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Thursday, July 24, 2014

Eastside Property: What a difference a year makes for Silver Lake house hunters

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.”

16 comments

  1. Glad to see it went to a local couple and not flippers or investors.

  2. Demand!? Please…read the most recent Dr. Housing Bubble to get an idea on what is really occurring. LA housing supply is back to 2000/01 levels, but why is that? It it’s because of the market being manipulated and artificially driving “demand.”

  3. I know why I’m not selling mine and it has nothing to manipulation or driving demand. I bought in 2007, I’m underwater in my house but I also have a loan that makes my house cheaper to make payments on than if I were to rent. So, well why don’t I move, rent my house and buy another? I have the funds to do that but I’m not going to do that. And why? Because we are happy with our house, where we live, our block and our neighbors. This place has become our home. Its not a house, a profit center, an investment, or anything like that at all. Its just our home that we love. And this simple concept has become so foreign to most people that the thought of making this choice probably appears idiotic. But not nearly as idiotic as dropping 110k over asking, which is more than likely an all cash purchase. The same thing the banks did to create the bubble you 110k over asking people are now doing themselves. And when it comes back to bite your ass, the banks won’t bail you out the way we did for them. They will just take your house, again.

    • If someone is paying cash, the bank can’t take their house. Aside from that, good points.

    • Actually it went $65k over asking (not $110k). And who’s to say the people who bought it arent also interested in making it their home that they love?
      If it went that much over, my guess is they had an emotional connection to it and really wanted to live there. As did many of my longtime neighbors. I don’t think that concept is that foreign to most of us.
      I went over asking on my house knowing that I wanted to live there as long as possible and make it my home. Now its worth way more than I bought it for, so maybe it won’t ” bite them in the ass” if they stay while.
      so angry…..

      • i’m an owner of a 2BR/1BA house in silver lake. recently, i’ve been thinking of upgrading to a 3BR. i saw this house hop onto the MLS and immediately fell in love with it. i was out of town for a couple of days so i couldn’t see it, but the day i got back, i called my previous realtor and found out the house had already been taken off the market.

        freaking bummed me out…

  4. This street is in a great location and up until a few years ago, many houses on the block were looking pretty sad. Many new homeowners have put lots of work into their homes, which has only increased the value of the location. I’m sure the demand for houses is high too but I just think this street is finally getting recognized for its prime location and cleaner look.

  5. It looks like a pretty ugly little house, but I guess there’s an ass for every seat.

  6. In case the new owners read this blog and are not familiar with Curbed commentors here are some standard truths before you let them try to make you feel bad about your purchase:

    1) No matter what the economic climate climate (up, down, sideways) they think every house is “way over priced” …yet they almost always seem to sell at that price or over, and fast.
    2) No matter how nice the house looks it will always be ugly compared to their “superior” taste levels.
    3) No matter how many people want to move into the neighborhood (esp Silver Lake) they will rant on about how awful/over rated/NIMBY infected/etc it is compared to…well, they never offer examples of any place better.

    $615k seems a fair price for a lovely home in a nice neighborhood. Welcome to the area and enjoy your new purchase.

  7. This isn’t on the Eastside. If anything, it’s in Northwest L.A. I’m sick and tired of these westsiders calling the echo park, silver lake area, the Eastside. It’s not, and never has been if you were born and raised in L.A. you never refer to this area as the Eastside.

    We have West L.A., we have South L.A., we have Southeast L.A., we have East L.A., and Southeast L.A. so why don’t we also have North L.A. and Northeast or Northwest L.A? It’s time we do.

  8. if you were born and raised in LA, you wouldn’t refer to ANYTHING as the “eastside”.
    There’s East LA, which is totally different, but I hadnt really heard the term “eastside” until the last 10 years. Its a new moniker. And no amount of you stamping your feet and crying about it is going to change the fact that many, many people refer to EP, SL, etc as the “eastside”. Buckle up.

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