Could it be that the Eagle Rock real estate market has shaken off its doldrums and finally started climbing skyward again? A few recent house sales indicate that might indeed be the trend.
A sale last week of a house on Ridgeview Avenue set real estate agents buzzing about a neighborhood comeback. Originally offered at $649,000, the 2035 Ridgeview Ave. property instantly inspired several offers—so many, in fact, that realtor Tracy King of Teles Properties and her clients, the Ridgeview home-owners, decided to list the house at $724, 900 instead. Within two weeks of that price adjustment, the property sold for $760,000.
The house, which closed escrow last week, set the new highest price per square foot ($562, according to King) for a three-bedroom, two-bath house in Eagle Rock since 2007. One look at the Oxy-adjacent pad and it’s not hard to see why: The house has been completely upgraded and remodeled into an urban oasis.
Realtor Cherryl Weaver, for one, wasn’t at all surprised by the big sale. “One of the great things about homes in Eagle Rock is that there are some unique and special styles of homes here,” she says. “Some homes are enchanting from the moment you enter the front door. This home on Ridgeview is a perfect example that popular properties will sell for a premium price even in today's market.”
Nor were others in the local real estate business astonished by King’s and the homeowners’ decision to raise their asking price mid-sale. “In the current market I'm seeing this strategy on a regular basis—in fact I've used it myself, especially with the very sudden consumer confidence,” says Kathleen Goldstein of RE/MAX. If a property is perceived as a great value, she adds, “all of the buyers will pounce on it, especially if it's a standard sale, as opposed to a short sale.”
The phenomenon is not exclusive to Eagle Rock, explains Goldstein. “It occurs across the real estate board—homes priced well below market prices will create a bidding war and the price will rise to its fair market value.”
We asked Tracy King for her insights into Eagle Rock’s real estate market and what made the 2035 Ridgeview Ave. house such a hot property.
What has been happening in the Eagle Rock real estate market in the past few months?
King: Lots of buyers were very negative about the market, but at the same time great properties sold for more than anyone expected. For example, 1205 Eagle Vista Dr. went for $1,155,000—$106,000 over their asking price and in two days of coming on the market.
What did you realistically expect to get in this market for the Ridgeview house?
King: We originally listed it for $649,000, hoping to get more than $700,000. It was obviously a quality house in a great neighborhood. After the first round of offers we raised the price to $724,900 to reflect where we were with what the sellers wanted to do.
What led you to believe you’d make such a good sale?
King: The house was one of the best with restoration/updating I have seen.
What was alluring about this house? What boosted its sale-ability?
King: The floor plan worked really well and the quality of the materials both from the original house and from the updates were obvious. It had a timeless style that could work in a lot of directions.
What did the owners do in particular to make this house look great and appealing?
King: They had a great sense of design and used the best materials. They told me that if there were a choice between good and better, they always went for better. They made it easy to show and always left it looking decorator perfect.
How long was the house on the market?
King: It was on the market about two weeks before we opened escrow. From the day we went on the market till we closed it was 55 days.
What do you think this means for the Eagle Rock real estate market?
King: This is another indication of what is possible when you have the best combination of ingredients: great house, savvy sellers, motivated buyer and diligent agents on both side of the transaction. I hope that this gives sellers hope and alerts buyers to the realities of the true marketplace.
Any other neighborhood factors make this street/house especially attractive?
King: The proximity to Occidental College is a plus. The buyer has already bought his community membership at the Oxy pool and gym. The neighbors are great and some came over even before we closed to welcome the buyer to the neighborhood.