What $500K buys you in Downey today

8213 5th St. 

$399,000

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It's small -- only 532 square feet -- but charming, and located in the heart of Downtown Downey, walking distance to several shops, restaurants and the civic center. 

Listing agent: 
Susan Paine
California Capital Resources
(562) 400-2339


 

9480 Brookpark Rd.

$475,000

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Located north of the 5 Freeway, this starter home features 3 bedrooms and 1 bath. It features an eat-in kitchen, dining area and living room.

Listing agent: 
Jeanne Kiloh
Re/Max Cornerstone
(714) 525-0900


 

11688 Lakewood Blvd.

$410,000

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This 2-bed, 2-bath townhouse is located in a gated complex. A nice feature is an oversized 2-car garage with laundry hookups. 

Listing agent: 
Connie Giron
Century 21 A Better Service
(562) 355-6472


 

9642 Cedartree Rd.

$479,000

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You wouldn't know it from the photos, but the MLS listing promises this home is in "move-in" condition. It officially has 2 bedrooms and 1 bath, although an office is currently being used as a third bedroom. 

Listing agent: 
Hector Alvarado
Advantage Realty Group
(562) 907-9359


 

11022 Studebaker Rd.

$499,000

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This house looks brand new from top to bottom. It features 3 bedrooms and 1 bath, plus a bonus room with a fireplace. It's cliche to say, but this listing truly won't last long.

Listing agent: 
Carlos Espinoza
Bright Avenue Realty
(562) 743-6436

What does $500,000 buy you in Downey?

Whether you're looking for a move-in ready condominium, or prefer a single-family residence with a yard, a $500,000 budget affords you several options in Downey.

Here are some samples:

 

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8901 Serapis Ave.
No. 24
Downey, CA 90240

$439,900

This 2-bedroom, 3-bathroom condominium is spread across 1,604 square feet in a 33-unit complex. Each bedroom has its own private bath. The kitchen features mahogany cabinets and granite countertops. Redfin


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9455 Klinedale Ave.
Downey, CA 90240

$491,000

Located north of the 5 Freeway, this 3-bedroom, 1-bathroom property features an open floor plan and French doors that lead to a spacious backyard. Amenities include a laundry room, central air conditioning, and new windows. Zillow


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10543 Downey Ave.
Unit D
Downey, CA 90241

$219,950

This 1-bedroom, 1-bathroom unit is small at 586 square feet, but it's centrally located and comes with an assigned parking space. Why rent when you can own? Redfin


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8120 Comolette St.
Downey, CA 90242

$484,000

Featuring 3 bedrooms and 1 bathroom, this home has a gourmet kitchen with Silestone countertops, custom cabinetry and top-of-the-line stainless steel appliances. The bathroom has been remodeled with custom tile and new shower enclosure. Zillow

 

Total value of Downey real estate increased by $540 million last year

 Photo by Pam Lane, Downey Daily Photos

Photo by Pam Lane, Downey Daily Photos

DOWNEY -- The total value of Downey real estate increased by $540 million last year, a 5.1% jump, according to data included in the Los Angeles County Assessor's 2017 annual report, which was released last week

The report reflects strong economic growth and a record-setting increase in the assessed value of all taxable real property and business personal property in the County of Los Angeles.

The report includes an updated ranking of the county’s 88 cities, including the highest valued cities and those with the highest percentage change from the prior year.
 
“The 2017 Annual Report helps the public easily access information about the Office of the Assessor, including how property values in each area of the county changed during the last year,” said L.A. County Assessor Jeffrey Prang.
 
The 2017 Assessment Roll provides a comprehensive view of the strength of the Los Angeles County real estate market. It reveals that in the last year, every city in Los Angeles County recorded an increase in assessed valuation compared to 2016.  

“I am pleased to report that the 6.04% increase in assessed property values in Los Angeles County represents the seventh consecutive year of growth,” said Prang.

The net assessed value, (excluding non-profit, homeowners’, and disabled veterans exemptions, and other State exemptions) is $1.416 trillion, $80.6 billion greater than in 2016.
 
The top five highest valued cities for 2017 are the City of Los Angeles, with an assessed valuation of $568 billion (6.6% increase), Long Beach ($54.0 billion, 5.0% increase), Santa Monica ($34.4 billion, 3.8% increase), Beverly Hills ($31.9 billion, 9.1% increase), and Santa Clarita ($30.7 billion, 7.1% increase).

The top three fastest growing cities in the county in 2017 were El Segundo at 11.6% growth, Hawaiian Gardens at 10.9%, and Avalon at 9.3%. The growth is attributed to a strong real estate market and increasing demand for new multi-family residential properties. 


 

Rives Mansion hits the market for $1.3 million

 The historic Rives Mansion in Downey went on the market Friday with an asking price of $1.3 million. Photo by Alex Dominguez

The historic Rives Mansion in Downey went on the market Friday with an asking price of $1.3 million. Photo by Alex Dominguez

DOWNEY -- Downey’s historic Rives Mansion is officially for sale.

After what has been a turbulent few years for Downey’s iconic property, the foreclosed mansion officially went on the market Oct. 6 with the bank listing it at $1.3 million.

Steven Padilla of Century 21 A Better Service is the listing agent.

Located at 10921 Paramount Blvd., the mansion is a six-bed, three-bath property with a formal living room and study. Most of the bedrooms include a balcony.

According to Padilla, potential buyers must approach the city with plans for their intentions for the property. Once the city gives approval, the potential buyer can then submit an offer. The bank has no say in the mansion’s future use.

It is unclear if those plans must include use for the water tower and the garage in the back of the property.

Padilla estimated it will take about $200,000 to $250,000 to bring the mansion "back to its glory," but he admitted that was just a guess.

The City Council discussed the property during the closed session portion of Tuesday's regularly scheduled meeting but it was unknown under what context. 

Built in 1911, the home was constructed by L.A. County district attorney James Rives and is listed on the U.S. Department of the Interior's National Register of Historic Landmarks as "a most interesting link to its agricultural past before Downey's mass suburbanization after World War II." 

Average price for 1-bedroom apartment in Downey grows to $1,400

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DOWNEY -- The average rental price for a 1-bedroom apartment in Downey rose 2.2% to $1,400 last month, according to figures released today.

The average price for a 2-bedroom unit in Downey remained flat at $1,750. 

The Zumper Los Angeles Metro Report analyzed active listings in September across 19 metro cities to show the most and least expensive cities and cities with the fastest growing rents. The California state median was $1,699 last month.

Santa Monica rent grew to $3,350 last month, holding onto its position as the most expensive in the metro.  Pasadena, substantially less expensive than Santa Monica, ranked as the second most expensive city with rent at $2,190.

Palmdale rent, though the fastest growing in the metro last month, remained the most affordable by far at $760.

Pomona followed suit as the second priciest city with rent at $1,260. Bellflower barely inched out Pomona with rent at $1,270.

West Covina rent had the largest yearly growth rate in the metro, up 15.4%. Burbank followed closely behind as second with rent climbing 15.3% since this time last year. Norwalk was third with rent up 14.2%.

Today's report came on the heels of statistics released by the Downey Association of Realtors that showed house prices also escalating, with the average home now costing more than $600,000.

Open House: 7615 Brookmill Rd.


7615 Brookmill Rd.

3 bedrooms
3 bathrooms
2,299 sq ft. 
20,000 sq. ft lot on a private street
Approximately 1,000 sq. ft. pool and recreation room
 

Price: $1,199,000
Open House: Sunday, Aug. 20, 12-4 p.m.

Contact: 
Jeff Worthy
Worthy Properties
(562) 659-2245
jsworthy@hotmail.com