Eagle Rock Remains a Hot ‘hood

By Redfin agent Josh Ritnimit
Back in January, the national real estate brokerage, Redfin , conducted a study to predict which neighborhoods would have the most housing demand in the U.S. in 2014. Our very own Eagle Rock came in number 2!
Now, this was seven months ago, so I thought it would be interesting to check in with the Eagle Rock data and see if it was hot or not. In the six months since Eagle Rock was declared an up-and-coming neighborhood:
” the median sale price increased 25% while the year-over-year increase for all of Los Angeles was a mere 5.6%;
” 63% of homes sold for above list price; and
” days on market fell from an already low 14 to an even lower 12.
There are many reasons why Eagle Rock continues to outpace the rest of Los Angeles in terms of demand, not the least of which is its affordability. The median price in Eagle Rock as of June 2014 was $685,000. The median price in Arcadia, on the other hand, was $1.1 million.
But as the old real estate cliché goes, it’s all about location, location, location. Eagle Rock is in the middle of it all: Downtown, Burbank and the San Gabriel Valley. Time and again I hear folks want to live in Eagle Rock because of its proximity to the schools, culture, entertainment and cuisine of the San Gabriel Valley.
The prestige of living in the Pasadena area is traveling down the Colorado Boulevard corridor and trickling into Eagle Rock. This can only be perceived as a positive for our communities as property values rise and the San Gabriel Valley stands as an example for communities to aspire to.
So, while Eagle Rock isn’t exactly in the San Gabriel Valley, it is definitely part of the Colorado Boulevard cohort!

August 11, 2014

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