Millennial home buying trends have been the subject of much industry scrutiny in recent years. Some claim that the touted urban lifestyle is but a passing phase that will lose its allure, and that millennials are likely to follow the steps of their parents and move to the suburbs when the time comes to start a family. Others speculate that co-living and sharing housing became the norm for so many young adults that it disrupted the very idea of homeownership, with people increasingly delaying buying into their thirties.
Our guess is that the truth is somewhere in the middle- there will be those that will move to the suburbs and those that will remain loyal to the urban hub. Regardless of the the route one takes, the benefits of owning a home are indisputable, and the earlier one gets into the market, the better. According to this great article, owning a home before 30 is actually a very real possibility. The author, Sharon St. John, does a great job of demystifying the journey to homeownership by parsing it into a series of smart, manageable and kind of fun steps. Head over to inman.com to read the piece and get inspired! And if you are thinking of buying and want to discuss your options, do get in touch.
Last Friday CurbedLA invited Tracy to be a guest on Friday Open Thread– a weekly forum in which readers gather to discuss topics of interest and ask questions of the invited experts. Tracy got to answer some great questions about the neighborhoods we serve – here is a fragment of the chat where Tracy and Jenna Chandler of CurbedLA discuss buying homes in some of our favorite North East LA neighborhoods. Read the whole conversation here.
Jenna Chandler: Tracy, thank you so much for joining us! We’ve heard Cypress Park and Glassell Park are going to be this year’s “it” neighborhoods. Are you seeing interest peak in those neighborhoods right now? And what do you think the appeal is?
Tracy Do: Absolutely interest is peaking in Glassell Park and Cypress Park, for the reason that they are well-located neighborhoods that are adjacent to already-established enclaves. Both are directly adjacent or at least very near to Atwater Village, Eagle Rock, Highland Park and Mt. Washington. Downtown is close, as are Echo Park and Silver Lake. It’s a nice option for buyers, especially as prices everywhere are climbing. These two neighborhoods represent a nice opportunity for buyers looking to get into the housing market.
Silverlake hilltop view Clinton Steeds / Flickr creative commons
This is great news: the VDL Research House, an iconic Richard Neutra building in Silver Lake, has been recognized as a National Historic Landmark and added to the National Register of Historic Places. Neutra’s name is synonymous with mid-century “California Modern” architecture and VDL Research House exemplifies several distinct steps in the progression of his architectural style. VDL is also a testament to Neutra’s site-specific approach- when the building was erected it stood just a hundred feet away from the edge of the Silver Lake Reservoir and the panoramic views with their reflection in the water became a kind of extension of Neutra’s design. Following the devastating fire in 1963 the building was reconstructed, this time by Richard Neutra and his son, Dion. Here’s the great modernist outside the rooftop penthouse at the VDL Research House II in 1966.
( Photo by Julius Shulman.)
Experts agree that small-lot housing is an important solution to Southern California’s housing crisis. Here’s a great piece in the LA Times focusing on the small lot home as both an affordable option in a market of scarce offerings and a step towards urban renewal and smarter use of space. We couldn’t be more in agreement and are so proud to represent several small-lot communities in LA that are available now or coming very soon in 2017. Take a look below – maybe one of them is right for you?
Manzanita – New Homes for sale at Sunset Junction in Silver Lake
Covo – New Homes for sale in Silver Lake
The Hampshire – Contemporary New Homes in Los Feliz
The ERB – New mixed-use + single family residences in Eagle Rock
The Glen LA – New collection of single family homes in the Valley Glen
If you are thinking of buying a home in Silver Lake, you are perhaps wondering about the future fate of the Silver Lake reservoir. This veteran of LA water infrastructure system was built in early 20th century by William Mulholland and meant to serve as an alternative source of water should the city aqueducts fail. The reservoir was recently drained, following a change in regulations that required reservoirs to be covered. A dry basin at the moment, it awaits the spring when, according to City Councilman David Ryu, it will start to be refilled again. In the meanwhile, the dusty void poses a gaping question that Silver Lake Forward, a group of community enthusiasts invested in the future of the lake, seeks to answer with design assistance of Mia Lehrer + Associates.
Archdaily reports that the group’s conceptual plan “aims for the gradual reintroduction of natural landscape ecologies by artificially raising the reservoir’s floor and converting the complex into a 31-acre park. The scheme features lookout points, boardwalks, and a series of small islands set aside for roosting water birds.” This certainly sounds like an exciting preposition! Head over to Silver Lake Forward to learn more about the plan, and if you are curious about how the state of the reservoir affects the Silver Lake real estate market, take a look at the story over at Eastsider where our own Tracy of Tracy Do Real Estate and Rob Kallick of Sotheby’s International Realty weigh in on this important issue.
If you are looking to buy a house on the Eastside, you already know the story: prices are rising. Read this fascinating article on Medium and you will understand why the Tracy Do team supports the development of new housing in LA.
We’re not saying that homes should be built “wherever.” But make no mistake, sensible urban density is the only answer moving forward. Without it, our crisis of soaring rents and a lack of affordable entry-level housing will only get worse, just as it has for our upstate neighbors in San Francisco.
Tracy was consulted for, and is quoted in, a great article by Emily Manthei. If you’re thinking about selling your home in Silver Lake, Echo Park, anywhere on the Eastside, it’s a must-read. Find it here.
And never hesitate to call us! We’re here to help prepare your home for market, set the right price and get it sold quickly for the highest possible value. Find us anytime at tracydo.com.
Among our newest listings is this remarkable property, a fourplex in Glassell Park. The street-to-street compound includes a gorgeous, completely remodeled 2000+ square foot Spanish style home plus three casitas, aka the rental units of your dreams.
Here’s the upstairs Master Suite of the main house which has a fireplace, walk-in closet, a stunning attached bathroom with clawfoot tub, two patios and gorgeous, panoramic views of the surrounding hillsides.
The casitas are arranged around a courtyard, completely detached with their own meters for gas and electric plus laundry hook-ups. Best part? VACANT! All of them. You can move right into the main house and start renting out the casitas at market rates.
For a detailed description and gorgeous photo tour, head here.
The open house schedule and contact info is on our website, tracydo.com.
From today’s Los Angeles Times, and this is certainly the primary reason behind the high cost of local housing right now. Another more underlying factor, in our experience, is that we see a lot more buyers moving here from other places, namely NYC and the SF bay area.
Believe it or not, our market is “a bargain” compared to theirs.
As frustrating as this is — don’t be frustrated. We can help, and will show you around pockets throughout the Eastside communities that we serve where prices are more attainable for many buyers.
Contact us anytime at tracydo.com.
Our upcoming listing The E.R.B. is close to Habitat Coffee, Pop-Hop Books, Matters of Space, Café de Leche and a whole lot more. It rates an 83 Walk Score (TM) — that’s really high! Can you imagine living in a brand new and very spacious modern home near all of these great places?
Lemon Poppy Kitchen • Auntie Em’s • Glassell Park Rec Center • Crossfit Eagle Rock • Starbucks • Highland Cafe • The York • Recess • The Hermosillo • Social Study • Scoops • Donut Friend • Wombleton Records • Namaste • York Park • So many others!
The E.R.B. is currently under construction at 4320 Eagle Rock Blvd, 90041. Expected availability in Fall/Winter 2016.
Join the interest list at www.theerb.com or email email@example.com for more info.