Despite reports of multiple offers and bidding wars in some neighborhoods, it’s relatively rare for home sales prices to exceed the record levels set more than five years ago after the last real estate boom was going bust. But there is apparently one Echo Park home seller who is going to try and beat the last round of peak prices. The three-bedroom, nearly century-old Craftsman-style home at 2412 Echo Park Avenue recently went on the market at an asking price of $879,000, according to Redfin. That’s $78,000 more than what the house in the Elysian Heights section of Echo Park sold for in February 2005. Will two fireplaces, vaulted ceilings and marble kitchen counters justify a new peak price?
To give you an idea of how far prices have to climb to reach the old peak prices , just review the monthly median sales prices recorded by DataQuick. Last May, the median sales price in Los Angeles was $320,000. In Dec. 2006, the Los Angeles median was $522,000.