Tracking foreclosures in: Highland Park

I thought I'd give Redfin's new foreclosure listings database a spin, so I plugged in the ZIP for Highland Park (90042) to see what would pop up. It's good stuff — it shows six bank-owned properties, and the information on each listing is pretty extensive, especially for a free, no-registration service. Highlights:

4210 Via Arbolada #216
Last sale: June 2006, $460K.
Now listed: $329,900

6420 La Riba Way
Last sale: Oct. 2004, $325K
Now listed: $285K

6140 Mesa
Last sale: Sept. 2006, $525K
Now listed: $309K

719 Milo Terrace
Last sale: 1995, $160K
Now listed: $380K

5105 Stratford
Last sale: 2001, $170K
Now listed: $429,900

Put me down as a satisfied user. Would like to hear your thoughts on this one, and what other searches you like, and whether you have to pay for them or not.
Photo Credit: Street scene in Highland Park, L.A.Times

Comments

[Cal]

Interesting choice of locations. If you switch the listing criteria to homes sold in the last 3 months you can see Milla's new dig in there.

I like the idea of what Redfin is doing, but they aren't there yet. There are many foreclosed homes they aren't showing (not sure why). But it is a great idea. The lenders should really work on their communication with the public. They could reduce their expense of sale significantly with a good system.

[tarbubble]

i agree, it's incomplete. it lists seven in my city (Lake Forest), but that seven does not include five that i know of within three blocks of my house, or the at least three in the complex where i own a townhouse. so it can't be relied upon to draw a real picture of how many foreclosures are really available in any given area. probably still have to cough up the cash for foreclosureradar if you want more accurate data.

[JK]

It's Highland Park... enough said.

[sfvrealestate]

Of course, I like the mls for recent sales since I'm a Realtor. But I also recommend the L.A. County Tax Assessor's db for picking up private sales. And you can search all three local mls's for active listings from my website.

[E]

There are lender owned homes that aren't listed as foreclosures on Redfin.

here's an example.

http://www.redfin.com/CA/LOS-ANGELES/
652-N-CAHUENGA-90004/home/7099833

[xtine]

I LOVE it. I think I almost got fired today. My husband and I were shocked at some of the hits people have taken. The house around the corner from us is asking 340, but in 12/07 it was bought for 480. Ouch.

The best part is the foreclosed and regular sales homes are shown together.

Anecdotal and certainly unscientific, but it looks to me like the homeowners are coming down with the prices. The banks are hanging on to these ridiculous numbers.

The annoying thing is, I was looking for properties in Echo Park, and they included props in Inglewood and downtown. Seems like a bug in the system or something.

[thats gotta hurt]

That must be a painful sight to a knife catcher like Milla. Imagine working hard, day in and day out, knowing you overpaid to the tune of tens of thousands of dollars, possibly more.

With all the solid sources of real estate news available online, you have to be willfully stupid to buy now in neighborhoods with plummeting values like Highland Park.

Lesson? Don't buy now. Let those prices keep falling. They're falling in earnest now. Stand back and watch.

[l.a.guy]

I love Redfin, great user interface and great presentation of the information. It does help to have a good internet connection and a large monitor. I've noticed on smaller monitors (15") the map view starts get a little crowded. On a 21" monitor it's great.

That said, they are facing a lot of hostility from agents in the LA area that I have spoken too. (I guess not too surprisingly) I had one seller's agent tell me that no one would deal with me if I used a Redfin agent. Personally I find it hard to believe any seller would turn down a chance to deal with ANY prospective buyer at this point, but Redfin, Ziprealty and the others face a tough challenge in So Cal. I really hope they succeed because I do think it is the model of the future for those buyers who want to do most of the legwork and only need an agent to handle the negotiations and take care of the paperwork.

The first commenter is right though, it seems to me the number of foreclosures showing doesn't match up with the number I have read about while perusing listings. Maybe it's a new check box that listers have to select.

[TakeFive]

Pete -

Decided to give the beehive another whack, eh?

[TakeFive]

Speaking of Highland Park, do you think it's coincidence or just cruel irony that our resident realtor, sfvrealestate, posted Milla’s story on the “Defaults, Short Sales and Foreclosures” page of her blog?

www.judygraff.com/Nav.aspx/Page=Http://
sfvrealestate.blogspot.com

[JK]

Man, when are you guys going to leave Milla alone? She bought, she seems happy, what's left? Geesh!

[Milla]

ok, i'll take the bait. you'll have to forgive me as i've been a bit preoccupied by house work, though i still check in with this echo chamber from time to time. you might be surprised to find out that i'm not at all surprised that prices are falling in highland park as they are everywhere else. when i checked that nifty widget pete posted the other week, it listed about 40 foreclosures in HP. again, i'm not worried as i don't plan to sell my house anytime soon.

