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Thursday, October 23, 2014

Eastside Property: Buyer wastes no time snapping up Eagle Rock Craftsman

The flippers who purchased this nearly century-old Craftsman back in early May for $485,000 managed to preserve some of the Eagle Rock’s home historic charm and features – including original wood molding and floors – while building a sleek new kitchen and adding central air and heat.

The three-bedroom home’s location just off  Colorado Boulevard puts it within walking distance of Colorado Wine Co., a  perennially packed Starbucks and other nearby shops and restaurants. But the El Rio Avenue home’s central location also places it  right next door to a  large Bank of America parking lot.

Apparently the prospect of living in a renovated and restored bungalow outweighs having a parking lot as a neighbor – the home went into escrow this week only seven days after going up for sale at $699,000, according to Redfin.

If this deal goes through at or above the asking price,  it means the investors who own this place will have sold it for $214,000 more than what they paid only a few weeks earlier.



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7 comments

  1. Welcome to the next bubble. *sigh*

  2. I’ve actually worked with that investment team before. Nice work, guys.

  3. Just because houses in L.A. are beyond your means doesn’t mean there is a “bubble”. It just means houses in L.A are beyond your means.

  4. The flippers did take a risk in buying the property and then spent time and money rehabbing it. It’s not like they bought it, sat on it for a few weeks and relisted it. You can’t blame people for recognizing there’s a desire for rehabbed houses. There’s obviously a market or this property, and all the other “quick flips,” wouldn’t sell so quickly and for asking or above.

  5. Looks pretty good to me besides a few Home Depot lights in a couple of the bedrooms.

  6. I think they did a great job on it. The kitchen might be a little sleek compared to the rest of the house but it looks clean and functional. I would live here if I could afford it.

  7. They did a good job on the renovation except with the most important room, the kitchen. That’s a horrible kitchen for that house. If you were to look at a picture of that kitchen, you would never think it’s inside a craftsman bungalow. It’s too modern and too white. What a shame.

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