Tuesday, October 25, 2016

Eastside Property: Highland Park flip returns to market with a big markup

Hidden behind willow trees and shrubs at the corner of Avenue 53 and Raphael Street, this 1926 Highland Park Spanish-Colonial has been remodeled and renovated since it was purchased last August. The kitchen gleams with new tile and appliances but the home still sports some vintage touches, including a classic Batchelder-tile fireplace in the living room, wood floors and windows. Earlier this week, the three-bedroom home went up on the market at an asking price of $665,000 – or about 90% more than the $351,000 the investors paid only four months ago, according to the Redfin.

There have been plenty of homes that have sold for more than $600,000 in Highland Park’s 90042 Zip Code during the past two years, but most of those properties are located north of York Boulevard near Eagle Rock or near Mt. Washington, according to Redfin.  Most if not all the homes that have sold in the central section of Highland Park where this 1,670-square-foot home  is located have been priced below $600,000.  Is the home’s $665,000 price tag too ambitious for this section of Highland Park? Stay tuned.

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  1. Echo Park resident

    This is a truly ugly flip. No character whatsoever.

  2. This was a sad and neglected house that was just crying out to be painted and taken care of. I think it looks fab!

  3. It’s a nice house, and I’m extremely pleased they kept the original windows and floors, but I wish flip jobs were more transparent. Did they fix the roof, plumbing, electric, or foundation? Maybe that is info the realtor can share.

  4. It hurts to look at what the investors get these for but it will sell. Buyers are hungry and have gotten over how much things are getting marked up. It will sell at that price. As long as you’re close to the hot spot no known as York the location will be good and the price justified.

  5. Only an idiot would buy at that price. You will never be able to sell for more. There is a definite bubble right now.

  6. Never sell for me? People said the same thing about Venice, Silver Lake and Brooklyn.

  7. wow. sold for $70k over ask. Damn, all the snark, but that flipper made a lot of coin right there.

  8. Highland Park Residence

    I would love to see a follow up article about the home prices in Highland Park.


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