Quantcast
Friday, October 24, 2014

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.



Eastsider Featured Event

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?
    Drrr

  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

    niceeeee

Post a Comment

Please keep your comments civil and on topic and refrain from personal attacks. The moderator reserves the right to edit or delete any comments. The Eastsider's Terms of Use and Privacy Policy apply to comments submitted by readers. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>