Los Angeles CA Monterey Hills Townhome Market Update - 2014
This is a recap of the Monterey Hills townhome real estate market for 2014 along with a summary of townhomes for sale and in escrow according to our local multiple listing service(mls) as of January 4, 2015. Please note report is for the townhome segment of the market and does not include condos which you can see in my separate report: Los Angeles CA Monterey Hills Condos Market Update - 2014
Monterey Hills is a planned community within the city of Los Angeles(zip code 90042) and features nearly 1800 units(primarily condos) in different complexes where construction began in the late 1970s.
Situated in an idyllic hillside setting, the area has a feeling that is once remote yet is surprisingly convenient with easy access to freeways, two light rail stations, the USC Health Science Campus, Downtown Los Angeles, both the San Gabriel and San Fernando valleys as even LA’s Westside. Despite the easy accessibility, the area remains somewhat under the radar.
This hidden treasure is one of Los Angeles most affordable real estate values. The combination of location and appeal of the townhomes make it ideal for first time homeowners, right-sizing buyers who prefer less outdoor maintenance as well as investors who love the popularity of the area for students, those completing their residency at USC Health Science Campus and others not yet ready to buy.
The rolling hills along with Budd Weiner Park provide a delightful place for walkers, joggers and those with pets to enjoy the Monterey Hills lifestyle. Budd Weiner Park also offers the annual Monterey Hills Jazz Festival along with other community events. Most complexes have a pool, spa and lounge area on nicely landscaped grounds. The setting offers some some nice hillside or city views from some of the townhomes.
Townhome communities in Monterey Hills include: Chapman Townhomes, Portola Terrace, Cabrillo Terrace, Fremont Villas, Vallejo Villas, Marshall Villas and Temple Terrace(the only Monterey Hills community which combines both condo and townhome units.
The townhomes generally include two or three bedrooms(although a few are larger) on multiple levels. Many include dens or bonus room spaces along with fireplaces. Outdoor spaces vary depending on the complex, orientation or floor plan and can include balconies, patios or a small yard space. One of the most desirable features are the attached two car garages.
There were 13 mls-reported closed transactions in 2014 ranging from $374,000 to $505,000 with an average sales price of $442,404(median sales price $436,250). They sold at 98.65% of last list price and for $307.37 per square foot. For full year 2013, there were 10 townhome sales which ranged from $372,000 to $455,000 with an average price of $408,400(median $410,500). They sold at 102.39% of last list price and for an average price per square feet of $290.87.
Since the majority of the nearly 1800 properties in Monterey Hills are condominiums, the number of townhomes on the market for sale at any given time has traditionally been limited. That was certainly true in 2014 and remains so today as there are no townhomes listed for sale in our mls or are there any in escrow. A year ago when I compiled information for my update, there were two townhomes for sale. While some of the frenzy in Monterey Hills real estate market has subsided, the popularity of townhomes in this community(again due to the limited number, the larger square footages and those important garages), this segment still favors sellers.
If you would like to know more about Monterey Hills real estate whether your preference is a condo or a townhome or whether you are a prospective buyer or a property owner thinking of selling contact me at 818.516.4393 cell.
Los Angeles CA Monterey Hills Townhome Market Update - 2014
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