When agent Suzan Kozman showed her clients a red-tiled roofed Silver Lake home on Occidental Boulevard in the fall of 2011, the couple liked what they saw but took their time and negotiated a deal before buying it in October 2011 for $505,000. About a year later the couple, who are not house flippers, decided to put the 81-year-old home back on the market at an asking price of $559,000. This time around, however, the buyers who were interested in the Occidental Boulevard house were not as relaxed as the owners were a year ago during their house search, said Kozman. Eight offers were quickly submitted and the house, which went on the market in the middle of December, a relatively quiet time for real estate sales, went into escrow in about a week.
The sale was completed on January 24 for $615,000, according to Redfin. That’s about 10% over the asking price and $110,000 over what the sellers paid 15 months earlier, according to Redfin.
Kozman said her clients made only modest improvements – refinishing wood floors, installing new light fixtures floors and painting – to the 1,072-square-foot house while they owned it.”We didn’t expect it to go that high,” she said.
The prospective buyers included many people who lived in Silver Lake and Echo Park, some of whom were looking to buy their first home.The buyers were a local couple, she said.
The demand for homes has so far not showed signs of cooling, said Kozman, who like other agents complains about the lack of properties for sale. “The are gone before you see them.”