Hundreds of LA County homes will be sold along the 710 Freeway corridor, Caltrans announced. The homes were acquired decades ago for a freeway project that never materialized, according to news reports.
Caltrans plans to sell the 460 parcels it bought for the proposed route, starting with 42 single-family homes in Pasadena, South Pasadena and El Sereno. Many of the homes are occupied, and transportation officials said in a press release that residents of the homes will be given first opportunity to buy them.
The LA Times reported that decades of litigation and legislation stalled the 6.2-mile freeway project before construction could begin. As a result, Caltrans was the landlord for 460 structures. Those properties range from modest cottages to Craftsman mansions.
There’s no timetable yet for when any of the properties would be available to sell to the public, but Contact Me to be notified of when the homes begin selling/auctioning to the public!
How selling these LA County homes will work
Caltrans has said the homes will be sold at fair market value, but qualifying long-term residents and those earning under 150 percent of area median income will be given a chance to purchase the properties at more affordable prices.
The agency has a tiered priority list of potential buyer categories, so it could take a while before the general public gets a shot at buying the property. After qualifying tenants, affordable housing development companies, current tenants above income thresholds and former tenants will get opportunities to make offers. After that, remaining properties are expected to be sold at public auction.
Conditional offers were sent to those who fall under those categories, with the top three tiers focusing on current and former tenants, according to news reports.
Contact Me now to stay in touch about when these LA County homes become available to the public!
Southern CA home prices continued their steady climb when comparing November numbers to one year ago, according to a recent report. Home sales also jumped, but those inflated numbers aren’t cause for celebration just yet.
The Los Angeles Times reported that the strong sales increase happened largely because new lending regulations last year delayed many deals that would have closed in November 2015. The LA Times based its information on CoreLogic analysis.
Southern CA home prices, on the other hand, have steadily grown year-over-year for the every month in the past four years, so sellers, put on your party hats.
If you’re thinking of selling, it’s a good time. Get your free home estimate!
Southern CA home prices: A look at the numbers
The median home price for the six-county region of Southern California was $465,000 in November, up 5.9 percent from a year ago, based on CoreLogic data reported in the LA Times. Sales, due to delayed closings a year ago, increased by a whopping 24.1 percent over November 2015.
Here’s the breakdown of the six-county region of Southern California, where home prices increased across the board when comparing November 2016 to November 2015.
- Los Angeles County: $530,000 median price ; 8.4% increase
- Orange County: $660,000 median price; 5.9%
- Ventura County: $525,000 median price; 2.9%
- San Bernardino County: $295,000 median price; 5.7%
- Riverside County: $340,000 median price; 6.8%
- San Diego County: $495,000 median price; 5.6%
The increase in Southern CA home prices has far outpaced income growth in recent years, according to the LA Times, but the numbers haven’t changed much on a month-over-month basis since June, when the median home value was also at $465,000.