In NELA real estate, the asking price is just an opening bid

2021 Editions Featured June Real Estate

By Jeffery Marino

Bidding wars are breaking out all over Northeast Los Angeles. 

The sale-to-list ratio for homes in NELA hit a record in April of 107%, which means that, on average, homebuyers paid 7% more than the list price. However, some homes sold at far higher-than-average premiums. Here are the three NELA homes that sold in April for the most over their asking prices. In all three cases, the premiums paid came to more than it would cost to buy an entire median priced home in most cities across the country.  

 

Address: 311 Kirby St., Highland Park

Sold for: $1,301,000

Paid over asking: $436,000

Off market in: 9 days

Listed by: Mary Dix of Compass

Yes, somebody paid $1.3 million for a two-bed, one-bath bungalow in Garvanza. And with a sales premium of nearly half a million dollars, the buyer clearly  fought many other contenders for the right pay top dollar. The clincher was likely the fact that the home sits on a 9,000+ square-foot lot and features a fully finished guest house in the back. 


 

 

Address: 5823 Buchanan St., Highland Park

Sold for: $1,335,907

Paid over asking: $338,000

Off market in: 12 days

Listed by: Judith Bernal of Coldwell Banker

There are two clear reasons for the feeding frenzy over this property: It’s a pristine example of a classic NELA Craftsman and, at 2,247 square feet, it boasts plenty of space.


 

Address: 4135 Berenice Ave., Montecito Heights

Sold for: $1,300,000

Paid over asking: $311,000

Off market in: 6 days

Listed by: Miguel Pedraza of Compass

If there’s one thing that sends NELA homebuyers into a tizzy, it’s a detached and finished backyard unit, which this home has. It also has an amenity rarely seen in the neighborhood: a gorgeous and brand new salt water pool.


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Jeffery is a seasoned data journalist and has covered the California real estate market for over a decade.

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Jeffery Marino
Jeffery is a seasoned data journalist and has covered the California real estate market for over a decade.

1 thought on “In NELA real estate, the asking price is just an opening bid

  1. Are pension funds buying these houses in NELA and renting them out or are families buying these homes?

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