Highland Park, CA Homes and Real Estate – A Look at the Numbers

In Los Angeles real estate circles, everyone is talking about Highland Park. Like other Northeast LA neighborhoods like Silver Lake, Eagle Rock and Mt. Washington, Highland Park is in a state of gentrification as new stores and restaurants are popping up on York Blvd. and homes are being purchased and restored. As a result, homes in Highland Park are in demand and prices have steadily risen. But gentrification isn’t the only reason. Highland Park is a wonderful area to call home.

Highlan Park is an amiable historic neighborhood located in Northeast Los Angeles. It is a hilly neighborhood located in the San Rafael Hills along the Arroyo Seco. It is southwest of Eagle Rock and Northeast of Cypress Park. People from many ethnic and socioeconomic groups call this neighborhood “home”. The weather is pristine with the highest monthly average temperature being 73 degrees in the hottest month of July and 57 degrees in the coldest month of December. Highland Park experiences light rain; January receives the highest amount at 4.6 inches total. According to Walk Score, Highland Park is the most walkable neighborhood in Los Angeles with a score of 72. It is very accessible and most errands can be completed on foot. It has some public transportation and is somewhat bikeable with a transit score of 47 and a bike score of 53.

According to the 2000 U.S. Census there were 57,566 residents in the 3.42 square miles of neighborhood. That is an average of 16,385 people per square mile. Highland Park is one of the highest density areas in Los Angeles. Highland Park grew to 60,835 people by 2008. The ethnicity break down was as follows: Latinos, 72.4% Whites 11.3%, Asians 11.2%, Blacks 2.4% and others 2.6%. A larger than average 57.8% residents were born abroad. 55.3% of them were born in Mexico and 12% were from El Salvador. In the male population 52.2% were married, 41.2% had never been married, 4.9% had been divorced and 1.6% were widowed. For the women: 50.4% were married, 33.2% were never married, 9.3% were divorced and 7.1% were widowed. The demographic for never married was among the county’s highest. 14.3% of residents who were 25 and above had a four-year degree. This was average for Los Angeles. 45.1% of the residents were born in a foreign city. This was a high number for Los Angeles. 4.9% of people in the population were veterans; this was a low number for Los Angeles. The average age of residents was 28, which is seen as young compared to the other areas of Los Angeles.

The average household income in 2008 was $45,478, which is an average number for Los Angeles. The average household size was 3.3 people, which is 25% higher than the national average. Renters occupied60.9% of housing units, which is 105% higher than the national average. Owners completed the other 39.1%, which is 58% lower than the national average.

Zillow states that Highland Park’s home value index is $662,800, which is up 13.1% since last year and with a projected increase of 4.3% predicted over next year. The market temperature is very hot and ideal for sellers. The average price per square foot is $582, which is higher than the Los Angeles average of $448. The average price of homes is $652,500, which is 123% higher than the national average. The average rent per month is $2,600, being 22% higher than the national average. The current Market Health is 5.3/10, which is relative to other markets across the country. Highland Park will continue to grow and develop.

Because Highland Park is in a stage of gentrification with rising home prices, it is highly advised for homebuyers and home sellers to seek out an experienced Highland Park realtor who specializes in the area.

Manufactured Homes

Manufactured homes, also known as mobile homes, are factory-produced homes that can be transported anywhere and installed at a selected site with or without a permanent foundation. Manufactured homes have revolutionized the American housing market by providing affordability and flexibility to potential buyers.

During the past few years, nearly 1 out of 3 new homes sold has been a manufactured home. With increasing home costs, many buyers prefer manufactured homes, which meet basic housing needs at a lower price. Instead of constructing a house in 3 to 5 months from scratch, you can get a ready home within 5 to 10 days. Today, manufactured homes are spacious, well-designed and affordable. The main advantage is that these homes are thoroughly inspected to meet the construction standards set by the U.S. Department of Housing and Urban Development for the design, energy efficiency, durability, strength, and fire resistance protocols.

