Los Angeles’ Silver Lake neighborhood just bested itself with a new record residential closing.
The sale of 1844 Silverwood Terrace for $10 million beats the Eastside neighborhood’s historical high of $8.6 million set in 2014 for 2138 Micheltorena Street. The former record holder is known as Silvertop and holds a historical place designation by the Los Angeles Conservancy.
“As of late, Silver Lake hasn’t really seen anything over $5 [million], $6 million, if that,” said Carolwood Estates’ Jonathan Mogharrabi.
Mogharrabi and colleague Marci Kays represented the seller, who originally placed the home on the market in May for $9.8 million. Redfin’s Laura Reckmeyer negotiated on behalf of the buyer.
That the home received two offers and ultimately closed above asking price is partially attributed to the marketing of the property, which included candles and music, the Carolwood agents said.
Mogharrabi and Kays declined to provide details on the seller or the buyer, while Reckmeyer did not respond to a request for comment.
A deed on the sale shows Jason Vassiliades sold the property to a trust tied to Karen Hillenburg.
Silver Lake, sits about 3 miles north of downtown, and neighbors other trendy neighborhoods such as Los Feliz and Atwater Village.
In fact, Los Feliz made headlines not long ago when Brad Pitt sold 5769 Briarcliff Road in 2023 for $38.5 million. Mogharrabi and Kays were the listing agents in that deal. They also recently placed 2720 Glendower Avenue in Los Feliz, on the market for just under $10 million.
With the eyebrow raising price of Silverwood Terrace, are prices trending up for the neighborhood? Mogharrabi and Kays say it depends.
“It’s tough. If [higher pricing] is achievable, it’ll have to be very property specific,” Mogharrabi said.
The Silverwood Terrace property has five bedrooms and five bathrooms across over 5,000 square feet. A main house and guest house sit on a sizable, over 4-acre lot. Indoors, the main home boasts high ceilings and several fireplaces. Meanwhile, the outdoors has a tennis court, pool, spa, kitchen, vegetable gardens and private trail.
“It certainly depends on the property, and it has to have that edge above others, but we think this sale is putting Silver Lake on the map more than ever,” Kays said. “There are more buyers looking in Silver Lake, Los Feliz and the rest of the Eastside.”
The higher prices continue to help attract a clientele that has increasingly flocked to the area and can support pricier trades, Mogharrabi said.
While Kays and Mogharrabi’s Los Feliz and Silver Lake deals pulled from a buyer base that is familiar with the area, new retail and restaurant openings have helped sell it to a broader pool of people.
“It’s attracted a high level of not only the entertainment industry, but the art world and philanthropy,” Mogharrabi said. “There’s a culinary scene. There’s just so much more [there] now than ever.”
