Was a house that used to cost 350.000 around the year of 2011 considered cheap, average or expensive back then? (Pasadena: sales, real estate)

[AChillDude]

I’ve been studying market trends for home buying/selling in LA and have come across a neighborhood in which most houses cost around 800-900k right now but looking at the sales history most of them were bought around 2010-2012 for around 320-350k, does anyone know/remember if that price tag was considered average for LA around that time?

[TimTheEnchanter]

I think people would give better answers knowing the areas name.

Bear in mind, 2010-11 was just coming out of the housing crash. Those $350k homes could have been $500k 2 years earlier.

In general I'd consider $320-350k very cheap, even 8-10 years ago.

[looker009]

Depending on the area 320-350k might been good for flipping or it might been in good condition. Area, area, area makes all of the difference.

[AChillDude]

Hey everyone, the area I’m talking about is Eagle Rock, it has caught my attention due to being in a convenient location as it’s not too far from Downtown, Pasadena, Burbank etc but it’s crazy how expensive it has become, most homes on the market there now cost around 900k yet the vast majority were last bought around 2010-2012 for around 330-350k, was that as expensive for LA around that time as 900k is now or it’s just that Eagle Rock used to be cheaper?

[CA4Now]

Originally Posted by AChillDude

Hey everyone, the area I’m talking about is Eagle Rock, it has caught my attention due to being in a convenient location as it’s not too far from Downtown, Pasadena, Burbank etc but it’s crazy how expensive it has become, most homes on the market there now cost around 900k yet the vast majority were last bought around 2010-2012 for around 330-350k, was that as expensive for LA around that time as 900k is now or it’s just that Eagle Rock used to be cheaper?

Eagle Rock, like a lot of cities, has gone through major gentrification in the past few years. And since the bottom of the last real estate cycle was around 2012, there was a lot of opportunity to buy there. There is also a lot more to do than in Monrovia, which you've mentioned in your home search.

[NewbieHere]

You can look for that in the property history, they will list what was sold. Right now prices are still much higher than 2012-2013.
I’ve been looking at Burbank and it’s not cheap either. My daughters friend wants to buy there.

[Texamichiforniasota]

I was home shopping at that time, $350K for a house (not a condo) would have been crazy cheap at the bottom of the recession. That sort of price would generally only be seen in distant exurbs or a few poor, immigrant heavy areas in SE LA County or more dangerous areas in South LA (I remember looking on Redfin at South LA at the time just to see what cheap was, and houses there were running $250K-400K, though I don't know if those higher priced homes were selling). There were a lot more options then for under $1 million. A lot of neighborhoods that are over $1 million now you could get into for $500-750 K back then.

I did consider Eagle Rock, and houses there started more like $700K, but IIRC you could find ones as low as $500-600K if the house was tiny or needed lots of work.

What streets were you looking at?

[Vic Romano]

Originally Posted by AChillDude

I’ve been studying market trends for home buying/selling in LA and have come across a neighborhood in which most houses cost around 800-900k right now but looking at the sales history most of them were bought around 2010-2012 for around 320-350k, does anyone know/remember if that price tag was considered average for LA around that time?

Very cheap. Show us the history you were looking at.

[CA4Now]

Originally Posted by Texamichiforniasota

$350K for a house (not a condo) would have been crazy cheap at the bottom of the recession. That sort of price would generally only be seen in distant exurbs or a few poor, immigrant heavy areas in SE LA County or more dangerous areas in South LA

Eagle Rock used to have some pretty bad areas, so I can believe there were homes priced at $350 K back then. Parts of it have vastly improved.

From 2017: https://laist.com/2017/03/16/ten_things_eagle_rock.php

Article from last fall:

Eagle Rock's other boulevard to get $16.2 million in TLC:
https://www.theeastsiderla.com/neigh...9712e486c.html

[Grune D]

Eagle Rock has been gentrified yes, but it hasn’t helped. Streets are still dirty and it doesn’t feel safe. Also, schools are terrible.