Don’t look now, but the hot housing market in Southern California may be cooling off. Sales are down, inventory is up, and some properties have even dropped in price – including some of the apartments featured below.
For buyers, that means money has gone a little further than it did a summer ago. See what $700,000 buys in seven communities around Los Angeles.
Highland Park’s rise as a trendy neighborhood in recent years has caused house prices to skyrocket, and during the pandemic, it’s officially a million-dollar neighborhood. Still, there are plenty of cheaper options out there – especially if you’re willing to consider something that’s less than 1,000 square feet.
House: Located above York Avenue, this 98-year-old Spanish bungalow looks brand new after a remodel with hardwood floors, a farmhouse door and a tiled patch in the kitchen. There’s even a view, as the back of the hillside house opens onto a deck overlooking the neighborhood.
Address: 141 S. Ave. 64, Los Angeles, 90042
Technical parameters: Two bedrooms and one bathroom measuring 683 square feet
Representative: Andrew Izquierdo of Las Casas Realty
Tech companies like Apple, Amazon and TikTok are focusing on Culver City, turning the once dormant Westside community into one of Southern California’s new digital media hubs. Such segregation can predictably lead to higher single-family home prices, but older apartment complexes offer an affordable alternative.
House: This corner apartment is on the top floor of a building in Heather Village, a gated complex with multiple pools, spas, tennis courts and playgrounds. Warm woods combine with brick in the communal space, and the living room adds a wet bar. Another perk: $20,000 off the original asking price.
Address: 6525 Green Valley Circle #318, Culver City, 90230
Price: $709,800 (plus $671 homeowners association fee)
Technical parameters: Two bedrooms and two bathrooms on 1,347 square feet
Representative: Vickie Pham of First Team Real Estate
Marina del Rey
Marina del Rey has about 11,000 residents and its harbor holds about 5,000 boats. Together, the two groups create a quieter beach experience than many coastal tourist destinations like Venice and Santa Monica. Ocean views can run you $1 million north, but a lagoon-view location is a bit more affordable.
House: Located in Marina City Club, this apartment is a short walk from the beach and features a balcony overlooking the lagoon. Although quite high, the HOA fee gives you a lot of amenities, including six tennis courts, two baseball fields, three swimming pools, two on-site restaurants, and room service.
Address: 4265 Marina City Drive #109, Marina del Rey, 90292
Price: $685,000 (plus $1,838 in HOA fee)
Technical parameters: Two bedrooms and two bathrooms on 1,422 square feet
Representative: Shahrzad Sharon Ray of Beverly & Co.
East Los Angeles feels like one of the few remaining areas around LA where $700,000 buys a lot of homes. Not a one-bedroom bungalow with an area of 500 square meters or a dwelling unit that can be an illegal accessory hidden behind a block of houses, but a real house with two floors, three bedrooms and even maybe even a garage. There’s always something on the market there, with most single-family options ranging from $600,000 to $900,000.
House: The largest home on the list at over 1,800 square feet, this blue residence boasts three bedrooms and three bathrooms, as well as an open floor plan with fireplace. It’s $135,000 off the original asking price, and the listing also notes that the seller will pay the buyer’s $5,000 closing costs.
Address: 4121 Zaring St., Los Angeles, 90063
Technical parameters: Three bedrooms and three bathrooms on 1,859 square feet
Agents: Vance Nordine and Mary Hale of Nordine Realty
aptly named, University Hills is a small neighborhood with windswept streets in the hills above Cal State LA. Between other relatively affordable areas like El Sereno and City Terrace, this area There are only a handful of homes on the market at any given time, and unless they’re brand new, they’ll usually be available for less than $800,000.
House: Built in the 1930s, this 850-square-foot property makes the most of space with a covered front porch, two bedrooms and an office – an amenity rarely found in smaller homes. It was remodeled a decade ago, so the design isn’t officially outdated yet, but an upgrade wouldn’t hurt either.
Address: 4209 Drucker Ave., Los Angeles, 90032
Technical parameters: Two bedrooms and one bathroom measuring 850 square feet
Agents: Marisa Carlo and Vera Putzeys by George Michael Realty
If you want a microcosm of what development can bring to a city, look no further than Inglewood. In the five years after SoFi Stadium was announced in 2016, home prices have increased by 84%. That means homes that were once affordable are now selling for very high prices, but if you think prices will continue to rise, it’s not too late to invest in the rapidly changing city. this.
House: The Inglewood price directly correlates with how close the home is to the SoFi Stadium, and it’s located about 10 minutes away. It’s a luxury apartment for sure, but it boasts three bedrooms, a detached garage, and a backyard big enough to accommodate an ADU. A recent sale brought the card down $69,000.
Address: 121 E. 64th Place, Inglewood, 90302
Technical parameters: Three bedrooms and one bathroom measuring 912 square feet
Representative: Christy Ixcot by Keller Williams Realty Studio City
One of the gateway cities connecting LA and Orange County, Huntington Park offers affordable homes for working-class residents. Homes start as low as $400,000, so something in the $700,000 range will get you a turnkey, renovated property with plenty of space both inside and outside.
House: The Spanish-style exterior leads to a crisp, modern space inside this 1930s home with a whole new look. The beamed ceiling hangs above the whitewashed fireplace in the living room and kitchen with charming Spanish tiles.
Address: 4023 Cudahy St., Huntington Park, 90255
Technical parameters: Three bedrooms and two bathrooms on 1,472 square feet
Representative: Emily Griffin of Griffin Real Estate
https://www.latimes.com/business/story/2022-07-14/what-700-000-buys-in-seven-areas-around-los-angeles What $700,000 buys in seven areas around Los Angeles