In his new Los Angeles architecture blog, Moby features a photo of a lemon-yellow Silver Lake bungalow (pictured at top) to illustrate a post about how affordable L.A. is for working artists compared to New York, London and San Francisco. The electronic music star tells of how a friend recently purchased a two-bedroom condo “in a pretty nice part of l.a.” for $250,000 that would probably fetch $1 million in New York. The result, he said, is a “brain-drain” of artistic talent from those high prices cities to Los Angeles. Said Moby:
I know nothing about the [Silver Lake] house in this picture except that: a-it’s kind of beat up. b-it has spectacular views of griffith park and huge swathes of l.a. c-it probably costs 1/10th as much as it would cost in any other big, western city.
But what if Moby’s friend had gone house hunting in Silver Lake? That friend and any other working artist would find very little to buy for $250,000, based on what’s currently on the market. In fact, according to Redfin, only three of the Silver Lake homes now on the market are priced below $250,000, and one of those is in escrow.
What’s available includes a $149,000, 572-square-foot house – located near the 101 Freeway – that has been vacant for several years and is “in extremely poor condition,” according to the listing. There is also a two-bedroom condo priced at $239,000 located inside a sad-looking box of a building on Fletcher Drive halfway between the Astro coffee shop and Rick’s Drive In and Out.
Even that beaten up bungalow Moby took a photo of is probably a budget-buster for a working artist with $250,000 budget. The county assessor, according to City-Data.com, valued the 1,344-square-foot home on and lot on Lucile Avenue at $269,000.