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Tuesday, April 15, 2014

Eastside Property: Bright blue Highland Park flip up for sale

Photo from TheMLS/Redfin

The new year has just begun but this newly listed Highland Park home on Hub Street looks like it has been painted with Easter in mind, with a combination of bright-blue siding, yellow window frames and gray trim (pink probably would have been a bit much).  The blue and yellow color scheme on the 1920 bungalow is a break with the sage green or putty colors favored by most Northeast house flippers.  The colors might be different but the investors who purchased  the thee-bedroom house are following  a tried-and-true flipper formula by seeking a steep mark up in a relatively short period of time.   After being sold  for $260,000 last August, the approximately 1,200-square-foot home is now up for sale at $489,500, according to Redfin.

14 comments

  1. If this actually sells at even CLOSE to what it’s listed for, I will be shocked. No offense, the house is very pretty but it’s still a sticker shock.

  2. Sigh…yet another unaffordable house out of my reach. Its a shame, as much as I like these homes they just keep getting more and more greedy as time goes by. Last year these flippers were selling for 300k starting, now its just insane! This is why I can see more people starting to buy in Boyle Heights…well at least I will since thats all I can afford!

    • Oh Ashley, you are so naive and uninformed. Whether they list the home for $480,000 and get one offer for $425,000 or list the home for $200,000 and receive 40 offers (all over asking until the home finally sells for $425,000), the outcome will be the same. The house sells for what it is worth and that is determined by the BUYER, not the seller. If this home is listed for $1,000 or $1,000,000, it will still sell for what BUYERS are willing to pay…nothing more, nothing less.

      If you want to move into an area that is not overrun by “greedy” flippers and over-exuberant buyers, I suggest you check out El Soreno (90032). It is adjacent to Highland Park, S. Pasadena, and Alhambra, but a home like the one above would sell for $250,000. Unfortunately, most buyers LOVE to chase the market and complain as a neighborhood gets more and more unaffordable…but if you buy in El Soreno today, your home will be worth more in 2 years as the flippers move in and drive prices up (by improving the homes in the neighborhood or course).

  3. Here is a much more affordable house in Highland Park…not nearly as nice, but $200,000 less:

    http://www.redfin.com/CA/Los-Angeles/5012-Monte-Vista-St-90042/home/7076726

  4. Ashley — There are definitely properties out there in the 90042 (Highland Park) and 90032 (El Sereno) for under $300,000 – and occasionally one pops up in the 90041 (Eagle Rock). They’re usually small 2-bedroom, one-bath homes, or even one-bedroom-one-bath homes, but if that’s the case, you could search for a small house in a decent area on a lot where eventually you could add a bedroom or a bathroom. Not easy, I know, but they are out there.

  5. They should have painted the house the color they painted the garage. That blue is way too bright.

  6. Well said Parker Highland.

  7. this house will be pending in 30 days. Highland park gentrification in 2012 will continue as those yuppies priced out of Echo park look to highland park.

    Look at the Redfin. Real estate agents are highlighting the walkability of York .

  8. i am a flipper, I prefer developer as I have done developments. I am listing a 2 story house, 1920′s restoration spanish style for only $275,000.00 2 bed 2 bath, with a car port and a garage. Near footsies, Antigua Coffee, driving distance to Barbara’s Brewery. You wanted affortability, here it is. No crazy colors just a spanish style restoration.

    • Daniel, This is a great example of a neighborhood that is less desirable, yet affordable. I bet, in a couple of years, the buyer of your property will experience a 20% increase in value as North East Los Angeles and downtonw continue to improve.

      Best of luck…hope you get multiple offers OVER asking!

    • Cypress Park is still a gang-plagued area. I think it’s great that people are purchasing and rehabbing homes in the area, but in my strong opinion, nobody should consider buying a home in Cypress Park – or any area with a strong gang presence — unless they know the area really well.

      Wanna buy a house near Footsies and Antigua Coffee? Here’s your homework: Park your car on a Friday or Saturday night near Figueroa and Avenue 26 and spend a few hours observing the comings-and-goings around the gas stations and the McDonalds. Next, choose a weekend afternoon and take a walk north on Cypress from Figueroa all the way up to Division, and then take another walk up Figueroa, from the Home Depot to Marmion Way. Those walks and observations will give you a better feel for the neighborhood. Hopefully it won’t discourage you, but either way, it’s better to learn about a community before buying into it.

      • Don’t let 15 year old cholos with spray cans scare you away from a great up and coming neighborhood. All you need is a couple of 9mm pistols, 911 on speed dial, and a subscription to ADT and you are set. Oh, and consider an NRA sticker for your front window. I’m betting they will leave you alone.

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