Manufactured home dealers provide manufactured homes that fit almost everyone?s tastes and pocket. Some are designed for those on a limited budget. Other models offer luxurious features at a higher price. The home can be a single-section unit or a large multi-section unit. You have the option of choosing from a wide variety of home styles. There are more than a hundred and fifty companies dealing with manufactured homes and more than four hundred factories located throughout the United States which manufacture them.

When buying a manufactured home, you have to keep the prices in mind. The sales price for a new manufactured home ranges from under $25,000 for a single-section home with basic features to prices in excess of $100,000 for a deluxe multi-section home. Depending on the location and excluding the cost of land, construction cost per square foot for a new manufactured home averages anywhere from 10 to 35 percent less than a comparable site-built home. A manufactured home is the answer if you are looking for a first home, a larger home for your growing family, or the perfect retirement home.

Sellers Must Face Facts, About Their Home’s Value: 5 Considerations

After, over a decade, as a Real Estate Licensed Salesperson, in the State of New York, I’ve come to realize, many homeowners, end up, being, their own, worst enemies, because, their perception of the value of their house, is, often, considerably different, from what, a potential, qualified buyer, may believe, and thus, be willing to offer! Because of this, I emphasize, to my clients, my core policy, I will always tell you what you need to know, not just what, you want to hear! A wise homeowner, will interview real estate agents, and hire one, who makes a difference, for the better, in terms of achieving the objectives, of obtaining the highest possible, available price, in the shortest period of time, with the least amount, of hassle! With that in mind, this article will attempt to briefly, consider, examine, review, and discuss, 5 considerations, and reasons, sellers are best – served, when they face the facts.

1. Realistic – Price it right, from the start: Don’t be fooled, falsely complimented, or let you ego, be stroked, by someone, who suggests, an overly, optimistic, suggested, listing price. Since, generally, the best offers, arrive, in the first three weeks, after a home is listed, on the market, when/ if, you use a listing price, which is excessive, you will lose a great opportunity! Be realistic, and, price it right, from the start!

2. Using a professionally designed, thorough, accurate, Competitive Market Analysis (CMA): Base the listing price, on a professionally designed, thorough, accurate, Competitive Market Analysis (CMA)! This is the best, and only, accurate way, of determining a quality, listing price! Price the property, correctly, from the start!

3. Know the competition: Remember, your house, has competition, from others, being offered, for sale, in your area! Take a close, realistic look, and know your actual competition, by seeing the other houses, and identifying, how your house, is stronger or weaker. Price accordingly, and, be realistic!

4. Marketing and sales strategy: When interviewing agents, it is wisest to fully discuss, suggested marketing and sales strategies, and, why, they suggest, a particular one, for your best advantage! Every house has certain strengths, and weaknesses, and you need, to use areas of strength, effectively, while effectively addressing, areas of weakness!

5. Negotiate from strength: If you want to get the best results, you should, negotiate from strengths, to your best advantage! This begins with pricing, properly (at the right price – point), and marketing, effectively!

When a homeowner prices his home correctly, understands the process, realizes limitations, etc, and, listens, to the advice of a qualified, real estate agent, he faces, the facts, and uses them, effectively! Will you be a smart home – seller?

Four Advantages To Building New Homes

If buying a house is nerve-wracking, constructing one from the ground up can be downright stressful. Building new homes, however, offers the following four advantages.

Unlimited Customization

Many people would love to live in a home customized just for them. Most don’t even consider this option when contemplating a move because they assume it would be too expensive to build from scratch. According to the National Association of Home Builders (NAHB), the median new home price in 2013 was $268,900. That is not a high price for total customization and the sound knowledge that a residence is truly one’s own. It’s not uncommon to pay upwards of $300,000 for real estate that already has been built for someone else’s needs. Why pay for a house that is not built entirely to one’s own specifications when the same amount of money or less might be spent on the luxury of customization?

