Saturday, October 22, 2016

Eastside Property: What kind of Echo Park house sells for more than $100,000 over asking?

This one: A two-bedroom, 1907 house on Avalon Street that sold this month for $677,000, according to Redfin. That’s quite above the $569,000 asking price back in July when the house hit on the market. Why would anyone pay so far above asking? Maybe the 12,000-square-foot lot provides enough room to build another home? Here’s what the listing says:

Larger that public records indicate, the house offers; spacious common areas, bay windows, hardwood floors, French doors leading to a wrap around deck, back patio, large kitchen with vintage stove and expansive bathroom with claw-foot tub! Character abounds throughout this private and unique property. The back door opens to an oversized patio for entertaining and the opportunity to custom landscape the huge well-maintained lot. Moments to Yogala, Chango Cafe, and Cookbook gourmet market.

The house is on the same block as another 1,100-square-foot bungalow that sold in January for $646,000, a deal that was completed in about two week.

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  1. Another house getting knocked down I bet..
    I predict small lot division.
    Or 8 units by right.ummm
    My lot is 80 by 40 corner lot…ummm

  2. Does anyone know what zoning LARD3 means? Does it allow more than one house on a lot?

    • LARD3 means, three fat people per lot.

      in the description: “Larger that public records indicate” means un-permitted added square footage.

      While I wouldn’t call a 12k sqft lot “huge”, if it’s zoned for higher density than is there now.. that house is coming down and stack-and-pack condos or small-lot subdivision going in. More hamsters in the cage.

  3. *two weeks

  4. not a surprise. this beautiful house is on a huge lot and was way underpriced based on the current market in the area

  5. With a final tag over $100,000 and zoning allowing for up to ten units I’m convinced they’re going to tear down and build a multi-unit apartment building on the property. Which is a shame as it’s a lovely house.

  6. they coulda got more for it. There woulda been a bidding war if they had started at 659….

  7. Chances are that will be a tear-down, and they then will build four or maybe even five small lot subdivision monstrosities, and after selling them, get triple what they just paid. But anyone paying that kind of price for a junker house like that would otherwise be insane — if you’re going to spend that much, there are a lot better places you can have.

    This is a side effect of these small lot subdivisions — people will not be able to buy regular houses because the subdividers will outbid them. This is just another reason why that small lot ordinance is a bad one.

    • If this is true, it’s a shame. Did you even look at the listing? I’d hardly call this a “junker house.” It’s absolutely beautiful and worth preserving. All it really needs is a nicer kitchen, as this one is clearly stuck in 1992.

      I’ll be so angry if this single family home that’s totally liveable is torn down for crappy condos.

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