Yes! It’s a great time to buy residential income property in Los Angeles, especially in rapidly gentrifying areas such as Echo Park, Silver Lake and Sunset Junction. Prices are going up fast and interest rates are still unbelievably low.
I recently ran an analysis of residential income properties in the 90026 zip code for a client looking to purchase a multi-unit property in Echo Park. Any way you look at the results it is clear we are seeing dramatic price increases and significant appreciation on income properties in the Echo Park and Silver Lake areas. In fact, every measure of sales prices in the 90026 zip code showed double-digit percentage increases over the past month and the year-to-date when compared to the same periods last year. The average sales price per square foot of residential income properties sold in the 90026 zip code (the southern part of Silver Lake and most of Echo Park) for the year-to-date has risen nearly 15%. For the month ended December 21st the increase is a whopping 32%. I believe this means prices are starting to rise faster and more significantly than they did earlier in the year, and I expect we will see a continuation of this trend in 2013. Given that we are seeing double-digit percentage increases in average sales prices, units sold, and average price per square foot, it is a great time to buy an income property in Echo Park.
Call me today at (310) 709-4128 to learn more about the residential income properties in Echo Park and Silver Lake on the market today!