Eagle Rock, CA

Here in Northeast Los Angeles (90041, 90042, 90065, 90027, 90039) the summer was hot. Not so much the weather but the prices on properties. Buyer demand ran amuck around the limited inventory, most of it bargin REO. Much of the listings on the market were overbid by tens or hundreds of thousands over asking price to the chagrin of many buyers. The average listing had over 30 offers on it throughout the summer. A classic feeding frenzy leading into a mini-bubble. Disheartened buyers after writing 8 offers that we all outbid were dropping out of the market, realizing that they may have missed their chance at ever owning affordable housing in LA. Don't give up just yet, gang. The sun has not set on you buying a property.

Now it seems the pendulum has swung the other way. Quietly these houses that were sold in 48 hours back in August are popping back up on the MLS for their original asking price. For unexplained reasons, they are not getting the rabid attention they were the first time around and they are staying on the market for weeks. The buyer herd appears to have thinned quite a bit which is usual for fall, but I can't deduce why the place that was listed for $300, sold for $375 is now back on the market at $300 and sitting there. Perhaps rookie agents and loan officers didn't take into account the appraised value of the house before sending in offers higher than the 80 year old palm trees in the front yards of these bungalows. I can only speculate. Nonetheless, it's a better time for buyers to be out writing offers now. They are getting offers accepted instead of swimming against the current.

Do any other agents have tales of over bid properties coming back on the market to lackluster demand? How about keeping buyers motivated after several offers get ignored or outbid?

I figured the Eagle Rock Music Festival presented a great opportunity to experiment with Tubepress.

So here's the deal. If you shot video at Eagle Rock Music Festival last Saturday, and if you've loaded the video to YouTube ...

You can tag that video with the term "Eagle Rock Music Festival 2009", and the TubePress software should automatically find your video and plug it into this website... http://eaglerockmusic.nelanews.net/

Please give it a try!!!

(There is one minor bug: Some false positives that I managed to bump to the end of each group.)

Capoeira under a full moon is a magical, mystical experience:  The pulsing rhythm, the chanted song, the electric energy of the movements.

Here is some video from Capoeira Brasil Eagle Rock // Xtreme Training Center's demonstration of Capoeira Brasil at the Eagle Rock Music Festival, October 3, 2009.

Real Estate Market Report

Northeast Los Angeles August, 2009

Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington

Market Index - 0.65 - up 1 point.

A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.

The Market Index went up to 0.65, versus 0.64 last month. Last year is was 0.24. This is the 8th month in a row of increases.

New Listings - 57 properties hit the market, up from 49 last month, versus 60 last year.

Pending Listings - 52 listings opened escrow, compared to 49 for each of the last two months, up from 26 in August of 2008.

Pending Ratio - 0.83, down from 1.67, last month, versus 0.43 last year.

Listing Inventory - 161 listings on the market, down from 174 last month, last year was 248. Inventory continues to decline.

Units Sold -62 properties sold, even with last month's 62. Last year 33 homes sold.

Absorption rate - 2.6 months, last month was 2.8 and last year it was 5.9 months. Note: A six-month supply is considered a balanced market.

Average Sale Price -$404,249down from last month's $388,187 and down from last year by 14.82%.

Price Per Square Foot - $295.50, down from last month's $279.88, and down 12.8% from last year.

Conclusions

For buyers - prices are still falling, but so is inventory. At some time prices will begin to level off, so if you are thinking of buying, don't wait too long. The $8,000 Federal Tax credit is being extended to November 30^th..

Given the economy it is possible we will remain at the bottom for a while and that prices may continue to fall.

For sellers - preparing your home for sale is the key to getting the best price. Appraisals problems are beginning to have a negative impact on sales prices and may help push prices down further. Ask us for our Highest Property Value Audit to see what we can do to help you sell your home for the most money.

Keith Sorem Realtor DRE #01374635

Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change

The Tracs will appear at the Eagle Rock Music Festival October 3, at 7:15, on the City Hall Stage.

The Tracs play classsic and alternative rock .... plus they are youthful, energetic and cute!!

Image from the Band's MySpace Page

Check out their videos on the FaceBook FanPage.