In L.A.'s High-Low Market, New Highs in Silver Lake and Echo Park

Today's report on home sales told us the L.A. real estate market is in its worst slump in 12 years. But it's a weird, schizophrenic, high-low market -- prices are still rising in trendy neighborhoods all over town, as Curbed LA points out tonight.

Silver Lake (pictured): A six-bedroom compound with a pool and city views: $3.495 million, causing a reader to remark, "I can't remember a home price even close to this. It's off the charts and not even on the fancy side of the lake."

Also pricey enough to merit its own post, an Echo Park spec home designed and built by Judson Williams will list for $800,000. Curbed LA's comment: "Zut alors! $800,000 in Echo Park!"

Comments? Insights?
Photo Credit: CLAWMLS via Curbed LA

On the Caravan: Five Houses in Los Feliz/Silver Lake

Brokers' Caravan is for brokers to see brand-new listings -- but sometimes they are brand-new versions of old listings. Such is the case with 3660 Amesbury in Los Feliz (pictured), a beautifully restored, 5,300-square-foot Spanish Revival with circular staircase and sweeping city views. Originally listed at $4.395 million, it is now back for a second act at $3.695 million. "It was listed again at where the market is," explained Carole Gillie of Prudential California Realty. Carole, by the way, serves an outstanding virgin Margarita.

Local realtor Eugene Ridenour of Prudential California Realty also took me to see 2150 Winona Blvd in Los Feliz: 4-bedroom, 4-bathroom, 2,900-square-feet, $1.285 million. Hasn't been on the market in 30 years, and is cluttered. Very cluttered. You'd need X-ray vision to see the bones of this house.

Across the 5, in once-cheap Atwater Village, 3511 Garden Avenue is a 1300-square-foot, 3-bedroom, 2-bath listed at $719,000. "This used to be a $500,000 neighborhood, max," Eugene observed.

811 Maltman Ave has that Silver Lake vibe -- jammed close to a narrow street, it's a redesigned, two-story 1925 home with brand-new, distressed Brazilian wood floors, a private courtyard and three balconies. Two bedrooms, two baths, 1,551 square feet on a smallish 3,192-square-foot lot, listed at $839,000.

5146 Los Fancisco Way in Los Feliz was so interesting (classic mid-century post and beam) I'm going to do a separate post on it.

3980 Prospect Ave in the Franklin Hill area of Los Feliz is an airy, 2-bedroom, 2-bath traditional home listed at $789,000, and it's not going to last. The conversation between Eugene Ridenour and the listing agent went like this:
Eugene: Are you open Sunday?
Agent: It'll be gone.
Eugene: You already have an offer?
Agent: Four.

Comments, thoughts, insights? Always welcome.

Micro-Market Snapshot: Los Feliz/Silver Lake

LOS FELIZ -- A quick snapshot of the housing market in Los Feliz/Silver Lake: Mixed, but still quite strong in the $1 million-and-below price range. On "brokers' caravan", LA Land popped into eight open houses with local local realtor Eugene Ridenour of Prudential California Realty (more about specific houses in a later post). Only three of those homes were priced under $1 million, and one of those was already gone: it drew four bids in three days on the market.

"Price points under a million are selling quickly," Ridenour said, and inventory in that price range remains tight. "Once you get to the $1.5 million range, there is a lot more to choose from," he said, and properties are tending to sit on the market. At that price point, "There are still a lot of overpriced homes that aren't moving."

He senses hestitation creeping into buyer psychology: "The number of 'ready-to-buy' buyers is down. Buyers are not eager to buy -- not with all the nay-sayers out there. I really feel the media is doing a disservice to the market."

Foreclosures? "We don't see a lot of foreclosures around here," he says. "If someone's waiting to buy that $1 million foreclosure, it's not going to happen."

Bargains? No longer in once modest Atwater Village: "That neighborhood used to be a $500,000 neighborhood, max." Not so any more: a single-story home there sold for over $1 million last year.

About Eugene: Grew up in the area, attended John Marshall High (where "Grease" was filmed) and USC, is part owner of the downtown bar "Library Bar."