That’s what a nearly century-old, renovated and expanded Echo Park bungalow sold for this month less than 30 days after it was put for sale. Despite a steep $849,000 asking price, Rudy Dvorak, who purchased the hillside house a year ago for $300,000 before flipping it, said he received about 10 offers for the nearly 1,600-square-foot house, with the winning buyers, an East Coast couple, paying about 8.5% more than the asking price. In the past three years, only one other single-family Echo Park home sold for more than $900,000, according to Redfin. “It was amazing to me,” said Dvoark of the interest in the Lemoyne Street house. “Several of the people who made offers had missed out on other properties.”
Now, Dvorak, who has been buying, renovating and selling homes for several years now, is in the same boat as many other home buyers in a market where record-low interest rates have helped revive real estate sales and prices. He recently got beat trying to buy three other properties in the Echo Park and Silver Lake area.
“We are willing to pay cash. We are willing to go fast. We are willing to take on problems,” said Dvorak. But “it’s really hard to find something, even for us. If it was rolling down the hill, I would take it in a second.”
- Talking flipping with ReInhabit, the guys who just sold an Echo Park house for $922k. Curbed L.A.