General Topics affecting / related to the 1-4 unit Residential Real Estate Market

 

In just a few short days on June 15th, East Hollywood along with the rest of California will have the go-ahead to completely reopen again. It's been a long 15 months in lockdown, and as we step back out into society you'll notice how much has changed during that time, and IET Real Estate is no exception!

Over the last few months, we've been working on improving our website's look, functionality, and content. It's important to us to provide the best user experience possible and to serve as a trusted source of real estate information and community news. Be sure to click around the new site, bookmark us, and check back often so you can stay up-to-date on what's going on in the East Hollywood market.

If you're looking to buy or sell a home in the…

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The Los Angeles housing market has been booming despite the pandemic, but now that coronavirus cases are surging in the area, you might be wary about moving right now. Although LA County is under lockdown, you're still allowed to tour houses for sale provided that everyone adheres to some precautions set in place by the government. However, once the sale has been made and it's time to move, it's up to you to know how to do so safely. 

Should you risk missing out on this seller's market or stay put for several more months? We can't tell you what's right for you and your family, but we can give you some tips on how to maintain your safety and sanity while moving during Los Angeles's coronavirus spike. 

Plan Ahead and Start Early

Planning ahead…

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I wanted to take a moment to wish you and your family a happy and healthy holiday season.

Luckily, 2020 is almost over, and though it’s been a difficult year for everyone, the LA real estate market has continued to thrive. So if you’re considering a move in 2021, don’t hesitate to reach out and we can discuss any concerns you have over buying or selling a home during the pandemic. You can also email us or gives us a call at (323) 412-9060. 

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Back in April, the Canadian-born rapper Drake opened up his home to Architectural Digest Magazine for a tour of his palatial Toronto estate. Complete with an NBA regulation-sized basketball court and a night club lounge room, the 50,000 square foot mansion feels a little more like an upscale Vegas casino than a single-family residence.

Designed by Ferris Rafauli, "The Embassy," as it's referred to, is the pinnacle of extravagance and luxury. Take the tour for yourself by checking out the pictures below. 

 

In designing Drake's home, Rafauli set out to create a 19th-century limestone manor, while the decor was designed around a modern Art Deco aesthetic. Drake sits at the anchor of this room, his bespoke grand concert piano, made by…

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Cities throughout California have "pre-sale requirements" you have to meet before you close escrow. Some requirements include inspections or paying a fee, and the specifics vary from city to city. If you're selling your house or thinking of doing so soon, it's important to be aware of your cities requirements. Some places have a very quick turn around time for scheduling inspections, but others can take weeks. Office closures due to coronavirus could make those wait times even longer. If you realize at the last minute that you need to fulfill a requirement to close escrow but the paperwork is going to take too long, you might find yourself having to pay extra for an expedited inspection. 

Not sure if your Southern California city has pre-sale…

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Surprisingly spacious, this 1920s California bungalow duplex has all the history and character you could want in the most prime area of Elysian Heights. This 1,623 square foot, 2-story property sits in the hills above Echo Park, mere steps away from Valerie Confection. It's a short walk to Echo Park Lake, the renowned local restaurants and bars on Sunset Blvd, or an easy drive to Dodger Stadium and Downtown. 

For more details and pictures, check out the complete listing information here! 

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Here are the latest statistics from the East Hollywood neighborhood real estate market. Check back to our blog often to find market reports from other neighborhoods in the Los Angeles area. 

  • The Majority of Single Family Residences in this area are sold as tear-downs for land value to developers to turn into multi-family apartments.
  • There were no active condo or townhomes for sale in East Hollywood as of May 11th, 2020. The Cha Cha Cha development in Virgil Village has completely sold out with the last unit in escrow as of May 5th, 2020, per listing agent Joy Bolger of Compass.
  • Long Term Rental Activity numbers only reflect MLS activity, many rentals are listed and leased without using the MLS via yard signs, Zillow Rental Manager,…

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In 2019, California lawmakers passed legislation making it easier for people to build Additional Dwelling Units (ADU) on their property. While ADU's are an investment of your time and money, they’re more than worth the upfront cost and hassle. 

There are all kinds of benefits to building an ADU. For one, they allow you to keep your aging family members nearby while maintaining some privacy.  They also add instant resale value to your home and renting it out to tenants means thousands of dollars in extra income a month. 

Interested in building one on your property? Then check out this guide to building an ADU in Los Angeles to get a better idea of the process. 

The Basics

Before you jump into building an ADU on your property, you should…

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When looking for a new home in Los Angeles, it's always smart to consider buying in an up-and-coming neighborhood. The cost of a house will be lower, and it will only be a matter of time before the area is bustling with new restaurants, shopping, and entertainment, thus driving up your home's resale value. 

If you're in the market for a place to live or an investment rental property, East Hollywood is the perfect area to look at for these reasons. Not only is the neighborhood growing rapidly, it's also in a great location. You're only moments away from entrances to the 101, about 10 minutes to West Hollywood or Glendale, and you can get away with telling people you live in "Silver Lake adjacent." 

Need more proof that this is a great place to…

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After 3 years of debate, Los Angeles City Council Planning and Land Use Management committee approved a draft ordinance on December 4, 2018, pushing forward a proposed regulatory structure for home-sharing platforms such as Airbnb and HomeAway. Los Angeles currently has no enforced regulatory system for how residents home-share.

The committee's approval of the full ordinance means that the full City Council could vote on it soon and work out the smaller details in the future. The ordinance would not take effect until July 1, 2019, or until a separate ordinance regulating non-primary residences is passed.

The draft ordinance that went before the PLUM Committee on Tuesday would allow qualified hosts to rent year-round (in a program called “extended”…

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