90026 Zip Code of Echo Park Shows Steady Climb

90026 Zip Code of Echo Park Shows Steady Climb

LA Times - 90026 Median Price Increase

Source: LA Times & DataQuick Housing Map

 

As an Eastside realtor specializing in 1st-time home buyers, my clients are generally on the fence about the largest investment of their lives.

It’s scary.  It’s stressful.  It’s mind-numbing to think of taking a loan out just shy of half a million dollars.  Or, if you’re endowed with real estate largesse, can purchase all-cash.

But, lo — fair Buyer! — there is help.

Enter economists, statisticians, and researchers who have the capacity to make sense of the hot mess known as L.A. real estate.

There are graphs, charts, numbers, and raw data to take away the edge.

While I aspire to understand Keynesian economics, with a healthy dose of Alan Greenspan’s righteousness and Warren Buffett’s foresight, I’ll leave the hard work to our experts.

UCLA Anderson publishes their holy grail, a national and California-based forecast every quarter, while DataQuick Information Systems analyzes Southern California home sales monthly and by zip code — transmuting their data through fancy interactive maps on The LA Times.

The UCLA Anderson Forecast — known for pinpointing our downturn in the late 1990’s and declaring the 2001 recession — predicts real personal income growth in California “to be 1.4% in 2013, followed by 3.6% in 2014 and 3.3% in 2015,” with unemployment  falling “through 2013 and will average about 9.6% this year.”

DataQuick - Column Header

DataQuick 90026 - 2012

What do these numbers mean for future home buyers?

The numbers indicate that there’s a palpable surge in the housing market, fueled by increased incomes and stable year-to-year appreciation on single family homes.

The 90026 zip code has appreciated 9.4%, while the K-town/Hancock Park neighborhood (90004) has rocketed to 85.8%, and the once unheard-of region of NeLA’s Highland Park (90042) experienced an uptick of 13.2%.

On a neighborhood level, the market is as red-hot as a Game of Thrones axe.  (Oh, seven hells, I wrote that.)

1864 Lemoyne - $922k

1864 Lemoyne – $922k

1864 Lemoyne commanded 9 offers and sold to an all-cash Buyer for $922,000 just yesterday, setting a precedent on that hill.

2346 Echo Park

2346 Echo Park

A restored Craftsman duplex, both vacant 2+1 and 1+1 units, had 23 Buyers throw their hats in for an income property with a sexy 6-burner Viking stove.  The property is sited miles north of Sunset Blvd., on the sleepy “poor man’s Hollywood Hills” section of EP.  While priced at $775,000, rumor has it that there’s a 9 in front of the current bid.

To say that this market is a Seller’s market grossly undercuts the severe competition amongst Buyers.  And, there’s no indication that this market will abate.

A good cross-section of Sellers are refinancing their existing loans to lower interest rates, while other Sellers are choosing to put their homes on the market, easing last quarter’s home inventory drought.

If you’re a 1st-time Buyer or a Seller thinking of what to do next, feel free to ask me how at (213) 718-1110.

I’ll be charting zip codes, along with reading the final 200 pages of A Game of Thrones, Book 3.

 

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