Thursday, March 6, 2008

Silver Lake - Echo Park Market Round- Up: February 2008

Silver Lake Reservoir, Silver Lake, Los Angeles

Silver Lake - Echo Park (Area 21) -- Twelve homes sold in Silver Lake - Echo Park in February, up from a dismal seven sales in January. Two sales were over $1 million -- 1718 Maltman, which sold for the asking price of $1,100,000 in two days -- and 2600 Ivanhoe Drive, which sold for $1,015,000 after 137 days (reduced from original $1,195,000.) Two bungalows on Maltman sold for $549,000 and $544,000, as previously reported representing values edging $1,000/sq ft. There are currently 129 single family homes on the market in the area -- with a median asking price of $729,000. Silver Lake-Echo Park is primed to benefit from the increase in the conforming loan limit -- fifty percent of the home there have sale prices below the new limit of $729,750.