5er: yes, judy posted a link to my blog from hers. say what you want about either of us -- and i'm sure you will -- but i'd rather be in her company than yours. thanks for checking in with me all the same. ;)

[kosher krab]

I doubt that this number of foreclosures is any greater here than it has been in years past. Unlike Palmcaster or the Evil Inland Empire there's not too much new construction.

[Fourth Generation]

Milla, you bought, you plan to stay put for a while and was not just an impulse purchase to flip the house. So be happy and don't let people bother you.

[Laker]

kosher krab: "...Unlike Palmcaster or the Evil Inland Empire there's not too much new construction...."

kosher krab, it does not matter the number of new construction to the number of foreclosures. Check out places like van nuys, pacoima, reseda, and even woodland hills...
The true reason we see huge number of foreclosures is houses bought for much more than they are really worth AND with "no skin in the game" by loan buyers. (100 % financing). While it is true that in areas like Vegas, IE, high desert there is an abundant new construction, that only makes it worse as there were simply more sales...not because they are new houses.

[the problemwithcaring]

That must be a painful sight to a knife catcher like Milla.
Posted by: thats gotta hurt

Dude, Milla seems dutifully oblivious to personal responsibility when it gets in the way of what she wants. She bought a house with the city of LA's money, borrowed money from mom and dad to fix it up, and has plenty of options if and as the neighborhood becomes modestly more unlivable. So don't worry about Milla. You should all be so lucky.

And for all those planning a youTube “Leave Milla alone” tribute: Well, Milla's opinions are sort of controversial. I mean, she said, just a month ago, that her ability to buy that 3-bedroom house in Highland Park through this government program meant: ""...the greater point in all this is that the housing market isn't as bad as the headlines would make you believe and that homeownership is once again in reach for the middle-class."

Huh? Talk about narcissism…

If you, as I do, think that a 31 year-old single person shouldn't use precious government budget shortfall funds and "stretch financially" to purchase a house in the current overall declining real estate market, in Milla's estimation you are: an "elitist,” "possibly sexist,” "a doomer," in a "echo-chamber,” an "armchair prognosticators" or a "wishful thinkers".

She has also claimed that: "i know that past markets have taken about 10 years to return to peak prices, but remember that i didn't buy at peak. and given at how quickly prices have already fallen, i do expect a quicker recovery. "

I say that’s debatable.

[Milla]

thanks, JK and 4th -- you're right in that HAPPINESS is what is key. seems to be in short supply around here.

[Uncle Billy]

The desires of the few tend to outweigh the needs of the many. -- Maury Spockopovich

[chubbychaser]

Milla, peteviles just showed you (and anyone else who wants to pay attention) that the type and kind of happiness you keep shilling for - well, it's on sale for half off on Refin...big deal.

[Cal]

Can I officially apologize to Milla? lol.

I just thought it was interesting that of all the zips in LA Peter picked the one where you could see Millas new purchase. I mentioned her name first, it is my fault, I officially rescind all mention of Milla. You may all go back to whatever you were doing before I mentioned Milla.

Thanks.

[Milla]

Cal -- i can't let you off the hook so easily. maybe if you sent me a housewarming gift and a free membership to your fan club we might have a deal.

[Cal]

Free membership is out of the question but I can offer you the same 10% off coupon I offered sfvrealestate. Deals like that don't come around too often so you better act quick.

For a house warming gift I figure I will give you the same gift I give everyone else, a life size poster of me. I think it would look great in the living room.

[Milla]

come on, Cal! it has to be FREE! have some mercy. i have a mortgage to pay now and need to save every penny. otherwise, i might go into foreclosure!!!

and a life-sized poster of yourself in addition to your fan club? and i'm being called a narcissist? sheesh.

[speediejohn]

Highland Park is not plummetting. The part I live in has quadrupled in price since I bought my house in 2000. A slight drop is normal as the balloon market is now levelling out. Some of these homes were way over-priced & not worth what they were going for just a few years ago. The good houses, on the good streets, keep their value. There are factors that are keeping values stable in Highland Park. Close proximity to Downtown LA jobs & an actual functioning Subway line are good alternatives to commutting from the suburbs with gasoline prices as high as they are. The area is in a resurgence. New business's are opening on York including Starbucks & Walgreen's. There are new bars & restaurants, a vintage guitar store & a new Fresh & Easy nearby.

[Cal]

This is why I hate housing right now nobody involved with RE has any money left for my fan club. What the hell am I going to do with 20,000 life size posters of myself.