Saturday, October 22, 2016

Eastside Property: Housing hunting for an endangered species – homes under $200,000

480-square-foot El Sereno home listed at $199,000/The Eastsider

The flippers have cleaned out much of Highland Park.  You can forget about Cypress Park and Lincoln Heights, too. And don’t even bother looking around Echo Park or Silver Lake.   After a run up in sales and prices,  the inventory of detached, Eastside homes priced under $200,000  is extremely low.  Even the cupboard of cheap condominiums is looking pretty bare these days.  In fact, a review of Redfin listings from Silver Lake  to unincorporated East Los Angeles came up with only about half a dozen single-family homes priced under $200,000.  Here are some of your limited options:

Location: 4940 Axtell Street, El Sereno
Price: $199,000
Details: Located  behind a postage-stamped sized front lawn, the listing for this 1923 home (pictured above) describes it as “cozy,” which is probably the best way to describe a home that has less than 500-square-feet of space. It does, however, have off-street parking, fresh paint and a “bonus room” (how do you squeeze a bonus room into 480 square-feet?)

Location: 1089 N. Eastsman Avenue, City Terrace
Price: $169,000
Details:  This two-bedroom, nearly 800 square-foot home comes with a garage that has been converted into a bedroom that “is probably not permitted,” says the listing. This short sale is the “perfect starter home.”

Location: 602 S. Mott Street, Boyle Heights
Price: $155,000
Details: It does not get any cheaper – or perhaps depressing – as this forlorn, 103-year-old  Boyle Heights home. No historic charm here, just 672-square foot of space on  a weedy lot that is being pitched to investors.  “Minor repairs brings back this great home.” says the listing.

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