Home Selling in Echo Park>Question Details

S, Both Buyer and Seller in Echo Park, Los Angeles...

There aren't a lot of comps for homes in Angelino Heights. What do you think a 1000 square foot craftsman on a 7000 square foot lot is worth?

Asked by S, Echo Park, Los Angeles, CA Tue Oct 20, 2009

The closest recent sales are not in comparable neighborhoods, so I'm not sure what the value is. What do you think will happen with home trends in this area in the next few years?

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James Adner’s answer
S,

In the absence of specific details (as the other writers pointed out), it's difficult to value your property. I'll give general guidelines of $450,000 - $550,000 depending on condition, site, views, etc.

During the boom, values in all neighborhoods rose in lockstep. You saw the same appreciation in Silver Lake as you did in Echo Park (Angelino Heights). Echo Park prices have come down significantly, while Silver Lake prices have held firm.

In my opinion, in the long term, as Downtown gains a critical mass, you can expect price appreciation in the Angelino Heights market. In the near terms (2 - 3 years), the outlook is more murky (so much depends on the recovery of the US - California economy).

Jamie
--
Jamie Adner / Broker Associate
Adner Realty Group, Inc. at
Keller Williams Realty Hollywood Hills
tel: (323) 819-2240
email: jadner@kw.com
0 votes Thank Flag Link Tue Nov 3, 2009
$,

Angeleno Heights as you know is a very special community. While there may be not be many comparable sales for similar properties in your area, you can be comforted by the fact that Craftsman homes are desirable, especially in Angeleno Heights. In the end, any discussion of value will depend on the property's curb appeal and condition, but you do have a good sized lot.

It's difficult to make a call about home trends in the area in the next two years. In general, however, the typical buyer for that area will be drawn to the tight-knit community and historic nature of Angeleno Heights.

Over the next 10 - 15 years, it's commonly believed that downtown's growth will positively impact the values of Angeleno Heights, Echo Park, and Silverlake.

Take care,

David Luke
(213) 598-5224
David@DavidLukeHomes.com
Web Reference: http://DavidLukeHomes.com
0 votes Thank Flag Link Sun Nov 1, 2009
S,

You're right, there are not a lot of comps in Angelino Heights and you have to be careful to compare with any of the surrounding areas as they are much different. The price of your home will depend much on it's condition, if it has city views, landscaping, architectural character etc. This area is very unique and one home with your specs could be worth much more than a home of similar size a few blocks over based on the conditions I mentioned. It is also important that buyers and appraisers know the history of Angelino Heights.

Earlier this week I sold a character duplex on Coronado Terrace on the Silver Lake/Echo Park border and I am very familiar with this area. Right now there is somewhat of a buyer's frenzy in the area for people looking to take advantage of the tax credit that is expiring and Angelino Heights is highly desireable. I would be happy to take a look at your property and provide strong comparables for you.

Best Regards,

Grant Linscott
Keller Williams Realty
Dre # 01715002
grantlinscottproperty@gmail.com
323.333.6222 cell
0 votes Thank Flag Link Tue Oct 20, 2009
The property information you've provided for Angelino Heights is very limited. However, I've queried the MLS for the Silver Lake - Echo Park area, specifically Carroll Ave...the following is what I've found:

For Victorian architecture homes on Carroll Ave with an average interior living area of 1,861 sq/ft, the average price/sqft between 1998 and 2006 is $293/sqft.

There are higher price/sqft numbers but they can not be used because the listings expired. Use the $293/sqft number with great caution and allow lots of room for +/- adjustments for other property criteria such as number of bedrooms, bath, bonus room, views, etc.

I assumed the home you're inquiring about has similar features comparable to the properties on Carroll Ave.

In general, if homes in an area are not up for sale, and their condition is overall excellent, including the value for its designated Historic Preservation Overlay Zone (HPOZ), the home prices adjust downward very minimally.

In the "next few years" (a very short term period in real estate terms), home trends in the Angelino Heights area will continue to fluctuate minimally due to the current economic status in California.

I hope the information helps. Let me know if you need more information.
0 votes Thank Flag Link Tue Oct 20, 2009
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