Eastside Property: Echo Park house flip seeks a $500,000 mark up

Photo from CRMLS/Redfin

The Echo Park residents who live on Parmer Avenue have watched as a simple three-bedroom house that fell  into foreclosure last year has been remade into a highly-refined Spanish-style house.  Outside, the old stucco was peeled away and  a new skin, of silky smooth stucco was applied.  The interior of the three-bedroom home has been finished with such high-end touches as carrera marble kitchen countertops,  built in wall speakers and hand-painted wallpaper.  After being purchased in May 2010 for $380,000, the house 1521 Parmer Avenue  has just been listed at $879,000 – a nearly half-million dollar mark up, according to Redfin.   Hand-painted wall paper and a new stucco skin – in addition to structural and mechanical improvements  – do not come cheap. But that asking price is pretty steep by Echo Park standards.  Only two other nearby  homes – one in Elysian Heights, the other in Angeleno Heights – have managed to sell for more than $800,000 in the past year, according to Redfin.

No comments

  1. they did a great job on that place. . . but i figured they must be in it for the long haul to go that deep after that purchase price. Somebody doesn’t know how to flip.

    Also- love the electric gate on the driveway. . . is it that hard to get out of your car?

  2. Disgusting, and laughable.

  3. My understanding is that marble is porous and stains easily; wouldn’t granite have been a better choice for a heavily-used area like a kitchen counter? Despite all the work they did, I doubt they spent more than $120,000, so if they manage to sell the place for $575,000, they’ll still come out ahead. I highly doubt they’ll get over $600,000, and even $575,000 is a stretch. This’ll be an interesting listing to watch.

  4. What's wrong with tile?

    I wish these flippers would stop making the bathrooms look like hotel bathrooms. I am sick of the modernized look of the the kitchens and bath it looks cheap.

  5. #Roberto

    Why don’t you go outside and build a fire to cook your food or heat your water? What you too lazy?

  6. only in echo park;
    a story about an $800K house, in between a story about a body found hanging in a tree and another story about an echo park auto thief


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