple offers and selling above market value.

What all this means in a nutshell is single family homes are selling and selling at prices there show appreciation from last year, and appears to be the trend for now. Also, this is more of a "normal" appreciation as oppose to the false appreciation market of the past during the sub-prime market.

As for multi-family homes...different bean here.

Buyers need 30% in most cases to purchase income property. However, if you are living there you can still do an FHA or less down. It is tough to get loans on these so your competition is less. I think there are some nice opportunities in the mulit-unit market. There are no real steals but they will only appreciate over time. The lower end units need far to much work to make them good rentals

Also this new incentive that includes non first time home buyers is bringing out more people who were on the fence about pulling out money on their paid off homes to buy a second home or upgrade to a new one. We are just starting this phase so it be interesting to see how this effects the prices. It may bring both sales and prices up a notch.

The only thing that is certain is, "There is never a bad time to buy real estate, only bad times to sell"

The secret anomaly to all of this is what the govt may do next to save and keep people from losing thier homes. New programs are popping up to help keep people from foreclosing. For as many homes on the market there are equal numbers in loan modification and some even doing a cash for keys and renting back from the bank.

Also you have to factor area, Pasadena, La Cresenta, Toluca Lake, some areas of Glendale and Burbank, Los Feliz have been increasing in value this year. Azuza, Long Beach, and many areas that had rapid builds have areas where there prices are still declining or leveling out.

Hope that helps
0 votes Thank Flag Link Tue Nov 17, 2009
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