Good news, you can still buy a house for under half-a-million dollars. These are the 3 neighborhoods in Northeast Los Angeles (NELA) where average prices are under $500,000:
Six months ago Elysian Valley (AKA Frogtown) would have also been on the short list of under $500K neighborhoods. And last year at this same time Cypress Park, El Sereno and Lincoln Heights all would have been in the under-$400,000 club. There are no neighborhoods in the city of Los Angeles north of the 10 freeway and south of the San Fernando Valley where homes sell on average in the $400,000’s except Cypress Park, El Sereno and Lincoln Heights. In all 3 the average selling price of a single-family home is just now approaching historic high levels of the late ’00’s peak in real estate prices (trendier parts of town blew past historic highs 2 years ago) Are any of these neighborhoods the best place for you to buy a home in Los Angeles right now? Depends.
Cypress Park – average price $458,000
The average price a home sold for in Cypress Park over the past 12 months was $458,000. The year before it was $396,000. That’s an increase of more than 15%. If you bought a home in Cypress Park in 2013, chances are you can sell it today for $100 per square foot more than you paid for it. In terms of future outlook for appreciation in Cypress Park, it is hard to imagine a scenario where Cypress Park homes become less expensive. The neighborhood’s proximity to Downtown Los Angeles means everything. As soon as we see technology companies with more than 100 employees hit the Arts District, Cypress Park becomes the Mar Vista of the Eastside. In the unlikely event that doesn’t happen, Cypress Park’s outstanding location adjacent to DTLA, the Los Angeles River, Silver Lake, Echo Park, Highland Park, Atwater Village, Elysian Park and Elysian Valley put the prices of homes there today in the almost-too-good-to-be-true category.
El Sereno – average price $433,000
There are so many great people, places and things in El Sereno I don’t know where to start. Amazingly, the price per square foot of a home in El Sereno is lower here than Cypress Park or Lincoln Heights. El Sereno is the very northeastern corner of Los Angeles, bordering South Pasadena and Alhambra, so you have the greatness of the City of Los Angeles while the amenities of suburbia are right down the road. There is a huge diversity of neighborhood “feel” in El Sereno. There are parts with houses on dirt roads set in canyons you have never heard of, and then there are the bucolic areas with incredible Arts and Craft-style homes you would swear are in Pasadena. In the under $500K price range this is a great place to start looking for a home.
Lincoln Heights – average price $433,000
Yes. That’s the answer if you are asking me if the 90031 is a good place to live. Rich in history, Lincoln Heights is Los Angeles’ first suburb and the oldest neighborhood in the city outside of Downtown L.A. Lincoln Heights has, at one time or another, been home to a zoo, an alligator farm, a racetrack, a Pabst Blue Ribbon brewery, a motion picture company, and the Commanding General of the Confederate States Army. Its rich history can be seen today in the Victorian homes remaining in Lincoln Heights. Today Lincoln Heights is headquarters to one of the world’s largest retailers and clothing manufacturers, the oldest winery in town, and some of the greatest deals in Los Angeles real estate.