With talk of the Fed considering allowing interest rates to finally rise again as early as this summer, potential home buyers will likely be flocking to open houses around Southern California in hopes of buying before the rate ticks up.
But if you live in Los Angeles, you’ve already seen the insanity of bidding wars over teardowns and homes selling for $100,000 over their listed price. So much for a slumping housing market.
In fact, real estate web site Redfin published a list of the 10 Hottest Neighborhoods in 2013 (in the entire country), and four of those areas were in L.A. They included Glassell Park, Eagle Rock, Faircrest Heights and Highland Park, which was ranked No. 1.
Neighborhoods like Echo Park and Venice Beach, which a decade ago were neighborhoods on the ascendancy, are now priced beyond the checkbooks of most potential buyers, so where should we be looking for the next great buy?
John Venti, licensed Redfin realtor