A Seller’s Market Returns to Echo Park, Silver Lake & Highland Park

A Seller’s Market Returns to Echo Park, Silver Lake & Highland Park

The tides have turned this Summer.  The LA Times reported the story several weeks ago and, despite UCLA Anderson’s June 20, 2012 Forecast citing a California real estate market “in the trough or declining toward it,” the Los Angeles real estate market is anything but.

With available home inventory low, mortgage rates lower, and demand at an all-time high, motivated Buyers are vying and driving home prices far north of list price.  Armed with overseas cash, Baby Boomer patronage, or accumulated years of mattress lining, the new home buyer has patiently waited for a competitive market that is predominantly localized.

An Echo Park 2+1 cottage built in 1910, at a modest 1,030 square feet,  garnered 7 offers (3 of which were all cash) and sold $10k over the list price of $595,000.

In Silver Lake, quietly in its own bubble for homes within the coveted Ivanhoe School District, an 1930s ivy-covered 3+2 outlier within rising API-scored Micheltorena Elementary took in 10 offers and sold to an all cash Buyer $131,000 over the asking price of  $819,000.  With only 1,300 square feet of living space, good thing there’s a pool to lounge by.

Leading the pack in all its multiple offer glory: a Highland Park 1920s bungalow that stunned the local brokerage community with 74 (seventy four) offers!

Priced at $379,000 for 3 bedrooms, 2 baths in approximately 1,400 square feet, the home is rumored to be in escrow in the high $500s to low $600s.

The home’s master bedroom features a clerestoried skylight, while the kitchen’s wood-paneled cabinets were accented by vaulted ceilings.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There’s clear indication that the homes in Echo Park, Silver Lake, and Highland Park are no exception to the current trend throughout Los Angeles — it’s a Seller’s market for homes that are priced well, in good condition, and well sited.

For the first time Buyer, the process can be daunting and frustrating.  It may take several offers before you’re able to open escrow on the right home.  And, preparedness is key.  Most Buyers should have a lender pre-approval letter and proof of funds ready.  For Sellers,  de-cluttering the space and possible furniture staging are both advisable.

If you’re curious about the next step in either buying or selling, feel free to contact Jovelle Schaffer of Sotheby’s International Realty, Los Feliz at (213) 718-1110.

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