Yay. Echo Park Lake is going to reopen on June 15th. It has been a sorry site for the past two years and now it is reopening just in time for summer.
At a cost of $45 million, apparently way under budget, the lake was cleaned of its toxicity and refilled and restocked with plants, and locals in the diverse neighborhood of Echo Park are looking forward to walking around the lake, lying on the grass, and boating. I am sure Mario the goose must be excited.
While we are in the area, let’s see how Echo Park real estate (single family) has fared over the past 6 months.
Median Price: $475,000
Avg Sale Price vs List Price: 100.39%
Under Contract: 21
Active Listings: 13
Median Price: $665,000
As you can see, there is a severe shortage of inventory in Echo Park with the sales price basically matching the list price, and excellent sign if you are thinking of selling a home in Echo Park. Let’s hope this situation is taken advantage of especially as buyers are out there in full force.