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.
April 27, 2015