Bidding wars are breaking out all over Northeast Los Angeles.
The sale-to-list ratio for homes in NELA hit a record in April of 107%, which means that, on average, homebuyers paid 7% more than the list price. However, some homes sold at far higher-than-average premiums. Here are the three NELA homes that sold in April for the most over their asking prices. In all three cases, the premiums paid came to more than it would cost to buy an entire median priced home in most cities across the country.
Yes, somebody paid $1.3 million for a two-bed, one-bath bungalow in Garvanza. And with a sales premium of nearly half a million dollars, the buyer clearly fought many other contenders for the right pay top dollar. The clincher was likely the fact that the home sits on a 9,000+ square-foot lot and features a fully finished guest house in the back.
There are two clear reasons for the feeding frenzy over this property: It’s a pristine example of a classic NELA Craftsman and, at 2,247 square feet, it boasts plenty of space.