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Wednesday, July 30, 2014

Silver Lake design competition winners now involved in an Echo Park house flip *

Rendering from All That Is Solid

Photo by Michael Andrew McNamara

The design firm All That is Solid emerged last week as the winner of a competition to build a new plaza and monument at Silver Lake’s Sunset Junction with an entry shaped like a giant metal saddle.  But can the same firm that impressed the judges of the Envisioning Silver Lake  Design Competition now win over Echo Park house buyers?  A recently renovated Echo Park property consisting of two houses at 1310 Mohawk Street recently went up for sale at $779,000 and credits “award-winning local firm All That is Solid” for giving the 106-year-old home a new look, which includes stark white interiors and a gray exterior – apparently a flipper favorite.   The All That is Solid website credits its project manager Danielle Wagner for overseeing the “flip project,” which began last November.

Listing agent Rob Kallick said that about 75 people toured the property during an open house on Sunday.  “The reaction to the design was very positive. People really liked the tile, cabinets and countertop choices in the kitchen, and the bathrooms were a big hit as well.”

The same property sold for $385,000 in May of last year, according to Redfin.  If this property now sells for anywhere near asking, perhaps  All That is Solid will have to change its name to All That is Sold.

* Update: Wagner said that her firm is also an investor in the property, which included the rebuilding of a 1960s-era addition.  If an old  house is to be flipped, it would benefit from professional designers, she said:

We view the current trend of designer ‘flipping’ as a legitimate alternative to cheap contractor renovation. Architectural designers are able to use their expertise to provide sensitivity and attention to good design and sustainable materials. Ultimately, we feel that the success of our renovations is measured by the quality of our turn-key product as well as a viable business model.

Click on the link below to read more about the firm’s approach to the project.

As both investors and designers of the property at 1310 Mohawks Street, ALLTHATISSOLID has retooled this 106 year old craftsman to accommodate contemporary Southern California living. This renovation included 1/3 of the property which was rebuilt from the ground up to replace a sub-standard addition that was completed in the 1960’s. This rebuild includes a complete sewer line replacement, new energy star-rated roof, exterior wall framing, concrete foundation, electrical and plumbing throughout. Hence, the price reflects our improvement costs as well as market rates.

Residential renovation and development is one aspect of our design collaborative. We view the current trend of designer ‘flipping’ as a legitimate alternative to cheap contractor renovation. Architectural designers are able to use their expertise to provide sensitivity and attention to good design and sustainable materials. Ultimately, we feel that the success of our renovations is measured by the quality of our turn-key product as well as a viable business model.

More specifically, our design approach to these projects is to understand the legacy of California modern architecture with its history of connection to outdoor living and dynamic flexible floor plans.  This architectural vernacular now exists as a lifestyle choice for a new generation of contemporary homeowners.’ Our work seeks to be an active part of housing revitalization and contributes to the long term longevity and sustainability of NELA neighborhoods and its architectural stock.  After all, strategic renovations and refurbishing is much ‘greener’ than tearing down and building new.

No comments

  1. I’m excited to see the design renovation tomorrow. Congrats on the win, ALLTHATISSOLID! I love witnessing the Echo Park housing revitalization, and anticipate the new monument at Sunset Junction.

  2. House flipping is a crime, regardless of its legality. We now are gouging people not for $385,000 like a year ago but for $779,000 — a $394,000 profit, more than 100% markup, for a mere year. And that even as housing prices in that year went DOWN.

    There is so much very wrong with this I can’t even begin to list it. Geez, even as we call for affordable housing, we let this go on. Bottom line: house flippers are a bane on society.

  3. @Mark,
    Last year I finished a renovation on a broken down REO property in Highland Park. Wasn’t a flip, it was for my young family our first home. We purchased for $325k. We ended dropping $100k into renovations. When we are ready to sell in the next few years I imagine maybe we could sell for $550k. Sounds like a flip? maybe, but its just the market, and how cities evolve

  4. Market forces

  5. @Mark,
    Your calculation of a $394K profit is off.
    There are carrying costs, construction costs, city fees, commissions to agents, closing cost fees on the purchase and the selling end, insurance and more.

    Also what the market actually pays for it and what it appraises for (unless there is an all cash buyer) may shrink that number.

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