Echo Park Real Estate: A Look at the Numbers

From LA’s earliest days, people have wanted to live in the storied neighborhoods of NELA. In a densely populated area where residents are always in the process of coming and going, there are always homes for sale in Echo Park at any given time. Since the early 1920’s, the real estate here has been in demand and that is how it is today. Why? Let’s take a closer look and see what the numbers say.

This is an eclectic city located in Central Los Angeles about ten minutes from Downtown. At the center of the city is the renowned Echo Park Lake in Elysian Park, which is the site of special events like the Lotus Festival. It is northwest of Chinatown and Downtown, northeast of Westlake and south east of Silver Lake.

It is split in to four districts.

• Angelino Heights – This area is known for the beautiful Victorian homes that are preserved by the city’s ordinances.

• Elysian Heights – This area is historically known for being the home of famous counter-culture artists, filmmakers, architects and political radicals.

• Historic Filipino town – This section is located in the southwest section.

• Victor Heights – A lovely area scattered with Bungalows and Stucco homes that share breathtaking views of Los Angeles and the Civic Center.

Throughout the four districts, the most common types of homes are Bungalows, Cottages, Victorians and Stuccos. According to the 2000 U.S. Census there were 40,455 people in there. Spread over 2.4 square miles there were approximately 16,868 people per square mile. This makes Echo Park one of the highest density areas in Los Angeles County. The median household income was $37,708, which is low for Los Angeles County. The average household size was 3.0, which is average for the county.

This city has a high Walk Score of 83/100. This means that most errands can be accomplished on foot within the city. This city’s transit score is 62. This city has good transit and provides its residents with many public transportation options. These include the Metro Red and Metro Purple Line, numerous bus routes and ride sharing options from Relay Rides. This city received a bike score of 49 because of the steep hills and minimal bike lanes.

According to Zillow, the average home value in Echo Park is $795,100. This value has increased 14.4% since last year and Zillow estimates it will continue to rise 4.3% to $829,000 over the next year. The average price of homes that are currently listed is $742,450. The median list price per square foot is $618, which is higher than the Los Angeles average of $451. The average rental price is $2,967 a month. Zillow has given the Market Health a score of 8.2/10, which is very healthy in comparison to other markets across the country. This is based on a series of metrics including how fast the homes are selling compared to the past rate. Echo Park’s prime location and thrilling culture will be sure to keep the housing market rolling for many years to come.

Real Estate in Florida – Boom or Bust

In the first few years of the real estate boom in Florida, buyers went crazy at the sight of empty houses and plots for sale. Speculators bought under-construction apartments but after 2005 the frenzy subsided. Price undercutting, falling sales and auctioning of properties were as rampant as defaulting on mortgage payments and foreclosures.

While beaches, amusement parks, casinos, nightclubs in their proximity do help make lucrative sales when it comes to real estate purchases, yet buyers today are exercising more caution. For bargain hunters too, the time is right to cash in on a property and cash out eventually once the market heats up. Discounting is prominent where sellers are desperate to get the property off their hands. Massive price cuts in a bid to lure buyers result.

Southwest Florida witnesses prices for properties on golf courses or in their proximity or even closer to the waterfront steadily rising. Conservative architecture on the other hand is being pressurized and prices elsewhere are tumbling fast. Brokers involved in selling existing properties are competing with those selling newer ones and the situation is getting more difficult for the former who have to compete with upgrades and generous incentives of the latter.

While smaller cities in Florida State are faring better than those cities with not much development, they are being spared the impact of the real estate bust. Florida Keys is one area which is witnessing restrictions in new construction because of a shortfall in land available. Naturally investing in residential real estate has also fallen in response. However, there are adequate brokers willing to bet that buyers will have the purchasing power to invest in a spacious second home between Miami and Florida Keys.

In the soft market, conditions are such that there is no saying what kind of properties will be lapped up and what will remain unsold. Property auctions though allowing the sellers to get some returns on their investment are highly unpredictable. If the piece of real estate is at the lower end of the investment hotspot, there is a chance it will get sold, for a buyer can either rent it out or build on it. Speculating on a bigger property has its risks with no knowing of which way the market may turn.

Seeing this, a question that echoes in many minds is how long will this downturn continue? The higher priced and top of the pick real estate properties are queuing up and by the end of 2008 the numbers will increase. Though the purchasing power of the rich has not been affected there is a limit as to the number of residences even the millionaires will want to invest in, in Florida. So where are the buyers?

Some of the key problems of real estate investing in Florida stem from the high property taxes and home insurance premiums which soar post hurricanes. In the event of these being resolved, Florida’s real estate market is all set of witness a second boom. Those of us who have been watching the trends very closely especially in Florida agree that it is just a matter of time.

Real Estate Trends in Dartmouth

Dartmouth was the second-largest city in Nova Scotia before it was amalgamated into the Halifax Regional Municipality. Combined with adjacent areas such as Cole Harbour, Eastern Passage, Lawrencetown and Lake Echo, Dartmouth is home to more than 70,000 people. Nicknamed the ‘City of Lakes’, Dartmouth has 23 lakes that are great for windsurfing, kayaking, canoeing and swimming – as well as skating and ice hockey in winter. The city is a recreation lover’s dream, with five freshwater beaches, summer parades, concerts and fireworks, two huge shopping malls, many parks and trails, indoor aquatic centres, competitive canoeing and much more.

So what will it set you back to live in Dartmouth, Nova Scotia? Housing prices range from the low $100’s for a condo apartment, to the mid-$300’s for a detached four or five bedroom home; but homes can be found at any point in between, averaging in the low $200’s – making Dartmouth a supremely affordable, vibrant metropolis in which to live. The question is, will it stay that way?

While Nova Scotia’s market is currently still leaning towards a buyer’s market, the new residential listings on the MLS® system continue to decline – so there is less available inventory for buyers who wish to put down roots in the Dartmouth area. Overall, Nova Scotia’s real estate market in 2009 ended with single digit decreases in both sales and listings, while average price showed an increase of 3.9% when compared to 2008. Because Dartmouth housing prices are already so affordable, that 3.9% jump should cause no great hardship for the interested buyer.

Further promoting the idea that it’s a buyer’s market, the Nova Scotia Association of REALTORS® (NSAR) reported that the number of residential units sold through the Multiple Listing Service® was down 7.7% in 2009 because buyers were nervous about whether to enter the real estate market based on the economy. Though confidence in the economy is building again, which indicates a brighter 2010 for the real estate market, it looks like buyers still have the upper hand in Dartmouth real estate.

Whether it’s a military relocation, retirement home, recreation property, or whether you are considering Nova Scotia Real Estate just because it offers great value, you can find an extensive list of houses currently on the market by visiting the Multiple Listing Service website and selecting Nova Scotia. You’ll find plenty of Dartmouth homes for sale in every taste and budget!