April 2011 Sales Recap and Market Report - Monterey Hills
The Monterey Hills community is located within the city limits of Los Angeles and offers a variety of condominiums, townhomes and one single family development in a planned environment. Most communities within Monterey Hills offer a pool, spa and a recreation/meeting room with some complexes boasting saunas, tennis/sports courts and other amenities. The desirable close-in location offers a relatively easy commute to Downtown Los Angeles, the Valleys and Los Angeles' westside. Due to its close proximity to USC School of Medicine, many find Monterey Hills an excellent opportunity to purchase and live during residency or as an investment property.
The first communities in Monterey Hills were constructed in 1979 with Bradley Court the 16 unit single family community constructed in 2000. Other communities range in size from 20 units to 198 units. Condominiums are generally one bedroom to two bedroom/den floor plans and range in square footage from approximately 650 square feet to over 1500 square feet with subterranean parking. Townhomes with private garages have either two or three bedrooms and some have bonus rooms, dens and additional storage.
There were four sales in Monterey Hills in April 2011 according to statistics from the local mulitple listing service. They ranged in sales price from $246,000 to $315,000 and ranged in size from two bedrooms/one bath to three bedrooms(actually two bedrooms, den)two baths. The median sales price was $273,500. This compares to six sales in April 2010. Sales in April 2010 ranged in sold price from $305,000 to $445,000 and a median price of $336,500.
A big drop in values in Monterey Hills? Well, a look beyond the numbers closer shows that there were no townhome sales in April 2011 compared to two townhome sales in 2010. Also in 2010, the first time homebuyer credits were in full force greatly effecting sales volume. That said, the number of short sales and bank foreclosure have had an effect on prices in Monterey Hills in 2010 and 2011.
There are currently 33 properties for sale in Monterey Hills ranging in price from $173,500(a one bedroom in Catalina Terrace) to a three bedroom townhome in Chapman Terrace priced at $419,000.
The number of properties that are in escrow include 11 in back-up status and five more in pending status. The price range for those properties in escrow range from $175,000 to $399,000.
April 2011 Sales Recap and Market Report - Monterey Hills
Michael Jacobs is a Realtor serving the San Gabriel Valley and the northeast foothill communities in the city of Los Angeles including Monterey Hills. He can be reached at 818.516.4393 cell or michaeljacobs@coldwellbanker.com
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