Quantcast
Wednesday, July 23, 2014

Eastside Property: Caribbean-colored Victorian becomes one of Boyle Heights’ highest-priced homes

Boyle Heights, home, real estate

Restored home pictured in October as renovation was underway

Boyle Heights, homes, real estate

Home before renovation/Redfin.com

BOYLE HEIGHTS — It was only a year ago that this Queen Anne-style Victorian on Fourth Street was struggling to find a buyer.  An admirer of the home even began a personal campaign to find  a buyer who would restore the nearly 120-year-old home.  Then  last summer a flipper purchased the property for $250,000 and proceeded to restore and renovate the house, which was painted a shade of aqua with pink, gold and yellow accents.  The house returned to the market late last year at $450,000, according to Redfin. The three-bedroom home finally changed hands at the end of last month at its asking price of $450,000.  That, according to Redfin, is the highest price paid for a single-family home in Boyle Heights during the last three years.  Can those prices go any higher?

17 comments

  1. Just passed by this home on Saturday and there was still a for sale sign on it. There is no way this property would be appraised at $450,000. It’s in a terrible location. It’s right next to a bridge on a noisy street.

  2. Hate the stockade-like appearance. Are they preparing for an indian attack? Newbies only give themselves away when they sandbag themselves behind otherwise wide-open properties. If you fear living in a certain neighborhood, why insist on moving into that neighborhood?

    • @Proper Dos

      The same can be said about the iron bars on everyone’s windows. They make everyone’s house look like a jail.
      Are they there to keep the hipsters out?

      If I had spent over 100K restoring a house in a neighborhood where tagging blight & other crimes occur daily, I would’ve done the same thing. Maybe even a bigger fence.

      I went and looked at the house some months back and while the work was excellent, the location leaves a lot to be desired. That being said, I’m just glad someone brought that fine house back to it’s former glory. It really is beautiful.

      • My only objection to the fence is the style. It does not match the Victorian architecture. A rod-iron or picket would have been better.

        worf, you make a good point about bars on windows. There are many existing properties with fences and bars, so really, we just have Proper Do’s trying to stir up dust.

      • Worf, you beat me to it. I’ve said the same about bars and rod-iron fences and have consistently rejected those suggestions from the trades who are always eager for the work. However, the bars on the windows are more of a 80s/90s home feature and when L.A. was experiencing an unprecedented level of crime and homicides. About the time that people like “True Freedom” turned their backs on L.A. and moved to Pasadena. As far as we’re concerned, she should stay there.

      • Btw, the blue security sign is a nice touch(?). Why not simply install a moat and complete the picture of fear and insecurity?

        • Proper, I’m pretty sure the front fence and blue security sign we’re put there by the flipper and not the buyers. Give them the benefit of the doubt. Maybe the new owners are cool people and not the paranoid hipsters you think they are?

          • Moody, I’m counting on it. I seriously doubt that the “paranoid hipster” demographic is going to purchase in this area. Hell(?!), South L.A. is wide open with cheap and traditional-style housing but thus far, no hip gentrification going on there.

    • I like to think we are moving on from the age of designating a neighborhood based on ethnicity or violence level. LA is a hard city to live and get around in, and I see more buyers purchasing homes based on proximity to work and historical charm. Rather than “this is where all of people of my race live”. Affordability also factors into it as more and more people in their mid 30′s/40′s want to buy into the American dream of home ownership but don’t make as much as their parents did and also don’t see themselves commuting from the suburbs. No more bad neighborhoods. This is the future.

    • Echo Park resident

      You’re grasping at something that just isn’t there. Many homes all across Los Angeles have fences. Is this to keep “brown people” out? No — it’s to provide privacy and noise reduction, especially for homes on busy streets like this one. It’s perfectly understandable for a homeowner to not want people peering into their property. Also, the fence makes it an attractive purchase for people with children or pets. You wouldn’t want a little kid wandering out onto that street, and a fence helps prevent that from happening.

      And I agree about the iron bars. They’re much more of an eyesore than a wooden fence.

    • Tyrone Washington

      I’d like to see more high fences in that neighborhood. Perhaps it would hide the broken-down cars, toilets and sofas.

  3. This house is nice, but it’s on a bad street. There’s an auto shop directly across the street, 4th street is super busy, and there’s a bus stop 5 feet from your front steps.

    Hard to believe somebody paid $200k over what it was purchased for one year ago. The updates are nice, but not $200k nice.

    And yes, that fence looks dumb and out of place.

    The bars on the windows in the neighborhood houses are a sad necessity sometimes.

  4. If you want to live in LA and have a restored historic Victorian this was probably the best deal out there. You can find some in LHTS but it’ll cost you $300-400k with no restoration, if you find one in Angelino Hts or West Adams you’ll be looking at prices 2-3 times higher. Restored Victorians are very hard to come by, if you really want a turn key Victorian for under a $500k then this might have been the only option available for the last few years. Restoring a home yourself requires you to have at least 6 figures in cash to pay for the work, let alone finding the right people to go it (because not just any contractor does restorations). So all things considered $450k doesn’t seem unreasonable. Will their neighbors stucco box sell for $400+k? Hell no, but that because homes like this are special, rarity and very desirable.

    • No matter how “charming” a place is, it’s still about location, location, location. In this particular case, it’s an issue of renovating a property that is now the most expensive house in an area where the going price is around $200,000. This area has no chance of being “gentrified” anytime soon. It’s just the wrong location for that.

      It’s a bad investment. If it indeed has been sold for $450,000, they will never recover their cost. They better plan on staying there for 50 years.

      • You’re right in real estate they do say the 3 rules are Location, location, location, but do you know what rule trumps that? You’re house is only worth what someone is willing to pay for it. And someone paid full asking price, now that the sale is recorded it can be used as a local comp, Others will be using it to justify refi’s and sales, especially those with “charming” homes that are similar to this one.

  5. Can someone explain, what is rod-iron? I know what wrought iron is; but rod-iron?

    • Come on everyone knows what rod-iron means. It’s commonly used for home security in the “bad parts” of town, Basically there are these dudes named Ron for who stand in your home wielding a tire iron to deter potential thieves. Kinda like a lawn gnome but more menacing.

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>