Tuesday, October 25, 2016

Eastside Property: Echo Park bungalow court finds a buyer

Earlier this year The Eastsider reported that one of the hillside bungalow courts  that line both sides of Sunset Boulevard on a two-block stretch east of Elysian Park Avenue had gone on the market as part of a trust sale.  After being originally listed in August for $699,000, the price of the 11-unit Echo Park property built in 1921 was hiked to $893,000, according to Redfin.  By the end of November, the building was under contract and a sale finalized earlier this week for $850,000.  What does that mean for tenants, some of whom pay as little as $322 a month for studio apartments?  They are protected by city rent control but the new owners are probably aware that Echo Park apartments now fetch much more than that.

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