Eastside Condos Selling Like Hotcakes?


I came across this advertisement in the Sunday section of the L.A. Times giving a “market climate” map of condo and co-op sales, and was surprised to see the big red blocks over the eastside neighborhoods of Silver Lake and Echo Park—pointing to a huge increase in sales volume year-over-year from last February. According to the graphic, Silver Lake and Echo Park have increased 36.85%, and Hollywood is up an astonishing 90.48%. Los Feliz isn’t feeling the love, though—and looks like sales volume is down more than 80%. Of course, statistics like this can be deceiving without the actual numbers of sales, but interesting none the less. (the bottom part of the ad gives some sales figures—with Silver Lake/Echo Park chalking up $2,050,000 year to date this year, compared to $1,498,000 last year—but not the actual number of units sold) I’m not a big fan of condos as an investment, especially in a down market. I’d be curious what you readers think—have you noticed condos moving faster? Would you buy one in a down market?