1954 Micheltorena Street
Single family. Anyone searching for support that the market is turning should look no further than Silver Lake / Echo Park where in April 2009 million dollar properties are getting bidding wars and REOs are flying off the shelves.
There were 21 single family home sales in April 2009. The median sale price was $545,000, up from a median of $505,000 in February – March 2009.
Two sales were for over $1 million and nine were under $500,000. Five of the 21 sales (24%) were bank-owned properties, all selling for under $400,000.
On the high end, 1954 Micheltorena Street sold for $1,890,000, above the $1,849,000 asking price, in seventeen days. This pool home in the Moreno Highlands has 4 bedrooms, 3.5 baths, 3,148 sq ft of living area and a 13,721 sq ft lot.
2712 Armstrong Avenue
A stone’s throw across the Silver Lake Reservoir, 2712 Armstrong Avenue sold for $1,215,000, $115,000 above the $1,100,000 asking price, in 22 days. This home has a pool, 3 bedrooms, 3 baths, 2,895 sq ft of living area and an 8,650 sq ft lot.
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Four statistics support what many homehunters are experiencing in Silver Lake / Echo Park: it’s a tight, competitive market. In April 2009, 21% of single family homes in Silver Lake / Echo Park are in contract – a two-year high. There is currently a 2.7 months supply of inventory – a two year low. Half of all properties went into contract in 22 days or less. There are currently 33 pending sales.
The sense that the worst part of the economic crisis has passed, interest rates at 50-year lows, and the $8,000 first-time buyer credit seem to be creating momentum in the market. Multiple offers and bidding wars are becoming the norm.
In Silver Lake / Echo Park, which traverses the spectrum from low-priced REOs to luxury pool homes, there is strong evidence that a real estate recovery is underway. After two years of languor, it’s time to adjust to the new “new”: it is a tight, competitive market.