Tuesday, October 25, 2016

Eastside Property: Like your houses small? Then this Echo Park bungalow is for you

1823 Grafton Street/Photo by James Schneweiss

When you spot words like “condo alternative” in a real estate listing, you know the house is going to be small. That’s the case of this 1922 cottage at the corner of Grafton Street and Lake Shore Avenue in Echo Park that went up for sale this week at an asking price of $319,000, according to Redfin. The clapboard house has one bedroom, one bath and a small “bonus space.”

The listing does not provide the square footage but a check of online assessors records shows the house has only 440 square-feet of space, which makes it slightly bigger than a traditional, two-car garage.

The house may not offer much interior space, but there is enough room on the 2,500-square foot lot for off-street parking and a “dream yard.”

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  1. This is the kind of nonsense that’s taken the acquisition of a home–once a bedrock feature of “the American dream” out of the reach of all but rich people or those willing to shackle themselves to a 20- or 30-year mortgage loan. The house I grew up in was a two-bedroom stucco house with a separate garage on a 50’x150′ lot, and it cost my parents $8,000. Of course that was a long time ago, and of course they had to take out a long-term loan, but $8,000 then wasn’t as huge an investment as $300,000+ is now. Owning a home of one’s own is now out of reach of the average American.

    • The so-called American Dream is a product of 50s suburbanization. Owning doesn’t always make sense, nor is it a right. Also, neighborhoods rise and fall and prices along with it. In NYC 400sqft will cost twice that.

      In your specific example, 8000 may have been equal to 300k today because of inflation…

      • Actually, 8,000 in 1950 equals 77,000 today.

        So Gene is correct.

      • You shouldn’t make an argument from one factor. Yes, adjusted for inflation the value for your parents’ home should be around 80K. But what you ,as so many, fail to input into that equation is income inflation, LOCATION as well as supply v demand.

        The key reason properties (SUCH AS YOUR PARENT’S PROPERTY) tend to inflate much faster is because of the area. Granted, some areas are nicer than others in greater LA, but because we all have access to the infrastructure, business opportunity, great weather etc. one will see appreciation accelerate faster than inflation. It’s simply more desirable to a vast group of people with means to pay.

        Buy property you can afford. You will rarely be disappointed in the long term outcome.

  2. Looks like a lovely little house!

  3. A house with this small amount space should be sold for about $100,000, not three times that. This is bubble is ridiculous.

    • The value of a property in Los Angeles (as with most major metro areas) is usually 75% land value 25% improvements (structure or house). To say that a house this size “should” be sold for 100K would be correct if you were in Lafayette Indiana or any other place where land values are drastically less than here.

      I wouldn’t classify this latest rise in values a bubble but more a new foot-hold in confidence in the current real estate market. The last bubble of ’08 was caused by loose lending practices which allowed too many (unqualified) buyers to enter the market causing an artificial rise because of higher demand and lower inventory. In this climate, you have low inventories (because developers and home builders all but quit producing inventory after the crash) combined with 4 years of stored demand. These current buyers are well qualified and are much more likely to stay in the homes they purchased because they can afford them and the motivation for purchase is different compared to the previous circumstances.

  4. Love, love the kitchen space and all the storage!

  5. Dang, this ain’t even priced to flip. Soooo much work needs done here. Could be really nice if restored properly and not “Home Depot’d”.

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