Silver Lake / Echo Park Homes up 4% in 2011. Sure, the Market's a Mess, but with 4% Interest Rates, Buyers and Sellers Should Have Confidence to "Get Off the Dime"
We've always loved the the Silver Lake / Echo Park neighborhood of Los Angeles, partly because it's priced at a discount to such other "Westside"-adjacent areas as Los Feliz, Hancock Park-Wilshire, and Beverly Center-Miracle Mile, and is just as nice (if not more scenic.)
|Echo Park Hills|
And how is the Silver Lake / Echo Park "entry market" faring? Quite well. Year-to-date, the median price for a single family home in Silver Lake / Echo Park is $570,000, up 4% over the 2010 median sale price of $550,000. Despite the negative sentiment about the "housing market", the median price in Silver Lake / Echo Park is increasing.
|2011 Median Sale Price up 4%|
The message here is:
- Real estate markets are hyperlocal, and opportunities exist in "neighborhoods", not in the market at large;
- The Silver Lake / Echo Park market "bottomed out" in 2010;
- Owners in Silver Lake / Echo Park looking to "move up" should leverage this market's strength, and capitalize in weakness in some higher-end markets;
- Buyers should take advantage of ultra-low 4% interest rates and jump in to this appreciating market before they are "priced out".