Friday, October 21, 2016

Eastside Property: Is an Alvarado Street location keeping Echo Park bungalow buyers at bay?

What’s not to like about this Echo Park property? It includes a pair of renovated bungalows – one with a gleaming hardwood floors, pocket doors and other original features  – on a  lot with a large yard, mature trees, and off-street parking. All this for $549,000, according to Redfin.  But that price already reflects a $10,000 price chop since the two homes went on the market  in early September (The asking price on an expired listing from June was not available).  Could the home’s location be an issue?

While the bungalows are cloaked in greenery on a block of renovated homes, the property is also set in the middle of what seems like the perpetual traffic jam that is Alvarado Street in this section of Echo Park. Still, for those who can put up with the traffic just beyond the front lawn and steps, the bungalow’s historic charm and central location might be worth it. Says the listing:

Don’t miss out. Walking distance to shops and restaurants on Sunset Boulevard.

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  1. Because nobody wants to pay half a million dollars for a view of a Rite Aid parking lot full of homeless folks. That’s literally all you see when you look out those windows.

    • Single-family homes have no business on main commercial arteries. Relocate this or tear it down and build a 4 to 6 story apartment building with commercial retail along the sidewalk. People will pay for that shit. Single-family home? HELL NAH. What’s the point?

      • Come on, Lester. You know as well as I do that these homes have been here much longer than all the traffic, the noise and the Rite Aid. It’s all the traffic that has no business being on that stretch of Alvarado (and for what it’s worth, the parallel stretch of Glendale is also too overrun with traffic and semi trucks.)

        What this area needs more than anything is a road diet. No more semi trucks using Glendale and Alvarado as a shortcut between the 5 and the 101. Cut down on some of the lanes. Direct drivers headed to freeways through streets that can handle the load.

        • You think Alvarado is some small neighborhood street? It’s a main thoroughfare, connecting Sunset and Glendale. What other side street would suggest shifting traffic to?

          The fantasy that everybody is going to ride a bike, including gasoline delivery trucks and people shuttling children around, is not going to end well.

          • Alvarado (As it runs through Echo Park) has always been a neighborhood street — the street has just never been updated or adjusted to reflect the influx of cars and semi trucks. Just look at the size/width of the street! It was built, just like most of the other streets in the area, in the 1920s and could never anticipate the amount of use it gets now.

            You’ll notice I didn’t say, “Ban all cars! Ride bikes or become sum of the earth!” I’m mostly suggesting that the road be given a “diet” of sorts, not unlike many of the other streets and highways in Los Angeles. I think that banning large semis from these smaller streets will actually improve traffic, reduce noise and overcrowding, and make Glendale and Alvarado a bit more useable. It’s not unheard of for extremely large trucks to be restricted from certain streets.

            Trucks use Echo Park as a shortcut between the 5 and the 101. What’s the big deal in requiring trucks to use the 110 to transfer to the 5 instead?

        • gotta say, that is an outrageous slice of fantasy you got going there. maybe we can shuttle all the traffic up Lemoyne to Berkeley.

    • Not to mention the wonderful sound of constant traffic! Who wants to pay over $500,000 for that…

  2. We looked at these when they were on the market years ago, and the location was definitely a HUGE downer. The traffic noise was constant inside the house.

  3. If it was less grossly overpriced, I would buy the crap out of this house. I live in a city. I’m used to traffic.

  4. So it’s two 1/1s, one of which is being rented for a decent $1100/mo. So you’re asking why someone wouldn’t want to put down 110k in down payment for the luxury of paying around $1600/mo (after counting the rental income) for mortgage/tax/insurance to live in a 1 bedroom, one bathroom place at noisy street level of the worst part of Echo Park?

    I live in EP but that stretch of Alvarado is bum central and terrible.

  5. Original list price was $589,000 in June.

  6. Went and saw when it first went on the market. It’s actually quiet inside the property, but essentially you’re paying for 1/1. The other unit, the rented one, looks like it will need a lot of work. Would be worth it if both units were in good condition and empty.

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