Silver Lake Area Real Estate News And Information: September 2009

VIVE Los Feliz! - Small Lot subdivisions taking off in Eagle Rock, Silver Lake and soon to be in Los Feliz as well

Back in 2005, Los Angeles passed the Small Lot Subdivision ordinance which allows for the creation of a unique housing option. Rather than build condominiums, developers can subdivide multifamily lots and commercial parcels into smaller parcels and build individual homes on them. These homes have smaller lots than traditional single family homes, but generally come with smaller price tags as well. There are no home owner association dues per se, but owners are typically prohibited from making significant changes in the appearance of the building's exterior. 

Perhaps you are familiar with Eagle Rock's Rock Row.

 
Rock Row is a small lot subdivision on Yosemite Dr. in Eagle Rock developed by Heyday Partnership. Hayday is a a develop-design-build firm founded by brothers Kevin and Hardy Wronske in 2001.   The 15 individual units priced between $442,000 and $569,000 sold out in just four weeks.  These units are said to be Leed Certified- environmentally conscious. The units were crawling with buyers from the first day the models were open. Apparently Angelinos think such homes are a great condo alternative.

Other developers are taking advantage of the ordinance to build such homes like Modative's Fay Avenue Art District Dwellings- a collection of 7 homes in Culver City. There are other small lot subdivisions springing up throughout the county in Venice, Marina Del Rey, Sherman Oaks and across the map.

With little vacant land available for new construction. Small lot subdivisions allow for increased housing density without contributing to urban sprawl. 

Silver Lake has it's own small lot subdivision, Auburn 7.
These units were completed in 2008 and many were sold during the preconstruction and construction phases. Tax records show the last units closing as late as June of this year.

All 7 homes have 3 bedrooms and 2.5 baths with square footage of 1900-2859sf.  These homes sold from $799,000- $930,000. Not cheap, but for new constructions, lots of living space and being located in the Silver Lake's popular Ivanhoe School district, it's not all that surprising. They're also just a hop, skip and a jump from Silver Lake's Edendale Grill with easy access to both the 5 and 2 freeways.

So what's coming our way next? You guessed it, Los Feliz is about to get its first small lot subdivision as well. 

The new project, VIVE, is a set of 6 modern, eco-friendly "vertical environments" (a term coined by the project's architect/developer, Ric. Abramson) currently under construction on Rowena Avenue, south of Los Feliz Blvd.  VIVE stands for VI V. E. as in "6 vertical environments"- slick, eh?

VIVE features contemporary design and environmentally friendly landscaping. There are 3 floor plans to choose from (See artist rendering below from the developer's site), each featuring 2+ bedrooms, high ceilings, large private outdoor living spaces that open to the kitchen and living room. 

The buildings are constructed from recycled metal with high-end interior finishes and energy efficient Bosch appliances.  The homes are expected to be completed in the late fall with prices starting in the $800,000s.

With such high price tags, I don't see many Silver Lake or Los Feliz area first-time homebuyers being able to afford one of these homes. Even so, such developments will no doubt continue to spring up in the area. They do increase neighborhood density but I think most neighbors would agree they are more welcome than apartment buildings or conventional condominium projects.  I, for one, am looking forward to seeing the finished project!

For more information on Silver Lake, Los Feliz, Eagle Rock and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Silver Lake CA's Moreno Highlands Streamline Moderne hits the market in Ivanhoe School District

If you've been looking for a good sized home in Silver Lake California's Ivanhoe School District, your wait may be over. A 3 bedroom, 4 bath, home of 2600+ square feet just came on the market in Silver Lake CA.

Located at 2336 Moreno Drive, this 1940 Silver Lake CA home was designed and built by noted architect Harry Hayden Whiteley.  It's one of few examples of Streamline Moderne architecture on this side of the Silver Lake Reservoir. The design emphasizes long horizontal lines and curving forms noted in the entry way and balconies. There is also the somewhat nautical feel expected in this architectural style found in the porthole -like windows and original magnesite spiral staircase.

 Besides a superb location, this home offers a lush back yard, green houses, gleaming hardwood floors and a view of the Silver Lake Reservoir and the hills beyond. Better hurry, this Silver Lake CA home might go fast!

If you're interested in this home or would like more information on Silver Lake, Los Feliz, Echo Park and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Bank owned Mid Century Condo in Echo Park just came on the market

That's right! A unit in the cool Mid Century modern complex in Echo park is bank owned and ripe for the picking! 

If you haven't heard of Lago Vista in Echo Park, Check out my recent post on this property.

 The complex was designed by a Mid Century Modern architect by the name of Allyn E Morris.

Unit # 203 came on the market Sept 10, 2009 for the listed price of $371,000.  This unit is a 2 bedroom,  bath condo with a teriific view of Echo Park Lake and all the amenities of Lago Vista including panoramic views, relaxing pool and security.

