Monterey Hills Condos and Townhomes For Sale and Real Estate Update
This is a recap of Monterey Hills condominiums and townhomes for sale along with a real estate market update for the eight months of 2015. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all transactions.
Monterey Hills is a planned community within the city of Los Angeles zip code 90042 where you will find approximately 1800 condos and townhomes.
Initial move-ins began in the late 1970s. There is also one community of 16 single stand alone homes built in 2000.
The hilltop community is secluded yet surprisingly convenient with relatively easy access to Downtown Los Angeles, USC Health Science Campus, both the San Gabriel and San Fernando valleys and Los Angeles’ Westside. It is located just east of the Arroyo Seco Parkway(110) and close to multiple other freeways as well as two Gold Line light rail stations.
The easy access to USC Health Science Campus(about ten minutes away) makes Monterey Hills popular for those in residency at the medical facility either to rent or to purchase. This makes the area sometimes known as The Hill an opportunity for investors
Whether a long term investment or owner occupied, Monterey Hills is very affordable by Los Angeles standards and in my opinion one of its best real estate values.
The majority of the different complexes on The Hill have their own pool, spa and other amenities in resort-like settings. The entire community has mature landscaping, abundant open space and rolling hills with Budd Weiner Park near the center of the community. You will often see walkers and joggers out and about.
The community is only residential further underscoring the idyllic appearance. You can find abundant shopping, dining and more nearby in Hermon, Highland Park, South Pasadena and Pasadena. Popular events on The Hill include the Monterey Hills Jazz Festival, Movies in the Park, Health Fairs, Community Garage Sale and much more. Views are a part of life in Monterey Hills and include hillside, park, canyon or city from some of the residences. The size of the individual communities vary from 16 at Bradley Court(stand alone homes) to the 198 single level units at Eaton Crest.
There are just ten condos and one townhouse on the market for sale - remember there are approximately 1800 total in the community. An additional fourteen are in escrow. During August 2015, there were ten mls-reported closed transactions ranging from $328,000 to $480,000 with an average sales price of $383,200(median sales price of $359,500). They sold at 101.73% of last list price and for $333.60 per square foot on average. A year there were six closed sales in August ranging from $272,000 to $439,288.
It’s better to look at the bigger picture in order to have the best grasp of any market. In the first eight months of 2015, there have been 64 total mls-reported sales. These transactions ranged from $245,000 to $528,800 with an average sales price of $376,015(median sales price $371,000). They sold at 100.65% of last list price and for $334.74 per square foot on average.
During the same January through August period in 2014, there were 53 closed sales in Monterey Hills ranging from $248,000 to $745,000(a Bradley Court stand alone home) with an average sales price of $370,371(median $357,000). The properties sold at 98.76% of last list price and for $318.20 per square foot on average.
It should be noted that the level of inventory available for sale in my September 2014 report reflected 16 properties versus the eleven today. My September 2013 update showed 15 properties for sale. This continues to make finding a home difficult for buyers but sellers need to remain mindful of proper pricing, presentation and ease of showing/selling. As I wrote then and is still true today, there are nuances in the different complexes that need to be understood. As always, these updates are general in nature and should be used as an introduction but more detailed information is necessary to best understand this unique market.
If you want to learn more about Monterey Hills contact me at 818.516.4393. Let’s discuss what is important to you whether you are a prospective buyer, seller or just curious about life on The Hill.
Published: September 2, 2015
Monterey Hills Condos and Townhomes For Sale and Real Estate Update
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