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Scenes of a hot real estate market from NELA and Silver Lake

The spring home buying season has gotten off to a strong start, with some housing observers predicting that the median sales price for the Los Angeles area will finally match or top the peak pre-recession levels of a decade ago.  An L.A. Times story provided some examples of what house hunters face in places like NELA and Silver Lake, where batches of new million-dollar homes are being sold before construction is even finished.

In Northeast L.A.  Elizabeth Rodriguez and her husband bid on 11 homes and wrote love letters to sellers before they were able to buy a 3-bedroom property in Glassell Park for $799,000 – $100,000 over the asking price.  Meanwhile, in Silver Lake, those who attended the grand opening of the COVO discovered that six of the $1 million, 3-bedroom townhomes were already in escrow, purchased by people who had joined the developer’s interest list. By the time the weekend was over, only three homes were available, according to the developer’s website.

“Anything in L.A. that we build, it sells out immediately,” home builder  Michael Marini told The Times.

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