Silver Lake - Echo Park Market Round-Up: July 2009

Sixteen houses sold in the Silver Lake - Echo Park neighborhood during July 2009 with a median sale price of $754,000. Three of these sales were foreclosures -- all of which sold for $454,000 or less. Excluding the bank-owned properties, the median sale price for July was $810,000.
Two sales were for over $1 million. 2331 Cove Avenue sold for its $1,750,000 asking price. This 3 bedroom, 2 bath 2,316 sq ft home sits on a 15,000 sq ft lot and is a Los Angeles cultural monument (four modernist architects designed it, the former head of Arts Center lived there.)
2501 Kenilworth Avenue sold for $1,010,000, 8% below its $1,100,000 asking price after only 2 days on the market. This Spanish home has 3 bedrooms, 1.75 baths, 1,905 sq ft of living area on a 5,035 sq ft lot. The house is in the Moreno Highlands and also the Ivanhoe School District.
1337 Westerly Terrace illustrates how first-time buyer interest is bidding up prices. This 2 bedroom, 2 bath house with views of Downtown was listed at $629,000 and sold at $710,000 in multiple offers, 13% above the asking price. The house is on a 4,720 sq ft lot and was on the market eleven days.


In the domain of distressed properties, buyers are also finding a competitive market. 2215 Reservoir Street, a foreclosed (REO) 1 bedroom, 1 bath home with 768 sq ft of living area on a 2,482 sq ft lot was listed at $245,025. After eleven days on the market, it sold for $301,500 -- 23% over its asking price.