Dateline Los Angeles May 2011 Sales Update and Market Report - Surfwood Monterey

Dateline Los Angeles May 2011 Sales Update and Market Report - Surfwood Monterey

Background: Surfwood Monterey is a 92 unit condominium complex in the Highland Park/Hermon neighborhood within the city of Los Angeles. Built in 1989(first move-ins were in 1990) the complex features subterranean parking, two elevators, pool, spa and gym. The homes are two bedrooms and two baths in a variety of floor plans. Each unit has washer-dryer hook-ups. The top floor units have higher ceilings with clerestory windows.

Dateline Los Angeles May 2011 Sales Update and Market Report - Surfwood Monterey

There were no sales in Surfwood Monterey in May 2011 according to information obtained(not verified nor guaranteed) from our local multiple listing service. In May 2010 there was a short sale that closed escrow for $250,000(list price $240,000). From January to May 2010, this was the only sale in the complex. In 2011, the only sale has been a bank owned unit on the top floor that sold for $262,000(list price $279,900) in February. It was the largest floor plan with two fireplaces and hillside views.

There are three units currently on the market priced from $209,900 to $249,000 and two properties in escrow priced from $217,300 to $236,000. The Surfwood Monterey units currently on the market or in escrow are either short sale or bank owned which is having an impact on the prices in the complex.

Dateline Los Angeles May 2011 Sales Update and Market Report - Surfwood Monterey

Michael Jacobs is a Realtor serving the northeast foothill communities(such as Highland Park and Hermon) within the city of Los Angeles as well as the San Gabriel Valley. He can be reached at 818.516.4393 cell or michaeljacobs@coldwellbanker.com.