Monterey Hills Los Angeles 90042 Planned Community 2015 Real Estate Market Recap
This is a real estate market recap of the Los Angeles planned community of Monterey Hills for 2015 with a comparison to 2014. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not reflect all transactions in the community. While the information is deemed reliable it has not been verified.
Monterey Hills is located just east of the Arroyo Seco Parkway(110) in Los Angeles zip code 90042 adjacent to the city of South Pasadena. It is highly convenient to multiple freeways and offers relatively easy access to Downtown Los Angeles and the USC Health Science Campus as well as both the San Gabriel and San Fernando Valleys and even LA’s Westside. Despite this very visible advantage, the community remains largely unknown likely due to the fact that it is primarily residential. Combine this with its relative affordability(keeping in mind this of location) I believe Monterey Hills is one of Los Angeles best real estate values.
The hillside setting of Monterey Hills provides a sense of privacy with its mature landscaping, open space and rolling views.
Many of the properties have canyon, hillside, parkside or city views. Most of the community is comprised of various condominium complexes ranging from 30 to 198 single level units with one to two bedrooms/den floor plans. The complexes are generally nicely landscaped often with resort-like amenities including pools, spas, fitness centers and recreation/meeting rooms. Parking in the condo complexes is subterranean with elevator access to each floor.
There are also multi-story townhomes that feature attached private garages -- a particularly desired feature. Townhome square footage are generally larger with two or three bedrooms. Many have bonus rooms, dens or lofts for additional space. These complexes also have pools and/or spas as well. Building of Monterey Hills condos and townhomes began in the late 1970s and continued into the 1980s.
There is also one single family home development in Monterey Hills. Bradley Court was introduced to the public in 2000 and consists of 16 homes. There are no common area recreational amenities here and due to its small number of homes, turnover has historically been very low.
Budd Weiner Park is a favorite gathering spot for many Monterey Hills residents. Reflect. Play. Visit. It’s also home to various events which have included various event community fairs, Movie Nights, the Monterey Hills Jazz Festival and others. It’s not uncommon to see people out and about on the streets of the community which also is known as “The Hill” --- joggers, walkers, strollers and dog walking.
Monterey Hills Condo Update - 2015
During 2015, there were 81 mls-reported closed transactions ranging from $245,000 to $443,000 with an average sales price of $361,994(median sales price $370,000). They sold at 100.39% of last list price and for $340.08 per square foot on average.
In the same January through December time period in 2014, there were 67 sales. Those transactions ranged from $212,000 to $485,000 with an average price of $347,203(median $348,000). They sold at 98.71% of last list price and for $316.72 per square foot.
Currently, there are currently eight Monterey Hills condos available for sale ranging from $378,000 to $485,000 with an additional eight in escrow. In January 2015, there were twelve condos for sale.
Monterey Hills Townhomes Update - 2014
In 2015, there were 17 sales which ranged from $415,000 to $528,800 with an average price of $464,915(median $475,000). They sold at 101.67% of last list price and for $333.40 per square foot.
During 2014, there were thirteen transactions. The sales ranged from $374,000 to $505,000 with an average of $442,404(median $436,250). They sold at 102.39% of last list price and for an average sales price of $290.87.
There is currently just one Monterey Hills townhome on the market for sale. Newly listed it is a two bedroom unit at Temple Terrace(the only complex where there are both condo and townhome units) with approximately 1416 square feet priced at $449,000.
Bradley Court Single Family Homes in Monterey Hills Update - 2015
There were no mls-reported sales in Bradley Court in 2015. This is not uncommon due to the limited number of single family homes in the community.
In 2014, there was one sale. A home with approximately 1841 square feet sold for $745,000(list price $728,000). Previous to that, the last mls-reported sale was in 2011.
In Summary
The rather limited space in this report cannot fully cover Monterey Hills real estate.
The nuances of the market, the condition and updates of the properties (or lack thereof), the location within the complex along with other factors all come into play. If you are interested in learning more about life on The Hill, let’s discuss what is important to you. Whether you are a prospective buyer or a property owner thinking of selling, I’m interested in assisting you. I can be reached at 818.516.4393.
Discover Monterey Hills.
Published: January 13, 2015
Monterey Hills Los Angeles 90042 Planned Community 2015 Real Estate Market Recap
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