When it comes to trendy neighborhoods, Eagle Rock in Northeast LA is near the top, according to the latest list by online real estate firm Redfin.
Anybody who has been on the hunt for a house in the area could tell you Eagle Rock has been emerging for a while.
“We make a lot of money emerging. And we have been for a long time,” said Tracy King, a realtor with Teles Properties. King has been selling property in the area for 25 years, and she said in the last year, home prices went up 25 to 30 percent. King said now in Eagle Rock, list prices are just starting points.
"Where Silverlake goes when it gets pregnant"
Still compared to other eastside hipster neighborhoods like Echo Park or Silverlake, King said Eagle Rock is a draw because it is more affordable for new families. “One hipster woman told me Eagle rock is where Silverlake goes when it gets pregnant,” she said.
The Coffee Table Café on Colorado Blvd., is on one of Eagle Rock’s main drags. Independent shops and restaurants line the street. The community sits between Pasadena and Glendale in Northeast Los Angeles. King said more yoga studios and cheese shops are on the way.
Why Eagle Rock ranks so high
“People are looking for a good price, short commutes and proximity to restaurants or parks and open spaces,” said Redfin real estate researcher Tommy Unger. He came up with the national Hot Neighborhoods in 2014 list. It ranks Eagle Rock second in the country. He said it won the spot because it saw a big boost prospective buyers. “We were looking for neighborhoods that are on upward and significant trends. Eagle rock did jump up and increase in popularity in a very short period of time,” Unger said.
Neighborhood resident Elizabeth Swain and her friends just finished a pilates class at a nearby studio and they were having coffee with mats rolled up beside them. "I’ve lived here for five years I came from New York and I love it. You can walk in Eagle Rock. It's lovely," said Swain.
Swain said she is glad neighborhood home prices are going up. But doesn’t plan to move anytime soon.
Burned after the last bubble
On the flip side, some homeowners in the area got burned after the last bubble burst. Luis Reyes is one of them. And he said the rising prices are pushing some people out.
“What happened in the previous bubble, the blame was placed on sub prime lending and easy access to loans. So now that that has been cut off, the average person, I don’t think there’s any way they can afford a property in this area," said Reyes.
Reyes himself has been fighting foreclosure. He said if things get worse, the increase in property values may help him.
“Then selling the property could be an option to help me get back on my feet. But I would prefer not to have to do that," said Reyes. He said he would much rather stay in Eagle Rock.
Redfin developed the ranking based in part on the number of searches people did for properties in each neighborhood.