There is currently one other unit available in this Echo Park condo complex.  Unit 512 was the architect's own unit. It has been totally renovated and is the only unit with a working fireplace. It also has an extra large patio overlooking Echo Park Lake and comes with 2 dedicated parking spaces. This unit is in the back building and in great condition and is listed at $439,000. At $371,000 the bank owned listing is a bargain!

  If you are interested in either of these units or any other condos, houses, or income properties in the Silver Lake and Echo Park areas, call me directly at 213-215-4758 or check out my website at LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

The Cheese Store of Silver Lake - A great place to shop  for cheese, wine and other tasty treats in Sunset Junction in Silver Lake

Sure, you can get a variety of cheese, wine and gift basket fare at Trader Joes, in Silver Lake, but for a true gastronomical experience, you should really check out The Cheese Store of Silver Lake. Chris Pollan, the store's proprietor, decided that after 25 years managing music tours, it was time for a change. He spent three years working with a friend at The Cheese Shop of Beverly Hills and decided he'd found his life long passion. So with a sense of adventure, he opened The Cheese Store of Silver Lake in November of 2002. It's pretty obvious from the crowds the shop gathers that this well kept secret is not such a secret any more!

Most local folks are familiar with the great little grouping of shops at the Corner of Sunset Blvd and Sanborn Avenue in the Sunset Junction area of Silver Lake. Pollan was somewhat of a pioneer when he open The Cheese Store of Silver Lake in what had been a veterinarian's office tucked behind a carniceria facing Sunset Blvd. Honestly, when the Cheese Store opened in 2002 I knew change was coming to the area in a big way. The carniceria is no longer, and that building now houses  Silver Lake's hugely popular Intelligentsia Coffee Bar. Just to the right of the Cheese Store you'll find Café Stella with it's patio dining. Apparently Pollan's crystal ball was working perfect in 2002- talk about picking the right location at the right time! (Speaking of crystal balls, if witchcraft and fortune telling are your thing you should check out  Cauldron Kitty in Silver Lake).

The Cheese Store of Silver Lake is 1000 square feet of some of the most fabulous cheese, salamis, wines and accoutrements anyone could ask for, but cheese is definitely the staring attraction.

The Cheese Store of Silver Lake carries alot of domestic cheese in order to support American producers but you'll also find array of cheese from all over the world. The staff is knowledgeable and happy to let you sample before you buy. When I stopped in the store on Sunday I picked up 3 delicious and incredibly different cheese: Raw sheep Manchego from Spain, some incredibly soft and yummy raw Cow Gorgonzola Dolce from California and what turned out to be out favorite- Midnight Moon goat cheese from Holland California. Needless to say, we were delighted with our selections and at the rate we're going we'll be due for another visit  to Sunset Junction next weekend!

The atmosphere at the Cheese Store of Silver Lake is casual and friendly but business is definitely brisk these days. Our last visit was certainly different from the first time we'd been in there. The store was brimming with people eagerly sampling cheeses, asking questions, and checking out the selection of crackers, olives, oils, vinegars, pastas and locally made confections. I had a hard time staying away from the very tempting home made marshmallows near the cash register!

If you're having a house warming party or heading to an evening at the Hollywood Bowl, The Cheese Store of Silver Lake is a great place to get what you need. Besides their selection of fresh breads and Panini sandwiches, you can order picnic baskets and party platters of meats, cheese, fruits and antipasto and grab some crackers to go with it. Need a special gift? The Cheese Store of Sliver Lake can help you with that too. They sell gift certificates and can put together marvelous gift baskets to fit your taste and your budget! Check the chalk board for daily specials.

The Cheese Store of Silver Lake is located in Silver Lake's Sunset Junction at 3926 W. Sunset Blvd with parking behind the store on Sanborn Ave. Open daily, there's someone there to help you Monday - Saturday 10am - 6:30pm and Sundays from 11-5. I think I may just swing in there for lunch one day soon and grab another wedge of that fantastic Midnight Moon Goat Cheese!

For more information on Silver Lake, Los Feliz, Echo Park and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Make sure you have adequate home owners insurance on your property

My recent posts about the Station Fire and  home buyers not being able to get home insurance have reminded me of the importance of keeping yourself adequately protected should disaster strike.  I'm not talking about 50 gallon drums of drinking water and being ready for "the big" one. I'm referring to hazard insurance coverage on your home and other property you may own.

 When was the last time you check your homeowners' insurance policy?  Most likely you got your policy when you bought your home and never looked back.  Are you sure that you have adequate coverage?  Like any other insurance, if you wait until you have to make a claim, you could be in for a big shock to find that your coverage may not be what you actually thought it was. 

When you buy a home, your lender requires you to carry enough insurance to cover the cost of rebuilding your home.  But what about your possessions?  Have you made any additions to the property that would not be covered under your existing policy  Your home and belongings need to be protected against possible disaster and liability to third parties should they be injured on your property.

Pull out your insurance policy and see what is actually covered.   Do you live in a flood zone? What about near an earthquake fault?  The type and amount of insurance required will depend on the particulars of your location.  

