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Monday, April 14, 2014
Around The Eastsider:

March was a million dollar month for Silver Lake real estate

Photo by EdmundV/Flickr

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

 

HomeSales PriceAsking PriceSquare Footage
1807 N. Dillon St.$1.25 million$1.39 million2,161
2055 W. Silver Lake Dr.$1.37 million$1.59 million4,213
2118 Michteltorena St.$1.47 million$1.74 asking2,244
3007 Angus St.$1.289 million$1.289 million2,400
2483 Lindsay Ln.$1.231 million$1.199 million3,210
Source: Redfin

 

5 comments

  1. Houses are selling fast if priced right. Our price range is much lower, but we are looking in all of the areas mentioned above, and anything in the correct price range is going pending within 5 days.

  2. Masteroftheobvious

    Also recommended us Atwater village which has lower prices but much closer to silverlake than some of the neighborhoods you mentioned

  3. It just goes to show that a depressed housing market is not necessarily nationwide – in neighborhoods like Silver Lake houses are not just selling but selling in multiple offers.

  4. Not surprising, but if you want the feel of Silver Lake/Echo Park at 30% off, definitely check out Northeast LA (Hi Park, Mt. Wash, Cypress Pk, Glassell Pk). You can also find deals in Eagle Rock and Silver Lake/NE LA inspired hoods in Glendale’s Adams Hill (91205). Adams Hill is the best kept secret of all.

  5. Ms. Do failed to mention Echo Park in her list of alternatives. Maybe an obvious choice given the proximity to Silver Lake.

    I see Echo Park giving a tidy return on investments especially as the real estate market heals…

    I’m not as familiar with these other areas but I do know that Sunset Blvd doesn’t run through ‘em!

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