Surfwood Monterey Condo Market Recap

Surfwood Monterey Condo Market Recap

Surfwood Monterey is a 92 unit condominium complex in the Hermon area of Los Angeles.  Hermon is a relatively unknown area in the northeast foothills adjacent to the Arroyo Seco within the city of Los Angeles and is adjacent to the city of South Pasadena.   It shares zip code 90042 with the communities of Highland Park, Monterey Hills and Garvanza.   

The Surfwood Monterey complex was built in 1989 with the first residents arriving in 1990.  All of the condominiums are single level with two bedrooms and two baths and range in size from approximately 985 square feet to 1177 square feet.   The condos offer high ceilings, fireplaces(two in the largest units) and in-unit laundry connections. Top floor units feature even taller ceilings and clerestory windows.  Surfwood Monterey is built with three interior courtyards and has a lobby, two elevators, subterranean parking, pool, spa and exercise room.   The exterior of the complex was painted within the last two years and is professionally managed.

There is currently one condo for sale in Surfwood Monterey - a short sale offered at $205,000.   A bank owned unit(the split master bedroom floor plan) is in escrow(last list price $214,900).  In May 2012, there were two sales - both units were street facing.  A short sale on the second floor closed for $200,000(list price $185,000) and a third floor unit sold for $225,000(list price $220,000).   There were no sales in May 2011.  

To date in 2012, according to our local multiple listing service, there have been four sales in Surfwood Monterey with an average sales price of $219,750(median sales price $225,000).  In the period of January through May 2011, there was one sale -- a bank owned condo for $262,500(fourth floor unit).

If you would like more information regarding the current market in Northeast Los Angeles contact Michael Jacobs at 818.516.4393 cell or michaeljacobs@coldwellbanker.com.