By Jeffery Marino
In Northeast Los Angeles, small houses have been selling for high prices since 2012, when real estate took off after the Great Recession.
Now, with the pandemic suppressing inventory amid high demand, the premium that buyers are willing to pay for small houses is exploding.
The median price-per-square-foot in the greater Los Angeles metro area was $459 in July. In NELA, the median per-square-foot was $704. And that’s just at the median. Among the half of all buyers who paid more than $704 per-square-foot, many are shelling out for small houses. For these buyers, getting the house they want in the neighborhood they want weighs more heavily than getting the lowest possible price per-square-foot.
Foot-for-foot, the three homes featured below commanded twice as much as the typical NELA home in July, with buyers paying dearly for a home of their own.
House #1: 1209 Le Gray Ave, Highland Park
Neighborhood: Highland Park
Sale Price: $1,500,000
Price-per-square-foot: $1,543
Square footage: 972
Sold By: Alyssa Valentine of Compass
This mid-century bungalow in the hills of Highland Park testifies to what some people will pay for a great view and a few thoughtful upgrades. The tasteful and period correct staging probably didn’t hurt either. Selling for $1.5 million — more than $1,500 per-square-foot — this 2 bed/1 bath was the second most expensive home sold in Highland Park and the most expensive home sold foot-for-foot in all of NELA in July.
It was originally listed on June 8 for a modest $899,000 and, presumably after a bidding war, sold for 66% more than the asking price.
House #2: 1074 Oban Drive in Mount Washington
Neighborhood: Mount Washington
Sale Price: $1,189,800
Price-per-square-foot: $1,202
Square footage: 990
Sold By: Sara Skelton of eXp Realty of California Inc.
Perhaps because of multiple levels, and certainly thanks to the listing photographer getting just the right angles, this California bungalow in Mount Washington appears almost palatial at first glance. But coming in at under 1,000 square feet, the new owners are no doubt planning to make a lot of use of the spacious deck.
The property has been tastefully remodeled with clean and modern finishes, while still retaining the original 1950s charm. Though it’s hard to imagine a growing family in this modestly-sized home, the property’s location in the sought after Mount Washington Elementary School District is also a likely reason it sold for such a large premium.
House #3: 3334 Madera Ave, Atwater Village
Address: 3334 Madera Ave.
Neighborhood: Atwater Village
Sale Price: $740,000
Price-per-square-foot: $1,121
Square footage: 660
Sold By: Andrew Maleski of ACM Properties
The home that sold for the lowest price in Atwater Village in July was also the most expensive foot-for-foot. With just 1 bed and 1 bath, this 660-square-foot Atwater cottage seems more like an in-law unit than a single-family home.
The only reason this property didn’t push a million dollars is that it wasn’t updated before it was sold.
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See our entire list of single family homes that sold recently in Northeast L.A. by clicking here.
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Isn’t it likely the Atwater Village house was purchased as a tear-down, and updates would have been a waste of money? I’ve seen many examples of decent old houses in Eagle Rock selling for healthy prices, only to be razed and replaced within a year or two by much larger, more luxurious places with price tags to match. This is going on throughout NELA.