Affordable Los Angeles Condos at Surfwood Monterey
This is a real estate market activity report for the Surfwood Monterey condominium complex in the Hermon District in the city of Los Angeles(zip code 90042). The 
complex is located at 6140 Monterey Road just east of the Arroyo Seco Parkway(110) adjacent to the city of South Pasadena. In this report I will share 2016 year-to-date activity with a recap of full year transactions for the previous three years. Statistical information in the report has been gathered from our local multiple listing service(mls) and may not reflect all transactions.
This is a particularly active area in the Los Angeles real estate market where prices have been climbing steadily. The area known as NorthEast Los Angeles(NELA) has received much press on the local, regional and national level as older neighborhoods change and evolve while real estate prices skyrocket to new and lofty levels. The convenient location and influx of a certain hipness is attracting many. As you will
see in this report, prices in the Surfwood Monterey are reflecting price increases. That said, the complex still offers a very affordable alternative to first time 
homebuyers and savvy investors who are looking for an excellent real estate value in the condominium segment of the market. And, of course, affordable is a relative term.
Surfwood Monterey was built in 1989 and consists of 92 single level condos in a variety of two bedroom/two bath floor plans. Interior amenities of the units are abundant and include: high ceilings, fireplaces(some units have two), large closets, laundry connections and either a balcony or patio space. An interesting feature of the condos are the angled walls and architectural niches in some plans which make the units just a bit different than an ordinary condo. Many top floor units in the multi-story building have even taller ceilings and clerestory windows.
The professionally managed complex features a spacious lobby entrance. There are two elevators serving all floors. Surfwood Monterey has three separate interior courtyards which gives a nice open feeling to the nicely landscaped complex. There is a pool, spa, lounge area and fitness room on site. Parking is gated and on the ground level of the complex.
The lack of inventory(no new listings in April or May) is having an obvious impact on sales. There are currently no units for sale in the Surfwood Monterey condominium complex and none in escrow. So far in 2016, there have been three mls-reported closed sales. These transactions were the same floor plan with approximately 985 square feet and ranged in closed prices from $375,000 to $410,000 with an average sales price of $389,167(median sales price $382,500). Each sold above the last list price for an average 104.44% sale to list. On average, they sold at $395.09 per square foot.
In full year 2015, there were eight reported closed sales ranging from $303,000 to $414,000 with an average sales price of $363,875(median $364,500). They have sold at 101.68% of last list price and for an average price per square foot of $329.69.
During the same January through December time month period in 2014, there were four sales. Those sales ranged from $290,000 to $340,000. The average sales price was $305,500(median $296,000). They sold at 97.92% of last list price and for $296.08 per square foot on average.
Full year 2013 saw eight sales. Those transactions ranged from $192,500 to $315,000 with an average price of $266,875(median $277,500). They sold at 100.90% of last list price and for $261.30 per square foot on average.
In a report as brief as this, more detailed information is necessary in order to make the best possible decision regarding establishing a list price for sellers. There are many different factors to consider including location within the complex and updates(or lack thereof). This is true for buyers too who may be considering a purchase.
If you would like to know more detailed information about Surfwood Monterey condos or any NELA NorthEast Los Angeles real estate whether you are a prospective buyer or seller contact me at 818.516.4393 cell. Let’s discuss what is important to you.
Published: June 1, 2016
Affordable Los Angeles Condos at Surfwood Monterey
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