Echo Park canyon home

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Built in 1998, this 3 bedroom / 2.5 bath home is situated on a quiet Echo Park canyon street. This ideal family home features a large lot, hardwood floors, attached two car garage, central air and heat, fireplace and vaulted ceilings. The upstairs master bedroom suite has a walk-in closet and private bath with a whirlpool tub. Located within walking distance to the popular eateries and shops along Echo Park Ave. and Sunset Blvd.

• Single family home
• 3 bedroom, 2.5 bathroom
• Garage
• 1,444 sq. ft.

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High end Atwater Village living

AtwaterLiving.com

High end Atwater Village living comes at a steep price - this single-family unit is on the market for just over $1 million.

The unit pictured above is one of 27 single-unit homes on a small-lot development on Casitas Avenue in Atwater Village. While some of the units start at $899,000, this one is more expansive with two bedrooms, 3.5 bath, and totals 2,319 square feet. Though the front of the home looks out on to Casitas and a row of theater warehouses called Atwater Village Crossing, the rooftop views of the hilly neighborhood are stunning.

The homes are LEED Certified, include solar panels, barbecue area on the roof terrace, garage, and even a dumbwaiter.

Atwater Village has been extremely active in terms of real estate sales, and median prices have risen 15.5% in the first quarter of 2012. Not to mention, the neighborhood is quickly becoming a trendy Northeast Los Angeles spot. This year it was praised as one of the" Six Hottest neighborhoods in the World's Greatest Cities" by Details Magazine.

If you're looking to buy or sell in Atwater Village, let us know!

Open House Sunday: Newly remodeled Silver Lake Spanish

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We've got a must-see listing in Silver Lake that's newly remodeled/move-in ready. Built in 1924, the Spanish-style house has 2 bedrooms, 2.5 bathrooms, a garage, loft/office area, and new landscaping. Click here for the photo gallery and listing information, or see it for yourself - join us for our open house on Sunday, June 3 from 1-4:00 pm.

Urban Hillsides / Northeast LA Market review for April and May

Single Family: April / May

• Properties sold: 87  /  97
• Average days on market: 71  /  81
• Median price: $400,000  /  $435,000
• Average cost per square foot: $326  /  $299
• Average selling price to listing price: 98%  / 98%

Residential Income (2-4 units): April / May

• Properties sold: 28  /  21
• Median price: $450,000  /  $391,000

Condo: April / May

• Properties sold: 10  /  10
• Median Price: $241,550  /  $234,000

Source: The MLS

On paper, 30% of US homeowners are underwater

foreclosure

Real estate website Zillow reported recently that the number of homeowners underwater has improved slightly in the first quarter of 2012. In the first quarter of last year, 32.4% of borrowers owed more on their mortgages than their homes were worth. The number has slightly improved this year at 31.4%, but it's still more than it was three months earlier. It's likely that underwater homeowner percentages remain high because of foreclosure processing delays. And, as the LA Times noted last week, the high percentage of underwater borrows is bad for the overall market:"Negative equity has created a drag on mobility and home-price appreciation as people have gotten stuck in their homes."

On the bright side, 9 out of 10 borrowers are paying their mortgages on time.

In areas like Los Feliz, Echo Park and Eagle Rock, Zillow data shows 13%, 18%, and 19% respectively at the first quarter of 2012. Other areas in Northeast Los Angeles like Highland Park and Elysian Valley show pretty high percentages of underwater borrowers, with the latter at 33%.

Have questions about the foreclosure or short sale process?

HousingPulse survey reports low appraisals are reducing home prices in April

Despite a brief rise in home prices in California in March, nationwide prices in April decreased due to a "glut" or distressed properties. The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey reports that despite reports of bidding wars, prices still declined. It's possible this is due to lower appraisals. The Survey quoted one real estate agent as saying, "...many times the appraisals don’t come in at the [contract] price. The appraisers are keeping the [transaction] prices down even when buyers see the value and are willing to pay more."

It seems appraisers are seeing downward trends from numbers in November, which would account for the low appraisals.

The high number of distressed properties are also dragging down prices, with average sales price to listing price staying at around 95% consistently.

The good news is that in Northeast Los Angeles, we haven't had any personal issues with low appraisals. Our listings are still selling pretty quickly with multiple offers, and some even above asking price, especially in the Echo Park area.

Up to $30,000 in relocation assistance from BofA

After Bank of America announced its relocation assistance program for short sales, which promises up to $30,000 for those eligible, a Massachusetts client was approved for $10,000. Since moving can get expensive, families who are having difficulty coming up with the cash to move out of their short-sale home can receive this assistance. Bank of America reviews each on a case-by-case basis, with factors such as home value and owed amount coming into play.

Bank of America has also said it will respond to short sale requests within 20 days. If you're living in the Urban Hillsides (in Northeast Los Angeles) and considering a short sale, we are certified pre-foreclosure specialists. Contact us today with questions!