The Silver Lake - Echo Park market is on fire. Consider these market stats that compare November 2008 sales vs. the November 2009 sales in that neighborhood:
- Number of houses for sale -- down 49%
- Percent of houses under contract -- up 134%
- Number of houses sold -- up 75%
- Months supply of inventory -- down 67% -- currently 2.9 months
While many neighborhoods have experienced declining prices and languid sales, houses in Silver Lake / Echo Park are moving at a rapid clip. What can this sales momentum be attributed to?
- The median sale price of $550,000 means puts this market squarely in the target of first-time buyers who can take advantage of low interest rates and the $8,000 first-time buyer credit
- The abundance of foreclosures (REOs) that listed at "market" price -- priced to sell
- The location that is central to Downtown, Hollywood, Freeways, etc.
- The excellent housing stock, great landscaping and views, and the eternally "hip" nature of this neighborhood
Let's take a look at some properties that have sold in the past four months.
The highest sale was 1935 Micheltorena Street, which closed at $1,600,000. This moderne home has 4 bedrooms, 4.5 baths, 4,141 sq ft of living area on a 25,177 sq ft lot.
Another $1 million+ sale illustrates how offers above asking-price are still very much part of the market. 2700 Armstrong Avenue sold for $1,300,000 -- $231,000 over its $1,069,000 asking price. The home has 3 bedrooms, 2.5 baths, 2,779 sq ft of living area on a 8,319 sq ft lot.
Some of the better properties are trading at nearly $600/sq ft. 2038 Redcliff Street sold for $1,200,000, just above its asking price. The home has 2 bedrooms, 2 baths and 2,046 sq ft of living area on a 7,013 sq ft lot. This sale amounts to $587/sq ft.
The mid-range properties in Silver Lake are also selling for above asking price. 1708 Rotary Drive, with 4 bedrooms, 2.5 baths, 2,400 sq ft of living area and a 5,102 sq ft lot sold for $800,000 -- $105,000 above its $695,000 asking price.
Short sales and REOs are a major source of deals. 833 Coronado Terrace, a short pay, sold for $468,000 -- $88,000 above the listed price of $380,000. This home has 3 bedrooms, 2 baths, 1,662 sq ft of living area on a 6,997 sq ft lot.
And, what can you get for a "paltry" $300K? This fixer at 1617 Edgecliffe Drive has 2 bedrooms, 1 bath, and 859 sq ft of living area on a 3,963 sq ft lot. But you'd better act fast when you see a deal like this -- it was only on the market for 6 days and sold for $306,000 -- $7,000 above the asking price.
The highest sale was 1935 Micheltorena Street, which closed at $1,600,000. This moderne home has 4 bedrooms, 4.5 baths, 4,141 sq ft of living area on a 25,177 sq ft lot.
Another $1 million+ sale illustrates how offers above asking-price are still very much part of the market. 2700 Armstrong Avenue sold for $1,300,000 -- $231,000 over its $1,069,000 asking price. The home has 3 bedrooms, 2.5 baths, 2,779 sq ft of living area on a 8,319 sq ft lot.
Some of the better properties are trading at nearly $600/sq ft. 2038 Redcliff Street sold for $1,200,000, just above its asking price. The home has 2 bedrooms, 2 baths and 2,046 sq ft of living area on a 7,013 sq ft lot. This sale amounts to $587/sq ft.
The mid-range properties in Silver Lake are also selling for above asking price. 1708 Rotary Drive, with 4 bedrooms, 2.5 baths, 2,400 sq ft of living area and a 5,102 sq ft lot sold for $800,000 -- $105,000 above its $695,000 asking price.
Short sales and REOs are a major source of deals. 833 Coronado Terrace, a short pay, sold for $468,000 -- $88,000 above the listed price of $380,000. This home has 3 bedrooms, 2 baths, 1,662 sq ft of living area on a 6,997 sq ft lot.
And, what can you get for a "paltry" $300K? This fixer at 1617 Edgecliffe Drive has 2 bedrooms, 1 bath, and 859 sq ft of living area on a 3,963 sq ft lot. But you'd better act fast when you see a deal like this -- it was only on the market for 6 days and sold for $306,000 -- $7,000 above the asking price.
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