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Thursday, November 12, 2009

The million dollar neighbor next door

The hills surrounding the Silver Lake Reservoir feature some of the area's most stunning views - and real estate prices. Values remain far below their boom-year peaks, but nearly a dozen homes sold for a million dollars or more during a recent six month period in the 90039 Zip Code, with almost all of them in Silver Lake (Sorry, Atwater). The seven-figure sales prices might make other homeowners jealous but they often don't come easy.

Silver Lake's million dollar club ranges from a 1928 Spanish-Colonial style house on Armstrong Avenue that sold for $1.3 million; a $1.6 million Art Deco-inspired house on Micheltorena Street with a swooping stairway; and a classic mid-century with guest house on Hidalgo Avenue that fetched $1.015 million, according to a search on Redfin.

"I've seen things pick up in last couple of months at the million dollar range," said real estate agent Dan Ortega at Keller Williams. However, Ortega notes that half of those recent million dollar sales closed at below the asking price. Still, the discounts have not been as steep as in other neighborhoods and the 90039 section of Silver Lake, which includes Moreno Highlands and the Ivanhoe Elementary school district, commands some of the highest prices around.

Meanwhile, don't expect the million dollar property club to add many members in Echo Park, Mt. Washington or Eagle Rock. "I think were still a ways from the point where will see homes in that price point," Ortega said.

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