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Silver Lake: Moving on Up

There's more pre-qualifying fun going on at 4111 Sunset in Silver Lake. Lofts start in the $600,000s, according to the web site, a healthy figure which should help spike up area home prices. (And expect summer 2007 closings, according to the site.) The site also has a primer on the 'hood for those who are considering moving here: "Silver Lake ranks among Los Angeles' greatest urban pockets. Beloved by locals as a genuine neighborhood, the homes and businesses that loosely encircle the Silver Lake Reservoir form a community that's as independent as it is diverse." Maybe 20 percent spike increase?
UPDATE: In comments, there's a remark about the prices: 1,600-square-foot units for $750,000 or $469 a square foot. And Rob says we're wrong to say that an expensive building will drive up prices of surrounding homes. Whew. And here's a listing for a $785,000 unit.
· 4111 Sunset [Official Site]
· Rumblings and Bumblings [Curbed LA]