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Monday, September 26, 2016

Not even the Tiki gods can guarantee a quick home sale

The tiny tiki-themed Echo Park property that went on the market back in April attracted a lot of attention and interested buyers – even at an asking price of $419,000.  “This is a really sweet property, incredibly preserved for almost 100 years,”  said Brock Real Estate agent Mark Murphy in an email. But the first buyer, who went into escrow at “well over the asking price,” dropped out after being scared off by a long wooden, walkway leading from Lake Shore Avenue  to the one-bedroom house.  The walkway and other issues also overshadowed the charms of the hillside bungalow and it’s free-standing tiki bar for the others who made offers. The walkway “is actually a city street known as Ravine Rd, and maintenance of the walkway became a deal killing issue for [buyers].  The third Buyer lost his loan at the last moment.”

The fourth buyer, however, was not scared off by the rickety walkway. The 601-square-foot house  is scheduled to close escrow on Friday at the $419,000 asking price.

* Correction: A previous version of this post misquoted Murphy as saying the first buyer made an offer at “well over escrow.” It should have read “well over the asking price.”

Photos from theMLS.com



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2 comments

  1. The cruel irony here is that although you’d have a great tiki bar, your house wouldn’t be roomy enough to host a decent party. 🙁

  2. “The 4th buyer”- in reality, there is only ONE buyer- the only one who could deal with the trek to the house and the could come up with the money. It doesn’t matter if the 1st escrow was “well over asking” because the sale didn’t happen! I could offer a million dollars, but unless the sale closes, it doesn’t count. Realtors are so annoying. They don’t even understand their own industry’s terminology.
    sorry- had to get that out of my system.
    it’s cute house. needs a funicular, though!

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