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Thursday, September 29, 2016

How to boost your Echo Park home value by $125,000 in a month

Well, that is at least the goal of the house flippers who  recently put up a nearly century-old Echo Park cottage up for sale at $425,000 – $125,000 more than what it sold for only 35 days earlier.  The flippers undertook a fast-track renovation of the three-bedroom Echo Park Avenue home, repainting the interior and exterior, updating the electrical system and plumbing and install new sod, according to the listing. Meanwhile, the historic character and features of the home – including the old metal mail box out  front – seemed to have been left intact.  Perhaps the owners will throw in a new mail box as part of the deal.



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20 comments

  1. for a street that’s a gang hang out. cute house but no thanks.

  2. They could have saved the money doing the upgrade and increased the value just said the house was in Silver Lake instead of Echo Park.

    Same thing.

  3. Fargo is a total gang hangout. Seems like a high price for the location, and right across from a elementary school. What are people thinking?

  4. Look at that kitchen, or is it a kitchen? And no parking space…Yikes!

  5. Who ever the listing agent is, that person is brain deficient. It’s not Victorian (maybe calling everything a ‘craftsman’ is becoming outdated) and it’s Silver Lake, not Silverlake…
    Why should I trust someone who can’t get the basics right?

  6. Actually, that is a Victorian. Look at the soffits. No rafter tails. It’s got the high ceilings and picture rails, plus the curved, graceful columns on the front porch, not the heavy, boxy type of a Craftsman.

    Of course, there are houses that were built around this time when Victorian was falling out of fashion, and Craftsman was coming into style. They are kind of a hybrid. Typically, the ceilings are about 9 feet, instead of the towering 11-14 feet in a typical Vic. So, maybe this house falls into that category. Personally, though, I’d call it a Victorian.

  7. I guess I’m used to the fantastic Victorians in San Francisco….

  8. Yeah, I guess this is considered a Queen Anne Bungalow….

  9. I wonder if Queen Anne was a member of EXP?

  10. House flippers are evil. All this did was deprive someone who otherwise might have been able to buy a house from the opportunity to do so. The flippers came in, exploited Echo Park to the hilt, and got out with the cash fast — never to be seen or heard from again, could care less about the neighborhood or the people here.

    Let an owner-occupant upgrade, not a flipper. Flippers are every bit as bad as absentee landlords.

  11. Mark – that house was on the market for a crazy long time. Your argument may apply to some cases where flippers snatch up homes with cash before anyone else can bid, but in this case, not so.

  12. Ruby and Lauren are right. It’s considered a Queen Anne I believe. We think of crazy ornate houses like on Carroll Ave when we think Victorian but yeah there were some versions of victorian in the transition to craftsman. I agree, the shape of the house al ong with the front door, columns, fireplace, windows all are on the Victorian side.

  13. Mark, are you kidding me? The home was sold on an open market. How did that deprive someone else? They fixed up the home and have listed it under market value. Your logic of flippers being as bad as absentee landlords who let buildings decline confounds me. Not everyone wants to buy a fixer and many would gladly buy something renovated. It would take an average “Joe” much longer to make improvements on his own compared to a flipper who is, God forbid, is making a living off of their job of creating desirable, move-in ready homes.

  14. For nearly half a million, I’d want more of a kitchen! Glad they kept so many of the old details though.

  15. ps that’s a lot of sod. let’s hope the new owners are quick to plant something more drought tolerant!

  16. I don’t know about this particular house and how long it was on the market. But as a recent first time home buyer, I agree that the house flippers hurt new buyers looking for something affordable in the north east LA area. We couldn’t afford a house that had been flipped, but had a few we wanted to buy and fix up over time bought by flippers because they had cash and we didn’t.

  17. Re: Flippers >>> Look, flippers won’t be successful unless people are buying their flips. Many flippers lose $$ on their flips, and especially in this market, it’s a risk, a risk some flippers decide to take.

    Supposedly one of the most famous flippers, the dude from Bravo’s ‘Flipping out’ lost millions when he was stuck with too many properties when the bubble burst. It was reported about 1/2 his net worth.

    I’m not a flipper, but have nothing against them. If those here believe flipping is driving up prices (which means they are selling successfully), then that sounds like easy money, doesn’t it? Therefor, do it yourself if it’s so easy, geez.

  18. EDIT: Missed the last words to this paragraph in CAPS>> Supposedly one of the most famous flippers, the dude from Bravo’s ‘Flipping out’ lost millions when he was stuck with too many properties when the bubble burst. It was reported about 1/2 his net worth WAS LOST.

  19. As a home owner in the neighborhood for 10+ years (bought a fixer upper as my first home, slowly & painfully remodeled) I’m happy to see a few properties flipped. Raises the local property value and adds favorable comps to the neighborhood. Comps which during the economic downturn helped me refi and saved me from losing my home when my income decreased. I want to see this neighborhood thrive and revitalize.

  20. luiza Mavropoulos

    I bought a fixer upper, I’m going to be working on it till I die. BUT so worth it just to stay in the neighborhood. The claim to fame to my house was (and we didn’t know at the time) that our home was the hang-out for the ExP gang. LAPD N/E DIVISION knows this house like a map tattooed on a hand. Even the spots you can lose urself in. The story was told to me by local realtor Ida Potash who also stated the house was on the market for 2 years, no one would touch it. We consider ourselves lucky to know the community at hand, no one tags us, the homeless who pick up bottles do steal our package’s. At the time we bought this was the most expensive house on the block at $169,000.

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