I was hardly surprised, but quite happy to come across this story on Yahoo! regarding the strongest housing markets (or mini-markets) in the United States.

Best Zip: 90027

Location: Los Angeles (Los Feliz neighborhood)
Metro: Los Angeles
Annual listing price change: +14%
Average listing price: $1.379 million
Days on the market: 130 days

The listing price for higher-end homes in this affluent neighborhood east of Hollywood have remained relatively strong. Los Feliz, a former Spanish land grant, is home to Griffith Park, Griffith Observatory, the Los Angeles Zoo, and the Greek Theatre. It is also the site of several of Los Angeles' most distinguished architectural residences, including Frank Lloyd Wright's Ennis House and Hollyhock House and Richard Neutra's Lovell House.

I live in Los Feliz. And it is not shocking that in a city, Los Angeles, decimated as the housing bubble burst, Los Feliz stands strong. "Location, Location, Location" is surely part of the story, but the closely related "Uniqueness, Uniqueness, Uniqueness" tells the whole story.

Location is one thing, but being a unique neighborhood, while closely related, in a city such as Los Angeles is key. Los Feliz does not feel like it belongs in Los Angeles. Slowly but surely, other parts of Los Angeles, specifically in Downtown and Hollywood, are starting to feel this way as well. Los Angeles is transforming into an urban place more on par with its big city counterparts. Los Feliz is a fantastic model for the rest of the city.

The greatest thing about Los Feliz is that it is walkable. Vermont and Hillhurst are the primary 'main streets' that run through Los Feliz. They are reachable by foot from just about any point in the neighborhood. There are shops, stores, restaurants, and bars -- a wide variety of good ones -- reachable even if you don't have a car. There are always people walking, out on the streets of Los Feliz. It feels like a big city neighborhood, unlike other parts of LA.

A scan of message boards on the subject of Los Feliz's place in the urban panorama of Los Angeles is interesting. Lots of people present a quandary - one that I was faced with in similar fashion recently. I have to move to from San Francisco to Los Angeles, where should I live!? My rough estimate is that three-quarters of the responses were 'Los Feliz' with Santa Monica a close second and parts of the West Side (despite its apparent snobbyness), Silverlake, and Downtown in tow. All of these places, with Los Feliz and Santa Monica being the best examples, are walkable places where you don't need a car to live. They are unique places in America really... and in downturns, they are great places to live because the life refuses to be sucked out of them.

The New York Times take on Los Feliz

I might be splitting hairs, but the use of 'location, location, location' annoys me. This adage has been preached for years. Notice, though, that it has been preached by the same people who have blood on their hands when it comes to taking down the US housing market -- real estate cats, politicians, bankers, etc. Being nicely placed is one thing, but it is the uniqueness that makes for a strong housing market or better yet, a nice pleasant neighborhood that people like living in. I think there is a difference between location and uniqueness. Or better yet, it is uniqueness that drives location. Los Feliz itself is unique and it is a stone's throw from other great LA neighborhoods and landmarks, namely all of the worthwhile spots in Hollywood, Griffith Park, Silverlake, Echo Park, and Downtown. The adage should be 'uniqueness, uniqueness, uniqueness.' Conventional wisdom on the part of a real estate agent would claim that being near a key freeway makes a prime location. I think that is simplistic. People will drive an extra 10 or 15 minutes to get to a freeway in order to live in a unique place like Los Feliz.