A perfect storm of high rents and low supply might be partly to blame for the intense competition around homes, especially in up-and-coming areas to the east, like Eagle Rock (projected to be the second hottest 'hood in the entire nation in 2014). If you're hoping to score a pad there, be prepared: Homes in the area get an average of about 10 offers and eventually sell for about 4.6 percent over asking, according to listings site Redfin (and as noticed by Eastsider LA). Still, you wouldn't think the Eastside market could hold a candle to the always-expensive and -competitive Westside. But it turns out it can. We compared several zip codes on the Eastside with several on the Westside to see just bad the bidding wars were:
Looking at the data for Glassell Park, Mt. Washington, Highland Park, Lincoln Heights, El Sereno, Montecito Heights, and Cypress Park, it's commonplace for homes to sell for at least a small percentage above asking, with sellers fending off an average of five offers (though Eagle Rock does pull up that average). Even in areas that aren't synonymous with gentrification (there's no $5 donut store in Lincoln Heights—yet), the Eastside has a happening, competitive market. The Westside is a little less nuts, but you're still in for a fight that might have you paying well over the list price.
If you're shopping for a home in Venice, Mar Vista or Culver City, you not only have to deal with other offers, but you'll probably pay about 2.5 percent over asking to get your dream home. Culver City homes inspired the most bidding, receiving an average of five offers. In Palms, WeHo, and West LA, the median sale price is usually below asking (yay!), but not by much—WeHo's median sale price was only 2.6 percent under asking and that was the lowest of all the Westside areas we looked at. Surprisingly, Santa Monica homes usually sell for the asking price (in the zip code we considered, at least). East and west aside, this just adds a few more numbers to what many already knew: homebuying in LA is not so far removed from trying to snag a flat screen at a Black Friday sale.
· Want to buy a house in Echo Park? Get in line [Eastsider LA]
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