Interrupted…, Home Buyer in Los Angeles, CA

How's the RE market in Los Feliz?

Asked by Interrupted Hour, Los Angeles, CA Sat Mar 15, 2008

Seems like a lot of properties are still inflated and not coming down the way West LA and Studio City, etc are. What are you thoughts on buying something in this area vs waiting another 6 months?

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Answers

4
Hi interrupted...
From the looks of things, Los Feliz is holding pretty well. In my personal experience, I think now is the time to buy as I believe prices will start rising. Los Feliz is one of the areas that hasnt dropped much in comparison to the other areas you mentioned. Below I have put a list of montly number of sales along with the average transaction amount...as you can see, the average price had dropped a bit in the past few months, but has started to rise up again...

Month #of Sales Average Purchase Price
03-2008 7 $1,329,000.00
02-2008 1 $790,000.00
01-2008 15 $1,262,000.00
12-2007 9 $813,000.00
11-2007 9 $1,011,000.00
10-2007 15 $1,037,000.00
09-2007 18 $1,085,000.00
08-2007 15 $909,000.00
Hope this helps..
We specialize in the Los Feliz area and Hollywood Hills. Feel free to contact us if you have any questions. You can also check out our website for more buyer and seller resources http://(www.myLARealEstateGroup.com)

Good Luck
Lou & Alex
LA Real Estate Group
info@myLARealEstateGroup.com
http://www.myLARealEstateGroup.com
1 vote Thank Flag Link Fri Mar 21, 2008
Hey Interrupted,

What a great question. Wow, the market in LA is confusing for us all! What we are seeing is that some areas have dropped while other areas remain flat.
To answer your question about how the market is in Los Feliz. Here are some number from THE MLS that show how the market really is. In 2007 from January to February 28 there were $32,675,513 in sales ( 29 homes sold) in Los Feliz. For the same period in 2008 the sales volume was $21,327,501 (20 homes sold). As you can see, sales are down in Los Feliz. As far as prices go in Los Feliz.the median price for a home in Los Feliz in 2008 so far is $802,000 compared to $1,030,000 in 2007. That's quite a drop. If you would like stats on other parts of LA, let me know. I purchased a home in May 2007. I wish it would have been now and I had waited as I'm seeing a lot of great deals. We don't know what it will be like in 6 months. Rates are good and prices are great! You just don't know if we are at the bottom. If you find the right house and it pencils out then jump on it. Maybe you should start looking now for that home as to find one that makes sense for you, it might take 6 months. I don't see any drastic shift in the market from 6 months from now. My gut feeling is now is the time to buy.

Best,

Monique
1 vote Thank Flag Link Sat Mar 15, 2008
Hi,
Los Feliz like the Sunset Strip and Hollywood Hills has alot of Industry people. This keeps the market strong. My feeling is that we are coming to the low end of this cycle and if you find something you truly love, strongly consider it. With the interest rates where they are if you are a strong buyer and plan on living in the home at least 5 years, you will be glad you made the move!
I am very familiar with the Los Feliz area. If you would like me to send you some active listings that fit your criteria, please let me know.
Thank you ,
Jill Lowy
1 vote Thank Flag Link Sat Mar 15, 2008
In this market it's all about location, and the desirable locations are holding up better than less desirable locations. Here is a market analysis breakdown of the 20 homes sold this year, Monique referenced below:

Sold SP **
# of Listings 20
Average DOM 52
Low Price $ 432,500
Median Price $ 859,000
High Price $ 3,290,000
Average Price $ 1,094,474
*Avg. Sq. Ft. 2,094
*Avg. $/Sq. Ft. 522.78
Avg SP/Avg LP 97.50%

As long as you are planning to stay in the home for a minimum of 5 years, now is a great time to buy! It's a buyers market out there, and you have great interest rates right now. In 6 months, the interest rates could go up and prices may go down and it would be a wash. Or interest rates could go down some more, in which case you could refinance into a better rate. I've been looking for a couple of clients in the area and I see some really good deals out there.

Good Luck!
0 votes Thank Flag Link Thu Mar 20, 2008
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