$500k In LA – What Can It Buy?
Welcome to the first post in Esquire Real Estate Brokerage, Inc.‘s new series – “What Can It Buy?” Buyers who are completely new to the market often have little or no concept of what they can expect to afford with their budget. To provide some guidance, Esquire Real Estate Brokerage, Inc. will be choosing a series of price-points and selecting a desirable single family home, townhome, and condominium in the Los Angeles real estate market at those price-points.
Our first target price is $500,000.00. Below we list three chosen properties that have sold in the past three months. The homes were selected based on a variety of requirements, including property condition, neighborhood, price relative to comparable properties, a minimum square footage of 1,000 square feet, a minimum of 2 bedrooms, and a sale price of between $475,000 and $525,000. So what can you get with $500k in LA?
$500k In LA – Single Family Home
Originally listed at $549,900 and sold on August 6, 2014 for $521,225, this beautiful 3 bedroom, 1.75 bathroom, 1,500 square foot home in North Pasadena was completely renovated in 2014. The kitchen and bathrooms were tastefully renovated, and the new floors and crown moldings create a feeling of elegance in what would otherwise be a small starter home. The open floor plan invites guests in the moment the front door is open, and also creates the feeling that the property is larger than it actually is. The large front yard is an added bonus, as is the property’s location on a quiet residential street and walking distance to local shops. At about $500k, it’s difficult to ask for more than this home offered.
$500k in LA – Townhome
This 3 bedroom, 2 bathroom, 1275 square foot townhome in centrally located Culver City was originally listed at $499k and sold on June 24, 2014 for $506k. Situated in the Tara Hill complex, the $483 monthly HOA dues include a guard gate, two pools, two saunas, a spa, two play areas, a common clubhouse, on-site laundry, a fitness center, earthquake insurance, water, gas, and basic cable. The location is also exceptional with close proximity to downtown Culver City as well as both the 10 and 405 freeways. The interior was tastefully updated with granite counters, custom cabinetry, and new stainless steel appliances in the kitchen, as well as updated bathrooms, hardwood floors, and more. This property is perfect not only for first time home buyers but also anyone looking to move closer to the west-side at an affordable price.
$500k in LA – Condominium
This penthouse unit in Sherman Oaks sold for $495,000 just last week, on September 4, 2014, more than $30,000 over its original asking price of $464,500. The 2 bedroom, 1.75 bathroom, 1,310 square foot condominium is located just south of Ventura Boulevard with beautiful views of hills to the north. The interior boasts high ceilings, large sliding doors opening up to the beautiful views, hardwood flooring, and an updated kitchen with new appliances. The unit also includes a rooftop patio and two car parking with bonus storage. The $400 monthly HOA fee includes a pool, spa, guest parking, and earthquake insurance. The location is also excellent, with close proximity to stores and shopping on Ventura Blvd. as well as access to the 101 and 405 freeways. For $500k in LA, this unit can’t be beat.
As displayed by the above properties, having some flexibility in location can often open up great opportunities for buyers who have limited budgets. While the Los Angeles real estate market can often be intimidating, a flexible buyer will always be able to find great properties at any price point.
If you would like to further discuss how Esquire Real Estate Brokerage, Inc. can help you in the Los Angeles real estate market, feel free to give us a call at 213-973-9439 or send us an email at firstname.lastname@example.org.