2239 W 24th St, Los Angeles, CA 90018

OFFERED at $999,000, 5 bd, 5 ba, 4200 sq.ft.

REMARKS:  The one we’ve been waiting for! Spectacular Southern Colonial all gussied up ready to make her debut! Done to the nines!–From the welcoming foyer with its dramatic staircase to spacious living room with handsome brick fireplace–opens to dramatic dining room that in turn opens to sun room with entertaining bar area…powder room & study with aqua glazed tile fireplace next to cooks kitchen perfect for entertaining, and expansive deck overlooking grassy backyard and garage and patio room. Second floor features 4 bedrooms, 3 baths,including the master suite with gorgeous master tile bath including claw foot tub, separate shower, as well as the large light filled den/sleeping porch. The third floor offers a huge open fifth bedroom and another bath. plus access to the portico balcony and the upper level back rooftop deck, with views of the Hollywood sign. Located in West Adams Terrace HPOZ, this Vintage charmer offers today’s amenities with the gracious charm of yesteryear!

DIRECTIONS:  South of Santa Monica Fwy, East of Arlington, west of Gramercy Place

Follow this link to visit the property website and click below for the photo tour!

1585 Park Grove Ave 90007

Loft alternative!!! Close to DTLA & USC--and near major freeways--so conveniently located! This Adorable Victorian Cottage circa 1896 will steal your heart! Corner lot with fenced yard and wrap around Veranda--the ideal place to sit a spell after a days work downtown--(also in the USC incentive zone--Faculty and Staff take note!) Double parlours, spacious foyer, 3 BR--2 sans closets, Formal Dining, updated kitchen and bath, new floors.

OFFERED AT $550,000

MLS#:  13-661993

BEDROOMS:  3

BATHROOMS:  1

APX SF: 1,663/VN

APX LSZ: 4,488/VN

 

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Guest Blogpost: Breaking Down the Shadow Inventory

By Sarah Parr

Recent statistics portray a positive picture for the real estate industry and consumer economy. A recent Corelogic report shows that the shadow inventory of homes has decreased 28 percent from when it peaked in 2010. As of early this year, the shadow inventory comprises approximately 2.2 million housing units, or in real estate terms, nine months of supply. CoreLogic calculated the number of very delinquent homes, properties in foreclosure and homes held as REOs (real estate-owned) by mortgage servicers, but are not yet listed on multiple listing services (MLS) to determine the shadow inventory figure.

The shadow inventory

The shadow inventory can refer to all of the homes held by banks, but not offered for sale, and homes that people are waiting to put on the market because they are expecting better prices in the future. The shadow inventory also consists of vacant “zombie foreclosures.” A lot of homeowners anticipate foreclosure and then move out of their house, leaving it vacant for a period of time while the mortgage lender contemplates foreclosure.

How it’s created

RealtyTRAC states that the finalization of the National Mortgage Settlement in April 2012 contributed to the growth of the shadow inventory because of a 59 percent spike in properties in some stage of foreclosure. Under the settlement, banks and lenders have been obliged to work with homeowners on loan modifications, preventing foreclosure and keeping these homes off the market. The states in which the shadow inventory grew are mostly judicial process states, and as Pine Hills, FL foreclosure lawyers will tell you, they are more prone to having a buildup of lengthy foreclosure cases in their courts.

Its impact on real estate

Experts in the real estate field initially feared properties in the shadow inventory would be listed simultaneously, leading to a decrease in property values in certain communities. According to Reuters, though, properties in the shadow inventory have been listed in small batches, and the low inventory has actually caused an increase in prices in some areas. Investment firms have also helped diminish potential flooding of the market by purchasing some of the shadow inventory, according to a TIME article. Investors buy out distressed real estate when it first hits the market. They often beat individual buyers with cash offers, sometimes before properties are listed.

Even so, a shadow inventory can create uncertainty both for homeowners looking to sell and for predicting when a specific local housing market can expect full recovery. The shadow inventory can also skew housing inventory data.

Sarah Parr is a Central Florida-based writer who blogs about foreclosure issues.

Shadow Inventory down 28% from '10