While prices have risen dramatically in Los Angeles’ Silver Lake neighborhood, at a higher rate than the average for L.A., there has been less of the tear-down phenomenon in the area than in other neighborhoods.

Marketwatch contributor Edward Fitz notes that the neighborhood has become a Mecca for hipsters, but that gems of some of the great modernist architects of the 20th century, including John Lautner, Rudolph Schindler and Richard Neutra (whose home/studio was there) have places there to see. Fitz writes:

The hillsides are also dotted with the charming Spanish colonial-revival homes that Los Angeles is renowned for, and other lovely homes and apartments in traditional styles. James Franco owns a Spanish mini-compound on a hillside east of the lake (to the occasional consternation of his neighbors). And last year Joseph Gordon-Levitt purchased a home in Franklin Hills (on the border of Silver Lake and Los Feliz) for $3.25 million. The 3,771-square-foot Gordon-Levitt property is a very handsome early ranch-style home, by noted architect Paul Williams.

Just a bit north of our range, but still.

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