The median selling price of a home in Elysian Valley is now $550,000. Yikes. Last year it was $455,000. Wow. That’s an increase of $95,000 in one year – more than 20%. Holy… If your house in Frogtown is super-average its value increased by almost $100,000, or $7,917 per month, within ONE YEAR. Huge numbers! Huge. Homeowner + Frogtown = Genius. Genius.
Elysian Value House Values 2016
All signs point to a very bright future and increasing prosperity for Frogtown. Its proximity to Silver Lake, Echo Park, Atwater Village and Downtown Los Angeles make it the most appealing place along the LA Riverfront to buy property today. The market tells us prices continue to increase in Elysian Valley, however, a 20% increase in property values may not be sustainable over the long term. Unless Frogtown is the new Venice, which it may be, we shall see….
Is it Time to Sell in Frogtown?
Maybe. You own a home in Elysian Valley and you know your home is worth a fortune. That makes you a genius with a fortune in equity. Are you a fortune teller? Unless you a psychic genius who can see the future you don’t know what you don’t know.
My point of view is: it depends. It depends on your future plans. What are your goals? What do you want to do with your life? Here are the most common situations people thinking about selling are in…
You Bought it a Few Years Ago
You were priced out of Silver Lake and Echo Park. You bought a place in Elysian Valley and hoped, one day, to be able to “trade up” to a home on the other side of Riverside. Your home equity has gone from 20% to 50% and that six-figure increase might make buying that dream home in the hills a reality. If that is your goal, and you can do it, by all means, do it now. Put that equity to work and do it while you can. SELL
“I Have Been in Frogtown Whole Life”
You have owned a home in Frogtown for decades. You have always dreamed of that simple life in a more rural or suburban area. You can sell and spend the rest of your life in a peaceful paradise. However, you are sitting on a goldmine and the value of your house increases every day, more than $260 per day based on the numbers above, so people will tell you it is crazy to sell right now. That’s okay, those same people told you it was crazy to buy your house “back in the day” when you did. If selling now can make your long-term goals happen now, by all means, make it happen. SELL
You are New in Elysian Valley
You are one of the lucky ones if you were able to buy a home in Frogtown within the last couple of years. You’re lucky because you beat out some heavy competition. Over the past 2-3 years the number of ready, willing and able buyers has been 5 times the number of homeowners willing to sell – the odds were against you, you won. You bought in Elysian Valley because you want to be there for the long haul and are invested in the future of the community. The location works, the scene on the other side of the freeway doesn’t appeal to you, the awesome collision of industrial and residential in Frogtown is inspirational. DO NOT SELL
I don’t see any signs people will stop buying houses anytime soon or property values will drop considerably, but you never know. Unexpected events in the neighborhood or major shifts in the global economy can change that in a flash. Click here to find out what your home is worth today.