New Construction Lifts Home Prices, Property Values Continue To Rise

RealEstateBy Joan Fitzpatrick
Area Real Estate Agent

Summer is here and so is our brand new monthly real estate update for the Melrose/Fairfax/Beverly Corridor. I’m thrilled to be writing this new feature for Melrose Action and look forward to sharing more great information in future editions.  Look for my updates around the 1st of each month.

Times are changing…It used to be that west of Fairfax was a highly desirable area to buy a home, but no longer. Current trends are showing that east of Fairfax is really starting to flourish with new restaurants, shops, and new construction. As you are probably aware, there are a number of properties being acquired for re-construction of brand new homes. Currently, there are 20 or more new construction sites around the area and at least five or more remodels underway. In my experience, these new homes will greatly improve the area over time and lift land values overall. These rebuilds are replacing homes that, in many instances, are badly in need of repair and have, in fact, hurt overall home prices rather than help them.

New construction has added $300,000 to $400,000 more for land value alone. It is a huge windfall for the home owners, and unexpected. Builders are paying $1,150,000 – $1,300,000 for land value alone, unprecedented in our area. While some have expressed distaste for the modern architectural lines used in design of some of the new homes, there are some that include a california spanish style as well. These new homes will likely sell for between $2.5 – $3.0 million dollars!! Overall I think the abundance of newly constructed homes will be a long term positive for real estate values and the area in general.

Here’s some data from recently sold homes from January to June 2014. Please note there have been some sold homes not on the MLS (Multiple Listing Service). I’d also like to point out that there are many homes now in escrow and are not listed here.

AddressSale PriceBed+BathLot SizeDate Sale
832 N Sierra Bonita$1,222,0003+2 6300 lotSold 6/9/14
823 N Gardner $1,150,0003+2 6503 lotSold 5/16/14
733 N Gardner $1,300,0003+2 6500 lotSold 5/12/14
732 N Fuller $1,291,8753+2 7400 lotSold 5/1/14
720 N Alta Vista Bl $1,190,0004+27699 lotSold 3/26/14
717 N Sierra Bonita $1,239,0003+2 5200 lotSold 4/30/14
642 N Laurel $2,500,0004+5 6531 lotSold 3/31/1
621 N La Jolla $2,965,0004+46549 lotSold 3/7/14
617 N Fuller $3,000,0005+68231 lotSold 1/10/1
607 N Curson $1,280,0002+2 6500 lotSold 5/28/14
560 N Orlando $1,100,0003+25749 lotSold 3/17/14
538 N Harper $2,495,0004+44855 lotSold 3/10/14
514 N Flores $1,218,5003+24587 lotSold 3/7/14
453 N Sweetzer $2,360,0005+5.55855 loSold 4/20/14
414 N La Jolla $2,550,0004+6 6587 lotSold 3/5/14
410 N Alfred $1,899,0004+46965 lotSold 3/24/14
141 N Gardner $1,610,0003+2 5984 lotSold 1/14/14
127 N Gardner $1,340,0003+4 5984 lotSold 2/27/14
122 N Alta Vista Bl $1,789,0003+2 7699 lotSold 2/14/14
AddressList PriceBed+BathLot SizeNew Construction
360 N Harper$2,950,0004+46145Yes
419 N Laurel$2,395,0006+66553
854 N Orlando$4,495,0003+412432Yes
316 N La Jolla$1,195,0002+ 26549
901 N Laurel$2,749,0005+66602Yes
7658 Willoughby$672,5002+12543
823 N Vista$1,4450007+46204
750 N Fuller$1,149,0003+24400
843 N Genesee$2,600,0004+46500Yes

A brand-new 9 unit apartment building just finished construction at 843 N Fuller Avenue and has just been listed for sale at $6,250,0009. The rental units are offered from $3250 for 2 beds and $4,000 for 3 beds.

Some of you may have heard that a BID (Business Improvement District) has been formed along Melrose Avenue between Fairfax Av and Highland Av. This is a positive for the area and will go a long way in building towards a higher level of retail establishments, hence improving the desirability of the area and property values along with it.

On another note I know many of you are wonderful pet owners like myself. The area of Melrose Village is becoming a popular name for a very walkable, dog friendly area. If you have a pet and are looking for pet friendly apartment space you might try the building at 1030 N. Curson. It allows dogs, and so many pet owners live there. My heart breaks when I hear that so many people have to give up their pets because places of residence won’t allow pets. I think the trend is moving towards more pet friendly living spaces because they don’t do any harm at all, and I speak from experience, as I have rented out my duplex to dog and cat owners for the last 12 years.

Lost and Found: I recently rescued two tiny 1 lb. kittens that were so sick. One lost her eye. The vet bills are no fun, but if it means saving the poor babies and taking them out of their misery – starving on the street, how can we not? They are now fostered, thanks to Eryn Elliot and her quick response in helping me with the rescue. If you are looking for a cat or kitten, please let me know.

Are you curious about income properties in the area? Look for more in our next month’s post along with updates to listings and sales.

Posted in Area News Blog Archive, Area Real Estate

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