Los Angeles CA - Monterey Hills 1st Quarter 2014 Real Estate Update
This is a summary of real estate activity in Monterey Hills for the first quarter of 2014 with a comparison to the same three month time period in 2013. All statistical information is from our local multiple listing service(mls) as of April 1, 2014.
Monterey Hills is a planned community within the city of Los Angeles and consists of approximately 1800 condos and townhomes as well as 16 single family homes. Work, study, explore in Downtown Los Angeles, USC Health Science campus, both the San Gabriel and San Fernando Valleys and even Los Angeles’ Westside? This hillside community boasts a highly convenient location via its access to multiple freeways and two nearby Gold Line light rail stations as well as some highly important “shortcuts”.
Once back in Monterey Hills you’ll wonder why it took you so long to discover it. Despite its location, “The Hill” remains somewhat of a hidden treasure. Once there, you’ll find different complexes with resort-like grounds and views in a variety of floor plans ranging in size from one to three bedrooms in both single level condominium and multi-level townhome floor plans. The Bradley Court single family homes are two story.
There are currently thirteen Monterey Hills condos and townhomes available for sale ranging in list price from $259,900 to $499,900. There are an additional eight in escrow. During the first quarter 2014, there have been 14 transactions ranging in closed price from $268,000 to $428,000 with an average sales price of $346,071(median $340,000). The average sales price reflects 97.98% of last list price with an average price per square foot of $319.52.
During the same period in 2013, there were 17 closed sales. They ranged in price from $215,000 to $390,000 with an average sales price of $289,382(median $279,000). The average sales price was 106.95% of last list price. The average price per square foot was $263.55.
So what does this mean? In 2013, short sales and bank owned properties were still in evidence in Monterey Hills. Distressed sales are much less common now. While investors have always liked Monterey Hills because of its proximity to the USC Health Science Campus(the area remains a popular location for students and staff), it seems like the fervor of 2013 has subsided a bit as prices continue to rise. I still believe that Monterey Hills offers an excellent long term value when you look at its location and the amount of "house" your money can buy. Inventory of available properties for sale remains low and most complexes have no units currently available.
Would you like to know more about Monterey Hills real estate? Whether you are a prospective buyer or property owner thinking of selling, I welcome the opportunity to discuss the area with you. I can be reached at 818.516.4393 cell.
Los Angeles CA - Monterey Hills 1st Quarter 2014 Real Estate Update
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