Saturday, October 22, 2016

Eastside Property: 440-square-foot Echo Park house finds a buyer

1823 Grafton Street/Photo by James Schneweiss

One of the smaller Echo Park homes to recently hit the market – a 440-square-foot bungalow at the corner of  Grafton Street  and Lake Shore Avenue – sold earlier this month for $301,000, according to Redfin.   It took about two months and a price cut from the original $319,000 asking price for the sale to be completed.  There is not much space inside this “condo alternative” but outside there is off-street parking,  a valuable commodity in increasingly parking-challenged Echo Park.

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  1. Oh, I am almost certain this is going to be flipped. $300k for this teeny house, slap on a few tacky/cheap light fixtures, stain the floor, add some stainless steel appliances, and — voila! It’ll be on the market as a $2500/month rental or as a $500k+ buying option in two or three months.

  2. I used to live by this house and I always saw the occupants outside, possibly because there wasn’t much space inside. That’s a bit ridiculous of a price!

  3. I recently tried to help my friend find a rental in the area and the sub $2k range can be very tough, even for a one bedroom. If you have the downpayment, you’re looking at a $1200/month mortgage for this house, $1500 with tax. When you consider equity, the potential for a small yard (if you have a dog, finding a decent rental can be a nightmare), parking, and tax benefits, I don’t think this is the worst alternative to renting. Even if you have to put some elbow grease into this house, the tiny size means updating it won’t cost a fortune.

  4. 2500 sq ft lot. maybe the buyer is

    A) going to build a bigger house for themselves…
    B) build a duplex to rent/sell/ live in half?

  5. If there are minimum parking requirements in the area, then there won’t be a lot of room for expansion. That’s sad when we devote so much space to automobiles that it’s very close to the sq footage of this home!
    (350 sq ft vs 440 sq ft)

  6. Echo Park resident

    An update: I live near this house and it is still vacant. Nothing appears to have been done to the property. I’m wondering if they’re waiting to try and buy up the other small houses that surround it to demolish all of them for an apartment building or mega house.

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