Many Silver Lake residents were upset when the developers of a 26-unit Silver Lake condo complex at the corner of Glendale and Silver Lake boulevards gouged out a chunk of hillside to insert three, boxcar like buildings into the property. Since the project was completed in 2005, the same part of Silver Lake has seen the construction of the striking new Silver Lake Public Library, the opening of new restaurants, bars and shops on Glendale Boulevard and the completion of the nearby Silver Lake reservoirs walking path and grassy meadow. But apparently none of these new neighborhood amenities will help one of the condo owners avoid take a beating on a unit purchased near the top of the real estate boom. A “cool condo” in the development went on the market this week at an asking price of $325,000. That same, 980-square-foot unit with oak floors sold for $620,000 in 2005, according to Redfin. Ouch. That’s painful drop but perhaps a bottle of pinot noir from the nearby wine shop will take some of sting out of that price plunge.
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