Wednesday, October 26, 2016

Eastside Property: Flipper bait awaits in Atwater and Echo Park

Echo Park cottage (left) and Atwater Village Spanish Colonial. Photos from Redfin.com

Some home flippers are probably salivating over two old homes that recently came on the market in Atwater Village and Echo Park. One property is a 1930 Spanish Colonial style home (top right photo) with “urine soaked” floors and “questionable” plumbing and heating systems. The 864-square-foot Silver Lake Boulevard home (yes, Silver Lake Boulevard extends into Atwater) is priced at $239,000. Meanwhile, in Echo Park, a nearly century-old “fixer gem” (top left photo) has retained many of its original features and does not appear to need as much work as the Atwater house (at least there is no mention of urine soaked floors). But priced at $455,000 the Echo Park cottage at the base of a winding stairway on Avalon Street is much more expensive.  What’s the better deal if you are planning to fix and flip or move up in a five years?

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  1. Urine soaked floors! Quite the selling point, is this the next must have replacing hardwood? Wetwood?

  2. Aw, poor little house in Atwater! Trashed, neglected and on the tiniest plot of land I’ve ever seen!

  3. At least the house has floors, think of the possibilities!

  4. $239,000 – cash – plus around $70,000 in repairs (gut the interior of the house to the studs, rebuild the kitchen and bathroom, upgrade to 100-amp electrical service panel, repipe the kitchen and bathroom with copper, and maybe replace those louvered windows with some wooden Vent-Vue windows) = $309,000 total cost. I don’t know if that’s a great deal for Atwater Village, but it seems fairly-priced. House has curb appeal and isn’t too small – 864 square feet is pretty decent, in my opinion, for two people (maybe three) – but the lot size is small. One advantage of such a small lot is that it won’t cost too much $ to replace the drain line and repipe the main with copper all the way to the street.

  5. The Atwater Village listing is now showing as “pending.” I figured it would sell fairly quickly at that price. I predict that it’ll be back on the market in Feb.-March 2013 for $379,000.

  6. There have been a number of older homes that have sold recently in Atwater Village near me. All have been quickly and extensively remodeled and then sold in short order. Who is the “Atwater Flipper?”

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