About Silver Lake
Silver Lake is a hip, central Los Angeles neighborhood. Particularly well known for its music scene, Silver Lake is sometimes called the “Williamsburg of the West” since it has some cultural similarities with New York City’s Williamsburg. Silver Lake is a part of central Los Angeles and is located adjacent to Atwater Village, Elysian Valley, Echo Park, Westlake, East Hollywood, and Los Feliz.
The commercial and residential districts of Silver Lake were built around the city’s reservoir – one of only ten in Los Angeles. This man made lake is actually composed of two parts – the lower basin, Silver Lake, and the upper basin, Ivanhoe. Overseen by the Los Angeles Department of Water and Power, this lake is surrounded by a number of public facilities, including the Silver Lake Recreation Center, the Silver Lake Walking Path, and a nearby city park. The Silver Lake Walking Path runs along the reservoir’s border, covering a circumference of 2.25 miles, and is a great place to go for a walk or a run. Silver Lake is also home to its own branch of the Los Angeles Public Library.
Living in Silver Lake
In the 1950s and 1960s, Silver Lake was a predominantly Latino community. The majority of its residents worked at the manufacturing centers in Los Angeles’ downtown center. After many of the manufacturing jobs were outsourced to other countries, the community underwent a period of urban decay in the 1970s. As a result, the home prices in Silver Lake were relatively low in the early 1980s. This dip in the housing market enticed a wave of white, middle class families to relocate to Silver Lake.
As a result, the area experienced rapid re-characterization in the late 1980s and early 1990s. Housing prices rose, and several large, wealthy businesses set up locations in Silver Lake. Today, this community is home to hip coffee shops, eclectic boutiques, and one-of-a-kind restaurants. One of Silver Lake’s claims to fame is its frequent concerts and musical events. This neighborhood is the place to be for alternative rock and indie music.
One of Silver Lake’s most prominent festivals is the Silver Lake Jubilee, a music festival that features live performances by local musicians, booths for local artists, and stalls for other community businesses.
Real Estate in Silver Lake
The median home price in Silver Lake is between $900,000 and $1 million, but the homes here are more expensive per square foot than the average properties in Los Angeles. For the sake of comparison, the properties in Silver Lake sell for $600-$700 per square foot while the average Los Angeles property sells for around $450 per square foot. This higher price per square foot is balanced out by the smaller properties – perfect for small families – that can be found in Silver Lake.
To learn more about the properties for sale in Silver Lake and the rest of central Los Angeles, contact our team today or browse the property listings on our website.