Silver Lake-Echo Park Home Market Mid-2010: Reservoir-Side Mid-Century Cool Sells Alongside Hillside Bungalow REO Shacks; 25% of Sales Foreclosures or Short Sales
What Silver Lake-Echo Park offers is a character neighborhoods with a wide range of property types, a funky vibe, and some of the best views and vistas (and twisty, winding streets) in the city.
What has also characterized Silver Lake - Echo Park in the past 6 months is a "hot" market and an abundance of distressed properties (foreclosures and short sales), most selling under $500,000.
On the higher end (the top 25% of sales, homes selling at $715,000 and above), the average days on the market was 27. This is by any standard is considered a highly competitive market in which buyers are forced to view and then write offers on homes without a long consideration period.
A full 25% of sales in the past six months have been distressed properties, presenting a "clearing" of bank inventory and homes owned by delinquent buyers. This market seems to have reached a capitulation point where many sub-prime loans which owners could not afford have now been voided from the market, offering dramatically lower prices for these B- and C-quality properties.
But the A-quality properties are very much in demand, with five homes selling for more than $1 million during the period.
Across the Reservoir, in the Moreno Highlands, 2214 Panorama Terrace sold for $1,150,000. This 3 bedroom, 3 bath mid-century home has 2,478 sq ft of living area, a 5,000 sq ft lot, and a pool. It sold after 33 days on the market.
One of the fastest sales was just down the road at 2143 Panorama Terrace. This ultra-cool 1953 mid-century sold for $1,136,750 after only 7 days on the market. This home has 3 bedrooms, 2 baths, 5,170 sq ft of living area and a pool.