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Thursday, September 29, 2016

Will buying a “bricker” get you a bargain?

Photo courtesy Marcus & Millicahp

For many property buyers, the risk of buying a brick building – even one that is reinforced – in quake prone Los Angeles (or even Washington, D.C.) is not worth the charm and character that come along with these older buildings. But, the recent sale of an Echo Park area apartment court on Alvarado Street south of the Hollywood Freeway shows that a relatively low prices can overcome concerns about brick construction. David Bramante, who was the listing agent on the 11 unit complex built in 1928, reports that the long-time Echo Park owners of the  property recently sold it to some Westside buyers for $650,000 or about $59,000 a unit.  He did not have specific figures but Bramante said that old brick buildings – which he calls “brickers” – often sell at a discount compared to more common wood-frame buildings.

“Most investors shy away from brick buildings or “brickers,” but there is a built-in discount for these properties and they have a very unique aesthetic that is reminiscent of much older east coast cities like New York,” Bramante said.



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