echo park listings

The changing climate of Downtown Echo Park

2014 is a new year and a lot of changes along Sunset Boulevard in Echo Park. The most notable changes over the past couple of months - popular restaurants and retail businesses leaving, some of which have been around for decades. Restaurants like Barragan's, which opened in 1961 in that same spot, and, just down the road, 35-year old El Conquistador also just closed.

Some empty retail spots are finally getting some attention - a restaurant of some kind is going in to 1525 Sunset Boulevard near Laveta; it's been a few years since anything has happened there. And, despite the controversy surrounding its owners, Lassen's has started working on the former Save-a-Lot next to Walgreens on the corner of Sunset and Logan, which has been collecting dust for a couple of years now.

For those who welcome those changes, empty storefronts are never good for a neighborhood. But some neighbors aren't thrilled with the changes. Having been in Echo Park for over 30 years now, I can understand the sentimental connection for the history of the neighborhood - after all, it's home!

These are cyclical changes - sometimes painful, sometimes great. I remember going to El Studio 1 back in the day; when it closed down in the 1990s, the place just sat there for nearly 20 years. Before we knew it, it became a bustling craft beer restaurant by the name of Mohawk Bend. It's changed, but I'm glad it's no longer rotting away.

The foundation of the communities in and around Echo Park have and are still shifting; whether it be in real estate, in new restaurants, in the quality of life for our neighbors and our families. Despite the loss of many good things through these changes, as inventor Charles Kettering said, "You can't have a better tomorrow if you are thinking about yesterday all the time."


Los Angeles home prices on the rise, but not for long

Home prices in the major metros of the U.S. are still on the rise, with average home prices now looking like its spring 2004 level. In the past year, Los Angeles home prices have gone up 19.2% according to the S&P/Case-Shiller index, while the CAR cites a 31.7% year-over-year price increase, and Trulia a 37.5% increase (wow!).

The major factors contributing to the rise in home prices, especially when it comes to real estate in Los Angeles areas like Echo Park and Silver Lake, are a lack of inventory. Also, interest rates continue to stay at historic lows, even though mortgage rates have recently gone up.

The rise in home prices in Los Angeles is slowing down – from April to May this year, the data shows a price increase of only 2.6%, as opposed to a 3.4% gain from March to April. Mortgage rates are on the rise, and we do expect to see a trickling of homes coming on the market as home values and prices appreciate. Because demand is high, these factors make now a perfect time to consider selling in the Northeast Los Angeles area.

Whether you’re looking to buy or sell, now is a perfect time. Give me a call today!

Foreclosure activity in California dropped dramatically



Big news for California real estate numbers: Foreclosure activity in the state has hit an all-time low since the last housing boom.

During the first quarter of this year, only 18,567 mortgage default notices were filed – that’s 51.4% down from Q4 of 2012, and 67% down from the same time last year. The drop is being attributed to recent regulations placed on foreclosure activity – particular the Homeowner Bill of Rights that took effect on January 1.

DataQuick expects that foreclosure activity will pick up slightly once lenders adjust to these new policies.

Interested in Echo Park real estate or purchasing a home in other Northeast Los Angeles neighborhoods? Contact me today!!

Sunday Open House: 2007 Lake Shore, Echo Park



This listing in Echo Park is a unique opportunity - not only is it nice and big (three bedrooms and 2.5 bathrooms), the back yard is quite large and tucked up against a hill. This is our third listing on Lake Shore, and it's such a fantastic street to live on Echo Park that we expect this property to sell fast. Click here for the photo gallery and location.

Come see it for yourself - our open house takes place on Sunday, June 10, 2012 from 2-5:00 pm.