Numbers to Know About the Market for Homes in Silverlake CA
Silverlake has long been the hot spot where L.A. hipsters hang out to chill at coffee shops, search for trendy treads, and dine on organic cuisine. Many of the businesses have been here for year giving the neighborhood a shabby chic that's authentic. You might find it easier to just park the car at your Silverlake home and either walk or bike. Most of the sidewalks have bike racks. If the cool vibe isn't enough to make you want to live here, then check out these numbers that should encourage you to invest in a new home. The video at the bottom gives you more info.
12.0 Percent Increase in Silverlake Home Values
According to Zillow, home values in Silverlake have increased by 12.0 percent over the past year after bottoming out in September 2011. These values cover the price of housing that is both for sale and not on the market. Values are expected to increase by 3.6 percent in the coming year. The average home value in the community is $935,300, and that includes older homes that have been built several decades ago.
3.74 APR on 30-Year Fixed Loans
Annual Percentage Rates (APRs) on 30-year fixed loans in the Los Angeles area range from 3.74 to 4.12 percent on a 30-year fixed loan, according to Bankrate. Assuming you have a loan worth $550,000, put down 20 percent, and have a good credit score of 740 or better, your monthly mortgage payments range from $2,547 to $2,667. Cut the loan term in half and the rates for a 15-year loan ranges from 3 to 3.37 APR with payments ranging from $3,798 to $3,898.
The rate for a 5/1 adjustable rate mortgage ranges from 2.83 to 3.77 percent APR for a 5/1 loan, which equals monthly payments of $2,276 to $2,956. The “5” is the number of years that the rate remains stable. The “1” shows that after the initial teaser term, rates and payments adjust every year to match prevailing market condition.
$2,395 Average Rent in Silverlake
Although median rents in Silverlake are lower than in Los Angeles, an apartment still costs about $2,395 per month compared to the $2,462 in L.A., according to Zillow. The median is close to some of the previously discussed amounts mortgage payments. The disadvantage with a rental is that you're throwing your money away every month, which is why many former renters are choosing to put that amount toward a home that they'll eventually own. You could get much of that mortgage money back in the form of refunds since much of your payment is tax-deductible, as we've discussed in previous posts.
1950-1959 for Construction
About 20 percent of the homes in Silver Lake were built from 1950 to 1959, according to Trulia, which is a boon if you love homes from the I Love Lucy era. Other popular decades for construction were 1960 to 1969 for 17 percent of the homes, 16 percent for homes before 1940, and 15 percent for dwelling from 1970 to 1979. Residences constructed in the 21st century are almost non-existent. If you like open floor plans, water-wise landscaping, and modern technology, you have to turn to our SL70 development for your purchase.
2.0-Mile Silverlake Shoreline
Yes, there is a body of water in Silverlake but it's actually a reservoir composed of two concrete-lined basins that total about 2.0 miles of shoreline and measure three-quarters of a mile long and 1,600-feet wide. It holds about 795 million gallons of water. Don't panic if it's dry and don't blame the California drought, although that isn't helping. The Department of Water Power emptied the lake last July 2015 to build a pipeline for drinking water underneath. The reservoir was disconnected from the water supply in 2013 because it no longer meets federal safe water standards. After a year of construction, the lake will be refilled with non-potable water.