The rumor in Los Angeles is that it's the time to buy. Rates are low and may be going up sooner than later. My long time favorite area has always been Silverlake and Echo Park. The other day I was surprised to find my first home at 1521 Parmer Ave listed at $321,300. Wow! What a deal. I jumped in the car and showed it immediately, finding hordes of people scrambling around it. I purchased that home back in 1998 for a mere $210,000 and I sold it just a year later for nearly $300,000. Thus my obsession with real estate in Los Angeles was further fueled. I heard that house has offers close to $500,000 - over $150k above asking!!! At the height of the market it was listed for well over $600k with no takers, and it later became an REO (bank owned property). This made me further speculate. Has the burst housing bubble started to recover?
I recently reviewed the housing stats as of March 2010. The median price in Silverlake/Echo Park, commonly referred by real estate agents as area 21, show a significant upswing. For single-family homes as of March 2010, the median price was $563,250. This is up from March 2009 when the median price was $500,500. What an improvement! I recently listed a charming duplex in Angelino Heights that hadn't been listed in some 90 plus years at $699,000. We received 5 offers in just a few days! Wow! Now that's a recovery! Upon further investigation, it appears (like my former Parmer home) that buyers are lining up in droves for non-REO properties and regular sales, which has contributed to the recovery the Silverlake/Echo Park housing market. However, total dollar volume (the total amount of sales) is down from $29,428,085 in March 2009 to $17,534,744 as of March 2010. Still, prices appear to be at least stabilizing and possibly increasing. I'm eager to see what the rest of the year brings for the Silverlake and Echo Park housing markets. One cannot refute the fact that the area has continued (and will continue) to to be a draw in the coming years.
The Carrabba Group
Keller Williams Hollywood Hills
P: (323) 899-2900