Monterey Hills Temple Terrace
Condos and Townhomes
2015 Market Recap
This is a recap of market activity for the Temple Terrace complex in the planned community of Monterey Hills within the city of Los Angeles(zip code 90042). I will share 2015 results with a comparison to 2013 and 2014 as well as current activity. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all transactions in the complex. The information is deemed reliable but has not been verified and is not guaranteed.
Monterey Hills is a hilltop community of condos and townhomes in 20 different complexes. Located just east of the Arroyo Seco Parkway(110) the area is highly convenient to Downtown Los Angeles, USC Health Science Campus as well as both the San Gabriel and San Fernando valleys. It is easily accessible to multiple freeways and two Gold Line light rail stations.
Despite this convenience, the area remains a bit under unknown to many due to its secluded setting which has allowed it to be, in my opinion, the best and most affordable real estate value in Los Angeles .
Temple Terrace was built in 1980 and is unique within the Monterey Hills community as it is the only complex which consists of both condominiums and townhomes. There is a total of 122 residences at the professionally managed Temple Terrace and they share a common area pool, spa and lounge area on beautiful resort-like grounds.
There are a total of 75 single level condominiums in two buildings(805 Temple Terrace and 898 Temple Terrace) in a variety of floor plans with up to two bedrooms/two baths. The 47 multi-level townhomes with attached garages have two or three bedrooms. The condos have subterranean parking.
Temple Terrace Condo Market Recap
In 2015, there were three mls-reported closed transactions for condos at Temple Terrace. They ranged from $312,995 to $339,000 with an average sales price of $326,415(median sales price $327,500). They sold at 99.84% of last list price and for $350.94 per square foot on average.
In 2014, there were also three condo sales which ranged from $248,000 to $315,000 with an average price of $277,000(median $268,000). They sold at 99.16% of last list price and for an average price per square foot of $297.26.
In 2013, there were seven transactions. The sales ranged from $215,000 to $303,000 with an average price of $264,843(median $270,000). They sold at 100.11% of last list price and for $280.55 per square foot on average.
There are currently two Temple Terrace condos on the market for sale. Both are newly listed and priced at $339,000 and $359,000. There is an additional unit in escrow.
Temple Terrace Townhome Market Recap
In the townhome portion of the complex, there were three closed sales in 2015 ranging from $415,000 to $490,000 with an average price of $446,667(median $435,000). They sold at 103.97% of list price and for $$364.98 per square foot on average.
In 2013 and 2014, there was one sale each year. In 2013, it was a three bedroom floor plan with approximately 1416 square feet which sold for $401,000(list price $395,000). The 2014 sale was a two bedroom floor also with approximately 1416 square feet which sold for $425,000(list price $449,000).
There are no Temple Terrace townhomes currently on the market for sale. A unit that was listed for sale earlier in January is in escrow.
Additional information is needed to truly understand any real estate market. A report as brief as this cannot explain the nuances that exist relative to property condition, location within a complex or other factors that might influence pricing or market time. If you would like to know more about Temple Terrace or any Monterey Hills real estate contact me at 818.516.4393 talk cell. Whether you are a prospective buyer or a homeowner thinking of selling, let’s discuss what is important to you. I look forward to assisting you.
Published: January 23, 2015
Monterey Hills Temple Terrace
Condos and Townhomes
2015 Market Recap
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