Echo Park home prices jump in September; hot pink Silver Lake Spanish sells for $1.9 million
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Home prices increased just 3.8% in the city of L.A. this September – the lowest price appreciation since June 2012, according to a recent report from real estate brokerage, Redfin. But the Eastside was an exception as it contained some of the most competitive markets in all of L.A. Many Eastside neighborhoods saw the typical home sell within 15 days and above asking price.
The median sale price last month in Highland Park, for example, topped $600,000 – a record for the once-affordable ‘hood. Prices skyrocketed in Echo Park, where the median price of homes sold last month was $735,900, which is more than $200,000 higher than just one year ago. Part of last month’s increase reflected a trio of sales at the pricey Blackbirds development in Elysian Heights, where sales ranged from the $800,000 to the $900,000 range. However, there was also $1.2 million sale on Lakeshore Avenue that bumped the median price higher.
Below are examples of some of the recent Eastside sales. Mount Washington, Echo Park, Eagle Rock and Atwater Village all had home sales in the million-dollar range over the past month. A giant, hot pink Spanish revival in Silver Lake sold for nearly $2 million. On the bright side, you can still get a cozy home with a pool in El Sereno for under $500,000.