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Monday, September 26, 2016

Eastside Property Report: Suitable substitutes for Echo Park & Silver Lake


Could a home buyer with dreams of a Silver Lake Reservoir view be content to gaze out upon the Eagle Rock instead? Could a couple looking for a hillside Echo Park cottage near Elysian Park find happiness in a Highland Park Craftsman-style home within walking distance of the Gold Line? Many buyers who can’t find what they are looking for in their budget in either Echo Park and Silver Lake are being steered north by brokers to what they view as the comparable but more affordable neighborhoods of Highland Park and Eagle Rock. “Priced out of Silverlake? You can buy a character home with original details, charm, style, comfort in the heart of Eagle Rock!” reads the pitch for a two-bedroom Linda Rosa Avenue home listed for $449,000 on Trulia. Meanwhile, Echo Park-based broker Ken Shapiro made a case for Highland Park on Curbed LA: “Highland Park is quite an intriguing alternative these days. Not that we at Silverwood are abandoning Echo Park, not by a long shot … Only problem is, not many people are selling in Echo Park right now.” Home sales and prices – at least in February – supported the brokers’ claims.

The median sales price for the 90026 Zip Code, which includes most of Echo Park and a large portion of Silver Lake south of the Silver Lake Reservoir, stood at $325,000, according to figures compiled by DataQuick and published by the LA Times. In contrast, the median in Highland Park’s 90042 Zip Code was $303,000.

The median price in Eagle Rock, Zip Code 90041, doesn’t seem necessarily affordable at $419,000. However, it was still below the $525,000 median for northern Silver Lake in the 90039 Zip Code.


Top left photo by Alossix; top right by Tonx; bottom right by Cherlyljns; bottom left by Audelising;



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One comment

  1. I don't know #2, when properties in EP come up they vanish in about a week or two because 100 people showed up at the open house. I have been looking for a house in the area for the past year and everything that I looked at moved quickly. Unless of course there were serious structural issues like cracks in the foundation that you could stick your whole hand into. Even then, they do eventually sell, because someone is just going to ignore that and rent the place out.We are finally done though. We got a house in Mount Washington. Yea!!!

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