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Friday, September 30, 2016

Is a $215,000 one-bedroom affordable hipster housing?

How much house can an Echo Park hipster afford? How about $215,000? That’s the price of the one-bedroom unit pictured above that is part of a cluster of homes being sold separately or part of a package on a lot at Preston Avenue and Ewing Street “Hipsters can afford Echo Park,”  said Ursula, one of the property owners,  in the subject line of her email inviting folks to a weekend open house.  The property also includes a $235,000 one-bedroom unit and a two-bedroom house for $499,000. So, are these prices low enough to keep Echo Park hipsters from flocking to Highland Park?



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4 comments

  1. From what I’ve heard the apartments aren’t actually for sale but are being offered as a Tenancy In Common (TIC) which is more like a co-op in NYC. Given the rarity of TIC in the neighborhood the better question is whether the risk of not being able to sell it later is too high because of the unusual structure of the deal.

    Also, seriously, can we get over the use of hipster as a bad word? Young people with jobs and money who move in are our neighbors, not a collection of sartorial choices. Bars opening up offer income to local people. I’ve been here almost a decade and this “we own this neighborhood”/territorial crap is so boring.

  2. Thanks so much for starting a dialog about this! These homes are for sale individually and we’ve made it pretty clear that they are part of a SACO Tenancy in Common on the property web site http://www.ewingandpreston.com/ . This is precisely why buyers are able to get top notch property in a great Echo Park location for a fraction of the cost. As for transferability, just in the two weeks that we have listed all 3 homes, we have had a flood of interest and multiple offers in what most people would consider to be a down market. While all real estate investments are inherently risky and no one can ever predict what the market will do with certainty, I’d expect interest to be a lot higher in an “up market”.

    A SACO Tenancy in Common acts like a condo or co-op. You are buying an undivided interest with exclusive use rights to all the benefits of your home. For more info about SACO TICs see http://www.andysirkin.com/HTMLArticle.cfm?Article=1

    Thank you, again!

  3. By the way, if anyone is curious, our agent Ken Shapiro is hosting an open house today, Saturday August 7 from 2-5 PM. Thank you!

  4. I paid $169,000 for my home built in 1914 in 2000. I’m grateful to GOD and all the powers that be, that made me a homeowner, my place is a corner lot and a duplex. My home is huge, the rooms small, little closet space, but it’s in Echo Park. Those prices quoted for a one bedroom made me throw up in my mouth.

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