The Eastsider has been tracking the sales of two old homes – an Atwater Village Spanish-Colonial with “urine soaked floors” and a “fixer gem’ of an Echo Park bungalow – since both landed on the market last summer. Both sold quickly, with the 864-square-foot Atwater house on Silver Lake Boulevard selling for $260,000 and the nearly-century old Echo Park bungalow on Avalon Street fetching$425,000, according to Redfin. Not surprisingly, the buyers turned out to be flippers, who last month put both properties back on the market after extensive renovations. The Echo Park bungalow was put for sale on Jan. 14 for $645,000, according to Redfin. One day later, the Atwater Village home, which had been listed for sale last November but apparently no deal was completed, returned to the market at an asking price of $429,900, according to Redfin.
Which house would sell first? The contest was not even close.
The 1,154-square-foot Echo Park house sold in 16 days for $646,000 or $221,000 over what the flippers paid about five months earlier, according to Redfin.
Meanwhile, in Atwater, the Spanish Colonial on Silver Lake Boulevard remains unsold. In fact, the owners knocked $20,000 off the asking price.