LOS ANGELES—The SL70, a community of 70 single-family homes in Silverlake, is attracting residents away from the downtown market. The community, which opened late last year, has sold more than half of the homes and reports that 40% of the buyers are moving from the Downtown Los Angeles market.

“People migrating from downtown are drawn by the quality of life, proximity to sought-after restaurants and retail, and the strong sense of community,” Alan Mark, president and founding partner of the Mark Co., tells GlobeSt.com. “Silverlake is consistently cited as the most hip neighborhood in the country. SL70 is a great opportunity to buy a single-family home in Los Angeles. In addition to there being very little new construction inventory downtown, or in the greater Los Angeles neighborhoods, asking prices are approaching $1,000 per square foot for much smaller condos than you can get at SL70.”

The two-bedroom homes range in price from $639,000 to $699,000, while one three-bedroom home is available for $749,000. Of the new buyers, 70% are under the under the age of 40. The development saw phenomenal traction in the first quarter of the year, with 20 total sales in the quarter alone. “The demand is indicative of the appeal of the property and location, and strong local market conditions including general lack of inventory in the Silver Lake and Echo Park neighborhoods,” says Mark. “Additionally, with tight rental conditions and escalating prices in Downtown Los Angeles, renters recognize the great value of buying at SL70. The fact that these are single-family homes at such attractive price points with extensive outdoor space, two-car garages and high-end finishes is some key selling points.”

The community is still under construction. The first 12 buyers began moving into the development late last year. The final construction phases are expected to be complete in Q1 of 2016.  

Late last year, a collection of 10 single-family homes built under the small lot ordinance opened in the nearby Echo Park. The community opened in November, and the developer, Planet Home Living, expected all of the homes to be presold by 2015.