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Saturday, November 29, 2014

Is This A Peak Price? Echo Park hilltop compound sells for $1.755 million

ECHO PARK — This Craftsman-style home with a pool and  guest cottage generated a lot of attention when it went on the market in July at an asking price of $1.395 million. But that lofty asking price was not high enough. This week, only a little more than a month after it was listed for sale, the three-bedroom house built in 1907 officially changed hands at $1.755 million, according to Redfin. That’s about 25% over the asking price and marks a record high for a single-family property sold in Echo Park and Elysian Heights in recent years.



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5 comments

  1. I went to this open house for fun. If I had the money, I would have scooped it up. An Amazing piece of property with 360 views. I bet the buyers drop 400k into fixing it up. (the main house and guest house hadn’t been updated since the 70s)

  2. Either that — or the developer plan to just tear it down and build a small lot subdivision, which will make them millions of dollars in profit.

    • Gosh I sure wish I could figure out a way to get into the small lot subdivision game. There does seem to be a TON of money to be scooped up that way. If I could keep my house and develop out the backyard I might be able to finance it……..just have to figure out if it is doable.

      • This architecture firm publishes a very helpful, explanatory guide that explains the small-lot subdivision ordinance. I don’t think it’s an easy process. There’s a reason that successful real-estate developers tend to earn a lot of money; it’s a risky proposition. Your best bet might be to add a bedroom and bathroom onto your current house and rent them out. If you enjoy the process – and don’t get too frustrated when interacting with the Dept. of Building and Safety – then you could consider developing another piece of property down the road.

        http://www.modative.com/small-lot-subdivision-guide-download/

  3. We used to live a few blocks away from there on Curran. It really is a magical nook, and the house/property look amazing. Waaaay too much money, but if money were no object…

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