Greater Efficiency

Existing houses don’t just come with creaking floors and undesirable wallpaper; they come complete with drafty windows, energy-hungry appliances, and gas-guzzling furnaces. All of these issues contribute to one very inefficient residence. This lack of efficiency is bound to rob the homeowner’s wallet, whether it’s through the need to remodel or because of sky-high energy bills.

New homes guarantee greater efficiency. This is especially true if they are built in a neighborhood or community with a green initiative. Within such communities, preexisting plans for new homes entail energy-saving strategies. These plans may include solar panels and maximum insulation, for instance.

Better Resale Value

Though most home builders are not likely to sell their abodes anytime in their near future, it is worth noting that the resale value of new homes is higher than that of older ones. Each customized blueprint is unique, and each one has attractive features that cookie-cutter houses lack. This makes such new homes irresistible and more valuable to potential buyers. If circumstances change and selling the newly constructed place becomes necessary, then you’ll at least have the consolation of being able to ask for a high selling price.

A Healthier Alternative

Older houses are riddled with dangers to their owners’ health. Though potentially beautiful on the outside, these buildings often hide complications in their walls and beneath their floors. Pest infestations, mold, lead paint, and asbestos are just a few of the serious health risks that can be associated with older homes. Constructing a new place from the ground up can guarantee that none of these health hazards reside alongside the mortgage-paying inhabitants.

True pride comes with the construction of a brand-new, custom residence. As evidenced above, there are many residual benefits from the choice to build rather than to buy. Homeowners who take this route have the pride of knowing that their place of residence is truly their own.

Breaking Down the Costs of Kit Homes

With so many things to take into consideration, building a home from scratch can be a daunting prospect for those who want to own one. Also, with the unstable economy still looming over us, it can be quite difficult to save every penny just to be able to afford the preliminary costs. With moderate to poor finances, it seems that owning a home is a near impossible feat.

That is, until the advent of kit homes. If anything is weathering the bad economy well, it is these pre-fabricated, pre-cut, mail-order homes that are manufactured and designed in a factory then delivered to the buyer’s chosen site, ready to erect. The fact that it is also considered the ultimate DIY project also adds to its appeal but then again, as with any important endeavor, it also requires more than just your standard knowledge of construction and an extensive funding source to pull it off.

While they are touted to be more affordable or cheaper options to traditional home-building, many still don’t have an idea about kit home prices and what they include. A honest opinion is that manufacturers only shoulder about a third of the entire costs while you are responsible for two-thirds of it and here’s why: the price tag for kit homes usually just refer to the weather-tight shell but essentially, you are still responsible for outfitting the rest of the home, from plumbing to cabinets to the light fixtures.

This also means that in essence, you don’t save tons and tons of money as what most potential kit home owners seem to think but that’s not to say there aren’t going to be any savings. The real savings will come when you start construction and realize that there are already so many things that have been laid out for you, like the pre-assembled roofs, walls and floors which save you time. Also, depending on the type of home you purchased kit homes can be framed in a matter of hours with a small crew as opposed to a week that it takes to put up a traditional home with a larger crew. In fact, recent studies show that a 2,600 square foot home equipped with pre-build trussels and panels was set up in just 37% of the equivalent man-hours put into a traditional home and with less waste, proving that since time is money, you save a lot as opposed to building your home from scratch.

To really get a grip on kit home prices, you need to understand that the costs start to run even before you have your home kits delivered on-site. To get it approved for construction, you need to undergo several processes like a soil test, buying the land, drawing the plans, surveying, house pad excavations and foundations which, all in all can cost you around $20-30$ and that’s without the cost of the land yet.

And if your kit is not estimated to lock up, then that means your costs don’t yet include the interior lining, doors, flooring, kitchen, bathroom, plumbing, drainage, electrical and painting, not forgetting the air conditioners, landscaping, driveway, wardrobe, tiling and lights and that’s going to cost you another $50-$80k.

And lastly, kit home prices will depend on the size, style and design you choose. Opting for high quality construction materials and more rooms over what is included in the kits will of course cost you more. It will also cost you more when you make little modifications or changes to the original design.