I live in the middle of Los Feliz area and can give you in depth analyses for the past 6 months as well as some analyses about solds year to date, different months this year versus last year. In general I'd say that it all depends what price range are you looking for and what kind of home. Based on recent statistics the prices in Los Angeles will continue dropping till 2nd quarter of 2009, but quantity of sales will continue increasing. Lately I see 99% of great deals they have multiple offers, which results that homes are sold for more than they are listed for.
Franklin Hills is a great place to live. It was recently written up in the LA Times so lots of people are catching on. Although Sales are down from 2008 to 2007 in Los Feliz as a whole. The figures for June are in and June actually closed more sales volume (total number of sales and total dollar amount) than in 2007. The medium price is down this year over last for Los Feliz, 2008 To Date 2007 To Date: $870,000 for 2008 vs 1,096,000 for 2007. Personally with gas prices the way they are I am seeing more and more people choose to live in areas like Franklin Hills. I feel that that area may go down a little more MAYBE but I wouln't expect to see anything drastic. It's a solid neighborhood. Close to everything. You never know if we are at the bottom which for most metro parts of LA has been a slight decline. If you have any other questions feel free to shoot me an email. I have represented many buyers in the Franklin Hills area and would be happy to help you.
The Reavis Group