Friday, January 20, 2012

Los Feliz in 2012 has a Stable Home Market; Median Price Up 20% Since 2009; With Confidence, Relish Griffith Park, Scenic Views and a Classic Vibe

While handicapping price trends across Los Angeles neighborhoods from 2006 - 2011, we thought we'd stop in one of our favorite neighborhoods, Los Feliz.

2630 N Vermont Avenue, Los Feliz

What's not to like here?

Many of original 1920's estates are intact and are unrivaled by anything east of Beverly Hills.

You've got the sights and recreation of Griffith Park, including the awesome, intimate Greek Theater and horseback riding (we highly recommend the "Sunset Ride to Mexican Restaurant", where, half way into a rustic ride, you can slake your ranchhand's thirst with a tangy margarita.)

You've got restaurants galore on Hillhurst and the small-scale, quiet neighborhoods.  It's no wonder generations of families and creative types have flocked to this neighborhood.

One of the earliest land grants in CaliforniaRancho Los Feliz was granted to Jose Vicente Feliz in 1795 and eventually became the neighborhoods of Los Feliz and Silver Lake.

It should also be noted that the Los Feliz includes the lesser-known and more modest neighborhoods of Atwater Village and Franklin Hills, but the "stars" of the area are the homes and estates north of Los Feliz Boulevard.

Los Feliz market stable following "end-of-bubble" 2007

But we digress ... what have sales trends been over the past five years?

After experiencing a "peak to trough" decline in prices of 38% from 2007 - 2009, Los Feliz is back in business, and 2011 prices are 20% off the 2009 low at $839,000.

Prices have essentially been flat for two years.  This is the definition of a stable market.  Buyers and Sellers can confidently transact, without the pressure of a rising, "heating up" market, or the inertia of a declining market.

4053 Woking Way, Los Feliz -- home of Walt Disney
The top sale of 2011 in Los Feliz was 2630 N Vermont Avenue, that sold for $4.55 million.  The "Van Griffith" residence has 6 bedrooms, 4 baths, and is set on a large, 3/4 acre lot.

A notable sale was 4053 Woking Way, the original "Mouse House", the former home of Walt Disney.  This French Norman estate has 4 bedrooms, 5 baths, and 6,388 sq ft of living area and sold for $3.7 million.