Affordable Los Angeles Condos
Surfwood Monterey
First Quarter 2017 Market Results
6140 Monterey Road
This is a real estate market activity report for first quarter of 2017 for the Surfwood Monterey condominium complex. This relatively affordable complex is located in the Hermon community in Northeast Los Angeles (NELA) within the city of Los Angeles(zip code 90042). The address for the 
complex is 6140 Monterey Road. It is just east of Arroyo Seco Parkway(110) near Avenue 60.
In this report I will share market activity for the first quarter of 2017 along with a comparison to the same three month period in the previous three years. The statistical information here has been gathered from our local multiple listing service(mls) and may not include all transactions in the complex.
Surfwood Monterey was built in 1989 and consists of 92 single level condos with two bedrooms and two baths in a variety of floor plans. The units feature tall ceilings, fireplaces, sliding glass doors opening to patios or balconies, in-unit laundry connections and abundant storage. Interesting angles and architectural niches give the interiors of the units a unique flair.
Some upper floor units feature even taller ceilings and clerestory windows. 
Units range in approximate size from just under 1000 to nearly 1200 square
feet of living.
There is a lobby entrance for the professionally managed complex along with two elevators, pool, spa, lounge area and fitness room. Parking is subterranean. There are three courtyards within the Surfwood Monterey landscaped grounds and the feeling is a bit more open than you will find in some other area complexes in this price range in my opinion.
The Northeast Los Angeles location is quite convenient despite the under-the-radar awareness of Hermon. In addition to the previously mentioned easy access to the Arroyo Seco Parkway, it is close to multiple other freeways as well as two Gold Line light rail stations(Highland Park and South Pasadena).
There have been two mls-reported sales so far in 2017. A unit overlooking one of the courtyards with approximately 958 square feet closed for its last list price of $379,000 in February. Also in that same month, a newly listed top floor street-facing unit with approximately 1003 square feet sold for $408,000(list price $408,800). There is a unit in escrow which was pending after four days on the market.
In 2016, there were also two transactions reported. Each was the same approximate size of 985 square feet. The first closed in February for $382,500(list price $349,900) and the second in March for $375,000(list $369,000).
In 2015, there were three sales reported in our mls for the first quarter. The closed transactions ranged in price from $303,000 to $359,000 with an average sales price of $330,667(median sales price $330,000). They sold at 100.92% of last list price and for $316.09 per square foot on average.
During the same three month period in 2014, there were two sales at $319,000(top floor unit with approximately 985 square feet(list price $290,000) and a floor plan with two fireplaces and around 1177 square feet which sold for $340,000(list $350,000).
While sales prices are increasing over the years at Surfwood Monterey, this remains a very affordable real estate option for those looking for a Los Angeles condo. Obviously, this report is an overview and turnover of units in this complex remains low. When we meet we will need to consider different factors as an offer is crafted for a prospective buyer or in developing a marketing plan with the possible listing price for a homeowner who is thinking of selling. Condition, updates(or lack thereof), location within the complex, emotional appeal and timing need to be reviewed for any unit.
If you would like to know more about the relatively affordable Los Angeles condos at Surfwood Monterey or any NELA real estate contact me at 818.516.4393 direct. Whether you are a prospective buyer or a homeowner thinking of selling, let’s discuss what’s important to your real estate needs.
Published: April 3, 2017
First Quarter 2017 Market Results
6140 Monterey Road
Affordable Los Angeles Condos
Surfwood Monterey
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