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Sunday, September 25, 2016

Echo Park home prices soar – at least on this corner

Back in August The Eastsider reported about property flippers who put an Echo Park Victorian on the market at an asking price of $425,000 – $125,000 more than what they paid only 35 days earlier for the property.  That seemed like a pretty ambitious target. But it turns out the price was not ambitious enough.  When the sale was finalized in late October, the nearly century-old home at Echo Park Avenue and Fargo Street sold for $5,000 over the asking price or $430,000, according to Redfin. That’s $130,00o more than what the investors paid about 90 days earlier.



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21 comments

  1. I hope the new owners love swat team action.

  2. Besides closing costs, i would ask for life insurance , bullet proof windows, ear plugs for helicopters , gun turrets , sand bunkers, 10 foot walls , a police scanner …….and a partridge in a pear tree.

  3. I bet the new owners aren’t from the eastside, meaning, they probably didn’t go to school around here.

  4. The same house was for sale for 525k just 6 months before. It sat on the market and got foreclosed on.. Then bought by the flipper for the lipstick and a resale. it’s actually a really pretty house with a great yard.

    Quit hating people.

  5. Ed has it right. This could be a great location for the person looking to the future. Plenty within walking distance, and with the proximity to the school, an easy rental property.

  6. Astounding. I hope that street has gotten cleaned up. Used to live around there, lots of guys hanging around, drinking beer: not at Fix. Despite being across the street from a school, heavy gang presence there. Good luck.

  7. The story is fine; the headline is abominable.

    This is an isolated house sold, and sold at a mere $430,000, not $800,000 as they were going for just four years ago. And in Elysian Heights, not in lesser areas of Echo Park!

    It is a travesty and sign of gouging that the price was jacked up so much over what it sold for just 90 days earlier. But to scream a headline that communicates that all housing prices (plural) in Echo Park are skyrocketing is just plan wrong and even dishonest and wishful thinking by an Echo Park property owner who would like his property value to go through the roof. In fact, average Echo Park housing prices have been in the $450,000 to $500,000 range for a long time now — so this price is not the least be “soaring,” in fact shows prices are dead in the water, going nowhere.

    Any journalist worth his salt knows a LOT or readers just skim headlines. You can REALLY prejudice readers with such a wrong and dishonest headline. YOU can only hope you start a hoopla and rush of buyers with that headline.

    Leave your wishful thinking out of your headlines.

    • Anthony, did you happen to miss the entire second half of the headline?

      As a matter of fact Echo Park single family residents (according to the LA times zip 90026) has increased 28% year over year.

      An item is worth what someone is willing to pay.

      Stop being a hater

  8. bad boys, bad boys, where you gonna live….

  9. Sorry Ed and Ben, we’re not hating, just being realistic. That, and the yard as I recall is all front and nothing else with street parking. Even my tiny hobbit house has off-street parking.

  10. Uh Anthony – you got the “at least on this corner” part of the headline, yes?
    And I echo all the others that say, cute house – worst block of Elysian Heights. I hope they knew what they were getting into and aren’t learning of it here…

  11. All that with a brick foundation which was the main problem with the house in the first place.

  12. Anthony must be a EP homeowner who got excited when he skimmed the headline thinking prices had gone back to 2007 heights. I got the humor in the headline but it seems he missed it completely.

  13. I agree with all of those who say quit hating. It is very true that this is one of the most gang-infested streets in Elysian Heights, but that is not saying much. Echo Park is a not particularly dangerous neighborhood — any more. And, even with a historically high unemployment rates the crime rates in this neighborhood keep plummeting. Why? I don’t know, but it means that if the trend continues (and why wouldn’t it (?) if unemployment doesn’t make crime sky-rocket, what would?), then the best time to buy is when the nay-sayers in the neighborhood say don’t buy. It’s a cute house and a nice investment.

  14. The house actually has a really nice backyard. No parking, but easy to add a parking pad in back without much effort/cost. I also had an exensive conversation with the cute couple + baby that rented it from the owner that lost it to foreclosure. They lived there for 2 years and were really sad to have to move.

    Brick foundation sux, which is the same as my echo p victorian and is gonna cost 35k to fix…

  15. I’d be shooting up my gentrified neighborhood too if a home like that got bought at a “discount” then “flipped” and sold to a bourgie sucker willing to pay $430,000 to live in the “cool” mexican part of town.

  16. I am impressed by the amount of racial anxiety revealed in some of these comments.

  17. Elysian Heights, like any other part of EP has its hit or miss streets. This falls on the latter, IMHO. We drove past there looking for parking not too long ago and there were people outside on their lawns and on the street drinking beer and “staring us down” as we passed in our car. I’m not a gentrifier, I’ve been walking the streets of EP since I was a kid and I was here when certain coffee shops and boutiques were mercados and 99c stores. If you are going to pay $425K and up for a house you might want to seek elsewhere in the neighborhood.

  18. “I am impressed by the amount of racial anxiety revealed in some of these comments”

    yeah, no shit. Why do people want to turn Echo Park into whatever Los Feliz and Silverlake are. And don’t say “safe”, just say “white”.

  19. echo park home owner

    You people are tripping about the quality of the neighborhood. It’s a pretty decent neighborhood and getting better daily. It may be in Latino neighborhood, but much like the climbing of the SES, the number of ethnic groups is diversifying just as quickly. I think that home is worth 430k given copper pipes, earthquake retrofitting, and all the structural issues that the flipper should have addressed. In less than ten years it will be worth a lot more.

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