All homes are not created equal.  Are you living in a home with original hardwood floors and historic architectural details? Are you walls made of lathe and plaster or drywall?  These are important details. Make sure you talk to your insurance agent about the TRUE replacement cost of your home. Should the unthinkable happen, you don't want to find out that the TRUE replacement cost for your home is miles above what it would cost to build a basic house to the same size and configuration without the actual finishes currently in your home.

If you have made any additions to the property, I hope they were done with the benefit of building permits. If not, get down to the city and have the work permitted after the fact. You now have more house to insure, but you don't want to risk your insurance company coming to you later refusing to cover damage due to unpermitted work. If you can't prove that the electrical upgrades were done with the benefit of city inspections, you could have a fight ahead of you should you have an electrical fire down the line. Make sure your insurance agent is aware of any additions or improvements you've made to the property and increase your coverage accordingly.

 Have you lived in your current home a long time?  I bet you have a lot more personal property now than when you moved in.  Put together a list of your valuable possessions. Do you own antiques, jewelry, computers, and electronics now that you didn't own when you bought the house?  Even better than a list- make a video record of your belongs by walking through the house and describing the items as you tape them. Whether you make a video or a simple check list with estimated values, make sure you store it safely somewhere other than in your house! Keep a copy in a safe deposit box; give one to a friend or relative, or both!

Writing this post got me to dig out my various policies for review. Dusty, one of our three cats, decided to give me a hand (paw?) and go through it all.

We all know we need an annual physical and semi annual visit with our dentist. Make sure you have an annual insurance check up as well for your house, your car and even an umbrella policy if your financial situation dictates it.  We all hope we never have to make a claim against our insurance, but should the need arise you'll be happy you've kept your policy in tune with your actual needs.

 
Dusty is pleased to be done getting everything organized!

If you're in need of great insurance agent, it would be my pleasure to refer you. For information on buying and selling real estate in  Silver Lake, Los Feliz, Echo Park and surrounding areas contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Pasadena, Altadena and San Gabriel Mountain foothill Homebuyers may have trouble getting their loans due to the Station Fire in the Angeles Forest

 The station fire is about 50% contained as of today. The fire has destroyed nearly 155,000 acres, including 76 homes, 2 commercial structures and 86 out buildings. The station fire ranks at the largest ever in Los Angeles Count y and full containment is not expected until Sept 15.

 
Here's a photo of the smoke that I snapped while shopping in Pasadena

If you are in escrow to purchase property in Altadena, Glendale, Pasadena, La Crescenta, La Canada or surrounding neighborhoods, please make sure you contact your insurance carrier to confirm that they are currently providing coverage.  One of my clients is in escrow on an Altadena duplex (she understands the value of buying income property), and though the duplexis not in an evacuation area, she is unable secure insurance at this time. Most insurance companies are simply refusing to ensure specific zip codes. When the fire is closer to containment, these zip code restrictions should be lifted but be aware that you cannot get a home loan without insurance so your escrow may not be able to close on time.  This can also affect your interest rate depending on when you locked it and for how long so touching base with your lender is also a good idea.

 My home is not in any danger from the station fire, but having such devastation nearby reminds me of how important it is to have adequate hazard insurance. I'll be reviewing my own coverage this week, which is something we should all do at least annually. It may not be my favorite way to spend an afternoon but should disaster strike, I'm sure I'll be glad to have done it!

For more information on Silver Lake, Los Feliz, Echo Park and surrounding areas like Pasadena, Altadena, and South Pasadena contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com

Silver Lake Real Estate Market Update: August 2009

Well priced Silver Lake real estate is selling relatively quickly.  There is not a particularly large inventory homes for sale in the area right now. The mls show the current active listing inventory to be only 37 homes. The follow chart shows Silver Lake Real Estate Market activity for the Month of August, 2009.

Now let's take a look at some year to date figures from January 1, 2009 through August 31, 2009. These figures are for single family homes in Silver Lake only and to not include Silver Lake condos or income properties.

Silver Lake Home Sales Year-to-date from January 1st, 2009 through August 31, 2009

• Number of Single Family Homes SOLD: 111
• Highest price - $1,890,000
• Median price -$735,000
• Average price -$733,989
• Lowest price - $172,000
• Average Days on the Market - 61
• Average Square footage $1,737.24
• Average price per square foot- $425.06

According to the information provided in the MLS, of the total number of single family homes sold in Silver Lake so far this year, 7 where short sales and 16 where bank owned, meaning approximately 20% of the total where distresses sales.

Silver Lake prices vary by location, school district, property size and condition.  The following chart shows that the majority of sale of Silver Lake single family homes this year have sold between $700,000 and $1,000,000.  If you have been hoping to find a house in Silver Lake for $500,000 or less you'll see that that relatively few homes have sold in that range.  This price range is not only very competitive, but the majority of the properties are major fixers, very small, and/or in less desirable areas.

For more information on Silver Lake, Los Feliz, Echo Park and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com

Broker Associate
Keller Williams Realty, Los Feliz
213-215-4758
http://www.LApropertySolutions.com