Located near Downtown Los Angeles Echo Park is one of the oldest neighborhoods, dating back to the end of the 19th Century, and still maintaining its historic roots which sets it apart from the Los Angeles sprawl.
Named one of 10 great neighborhoods in America in 2008 by the American Planning Association, Echo Park was built around what was then known as Reservoir No. 4 and is now Echo Park Lake, one of the loveliest parks in Los Angeles. It is home to the art-deco style Lady of the Lake statue; the lotus flowers that bloom every summer; Spanish colonial-style Bellevue Recreation Center and boathouse. The park is often filled with picnicers and boaters out enjoying the beautiful Southern California weather. Rumor has it that the lake was named by the builders of the original reservoir because of the voices which echoed off the canyon walls.
Echo Park is built amongst the hills with breathtaking views. There are over two dozen public stairways, public landmarks, and among the steepest in the city. Also, if you are driving around Echo Park, make sure you have good brakes and strong nerves. San Francisco has nothing on a couple of the streets, especially Baxter where you feel the car is almost vertical at the top.
The area was the center of the film industry before it moved to Hollywood prior to World War I. At that time Echo Park was a middle-class neighborhood nick-named "Red Hill" because of the political make-up at the time. It has now become one of the more diversified areas of the City with its alternative feel and more affordable housing which is a mix of the old Victorian and Craftsman amongst the modern.
Echo Park is a dynamic, ethnically diverse, vibrant community who are actively engaged in protecting and preserving their community.
Below are the statistics for housing sales in Echo Park over the past year through February '10. Data is taken from the MLS CLAW and is for single family homes only.
The number of homes sold, median price and homes for sale is down significantly. However, the number of days on the market for homes sold has dropped by 71%. And, the months supply of inventory (MSI) has dropped by 64%. A dropping MSI indicates that the sales rate is increasing.
We will watch with interest the price trend over the next few months.
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