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Friday, September 30, 2016

Will Echo Park Lake clean up take a toll on property values?

A newly remodeled Angeleno Heights bungalow went on the market this week offering sweeping views of Echo Park Lake below and the Hollywood sign in the distance. However, the $499,000 home’s perch on Echo Park Terrace will also provide the buyers a nearly unobstructed view of Echo Park Lake as it is drained and cleaned up during a two-year-long construction project that is expected to start early next year. The $84 million clean up will require an estimated 2,500 truck trips to haul out about  50,000 cubic feet of muck and soil.  Before that muck is trucked out, some of it will sit in large piles to dry out, emitting a rotten egg-aroma strong enough that planners are recommending spending up to $50,000 to respond to complaints about the stink.  It’s not going to be pretty to watch or smell. Still, as real estate agent Rob Kallick writes in his blog,  the newly listed, three-bedroom home “offers a lot for the price and is in a terrific location.”

And, once the lake construction is complete,  the buyers of the Echo Park Terrace home – will enjoy a front row seat to a cleaner lake and a spruced up park. Perhaps by then $499,000 will seem like a real deal.

Related link:
748 Echo Park Terrace in Angeleno Heights. Take Sunset

Photo from theMLS.com



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7 comments

  1. Hilarious!! Thanks for the laugh.

  2. gotta knock ’em down to build ’em back up! sure the prop. values may dip… only to skyrocket once the park rehab is totally finished (which will certainly take longer than two years… what city project has ever finished along the lines of the projected timetable?)

  3. This already happened in 1984, thats when the water filter system went in and the wall that killed the lotus went up. It was a beautification project for the tourists. We used to go digging in the muck, we found a bunch of knives, broken pieces of guns, old coke bottles, an old watch. What city project has ever stayed on budget? OR ON TIME. Does anyone know how much it cost in 1984? I couldnt believe how long it took to put back the lady of the lake staute BACK 20 plus yrs. I understand that these monies will not be used to fix the sidewalks around the lake. No Budget no money tear it up, suck it out, Will we be getting our Park Rec room back or will it still be used as storage? Are the boats coming back? In 1984 we where a thriving nation, we are at the bottom of the list now. Is Eli Board doing the work? What can we do as tax payers DO to stop this misuse of tax dollars, no ones benefiting except the politicans and the contractors who are their contributors, can you say ROBBERY! To this date we do not have a state budget, STATE EMPLOYEES only work 4 days a week now how many jobs would 100 million pay for???, A LOT! THIS IS A BIG EXAMPLE OF WHY WE THE PEOPLE OF THE STATE OF CALIFORNIA ARE BROKE

  4. You know these funds should be reallocated we are in crisis mode and no one wants to address it. I don’t get it.

  5. It’s disgusting. The lake is the last thing on the list that the neighborhood thinks needs “fixing”. Especially on an 84 million dollar scale.
    But someone found the old dam designation and is using that as a loophole so they can pass on a 84 million dollar gig to a contractor “friend”.
    And the worst thing is that after we suffer through this construction fraud- the lake won’t be as beautiful or retain it historical elements.

    They steal 84 mil, a 100 trees and the open water- and we get swamp lands littered with spicy cheetos bags.

  6. And instead of making objections known, the community was too busy having conniptions about vendors in the park.
    You get the neighborhood you deserve.

  7. I wholeheartedly agree that this is a disgusting misuse of scarce State money right now!! Does anyone know if it’s too late to change this, or are the plans laid in stone already? What sickens me even more is thinking about what’s going to happen to the poor wildlife!! It’s not like they’ll be able to read about where the powers that be have “relocated” them to…

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