Wednesday, October 26, 2016

Eastside Property: Moby’s example of an affordable Silver Lake house sells for $580,000

Back in early 2012 when Moby was blogging about Los Angeles architecture, the electronic music star featured a photo of a lemon-yellow Silver Lake bungalow  to illustrate a post about how affordable L.A. is for working artists compared to New York, London and San Francisco. Moby conceded that he knew little about the “beat up” bungalow on Lucile Avenue  but that it appeared to have spectacular views of Griffith park and “probably costs 1/10th as much as it would cost in any other big, western city.”   Moby may have to revisit his real estate analysis. That same bungalow, an approximately 1,300-square-foot bungalow, just sold for $580,000, according to Redfin.

Investor Friendly! Here is a chance to rehab in this prime Silver Lake location. Every morning you can wake up you to awesome views to the Hollywood Hills, iconic sign, plus extra views to the Hollywood observatory.

Words like “investor friendly” probably attracted more house flippers than working artists.

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  1. $580,000 seriously? It’ way over-priced, especially if it needs to be renovated.

    • There is no more accurate a measure of something’s worth than the amount someone pays for it. Not rocket science. Consider one’s other options for a well located view lot in a safe and very commutable part of Los Angeles? Try buying buildable lots in this area and look how much they sell for per foot before you unscientifically knock the sale price.

  2. I used to live around the corner from this property and can attest that this is unfortunately a good price for this market. The house is actually nicer than the pictures indicate, it’s in the SL hills, and it has a spectacular view. It’s probably also the cheapest you’ll find anywhere nearby.

  3. $580K is actually not a bad price in this market and in that area. In SF this would be over $800K!

  4. I walked through the property during one of the first open houses/estate sales when the asking price was $1,000,000. It has a spectacular view, but is essentially a teardown. $580,000 for a lot, really.

  5. Moby’s general point is still correct, but you just have to look elsewhere. SL is, of course, not where young artists or musicians would buy, and hasn’t been for a few years. As has been noted many times on this blog, this kind of increase is a marker for where SL is heading as a neighborhood. Nice find, editor.

  6. Get real. Most “artists” that I know with little to no day jobs can’t even afford to buy – they rent or live in cars.

    • moby is as out of touch with reality as any other wealthy westsider

    • I wasn’t talking about “artists”. I was talking about artists, who sell work, and usually have a day job as well. Maybe as a teacher at a college, or a paralegal, or whatever. Glassell Park still works for them, and Altadena, Sunland, etc. They tend to be pretty creative about what can be done 😉

  7. Moby is a kook.

  8. This is funny…if the ‘view’ is really a trigger to over price a property, they neglected to mention that the ‘view’ was recently raped by the multi-level monster townhouses they build right next door to this home (which at one time sat a beautiful craftsman home), this tragic development greedily eats up any value the ‘view’ may have offered.

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