The sale of million dollar homes in Silver Lake is not uncommon. In fact, more than 20 homes fetched a million dollars or more in 2011 even as the real estate market struggled to emerge from a years long slump. But the Silver Lake million-dollar home market seems to have gotten off to a strong start this year, with five homes selling in excess of a million in the month of March alone (it would have been six but one sale came in at $995,000), according to Redfin (click on link below for a chart). The completed sales ranged from a $1.23 million contemporary flip on Lindsay Lane to a traditional, 2-bedroom home on Micheltorena Street that sold for $1.475 million. Some properties sold for under asking and took months to sell while others sat on the market for only a few weeks before being snapped up. What’s going on?
Real estate agents speak of a relatively low number of homes available for sale in the choice areas that surround the Silver Lake reservoirs and fall within the Ivanhoe Elementary attendance area. “Good housing inventory is hard to come by in Silver Lake, and buyers will pay a premium for a home that meets their criteria,” said agent Matt Morgus.
Agent Tracy Do* notes that only one of the million dollar homes sold in March was outside of the attendance area of Ivanhoe, which servers the northern end of Silver Lake. She also notes that the inventory of homes for sale is the lowest it has been since about 2007. “Buyers are thirsty for homes that are ready to move into, like the home on Dillon Street, which was not within the Ivanhoe School district but has larger square footage and was recently renovated,” she said.
Where is a buyer to go when they are priced out of north Silver Lake? Do is recommending her buyers look into Highland Park, Eagle Rock, Glassell Park, Mt. Washington, and Montecito Heights.
* Do is an Eastsider advertiser.
Silver Lake Million Dollar Home Sales in March
|Home||Sales Price||Asking Price||Square Footage|
|1807 N. Dillon St.||$1.25 million||$1.39 million||2,161|
|2055 W. Silver Lake Dr.||$1.37 million||$1.59 million||4,213|
|2118 Michteltorena St.||$1.47 million||$1.74 asking||2,244|
|3007 Angus St.||$1.289 million||$1.289 million||2,400|
|2483 Lindsay Ln.||$1.231 million||$1.199 million||3,210|