Friday, October 21, 2016

Eastside Property: Highland Park flip sells for above $700,000

The Eastsider back in early December reported on a newly listed Spanish-Colonial home in Highland Park that went up for sale at $665,000. That asking price was a 90% mark up from what the flipper paid for the same property four months earlier and noticeably above recent home sales near Franklin High.  But it did not take very long for the three-bedroom home to go into escrow before the sale was completed this week.  How much did it go for? Drum roll please …. $735,000 or $70,000 above asking, according to Redfin.  Can homes in this part of Highland Park go any higher?

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  1. WOW. That’s not even the nicest part of Highland Park, is it?

  2. I think its because its a 3/2 that is 1700 sq ft. Usually houses are 2/1 and 1000 sq feet.

  3. Well, ok. That settles it. It’s time to sell my house in HP.

  4. oh man, did nobody tell him/her where that house is.
    You got ripped off!

    • Have you ever been in that part of Highland Park? I lived for 10 years 2 blocks away and nothing ever happened…Left the car, the house unlocked many times! It’s all about the pockets area of HLP!

  5. Really nice job on the house.

    I’ve been living near that stretch for years and it’s cleaned up a lot in the last few years.
    Not much happens outside of the usual LA things; wayward teens occasionally tagging and neglected dogs barking.
    What is with the dogs barking in NELA? I don’t get it.

    I digress….

    It’s generally pretty quiet otherwise.
    The roughest spots in the neighborhood are generally closest to the 110.

    I also think Fig will start taking off like York Blvd has. There’s too much potential and too many older established businesses to be ignored.

    • I’ve wondered what all the hub-bub about York was about. I think Fig, esp south of York, has the best potential. There’s a significan walkable chunk and some pretty cool older buildings.. like the ones just on Ave 56 between Good Girl and Fig.

  6. We have lived around the corner from this house for years. It’s actually pretty quiet up here and we have amazing neighbors. It’s a great community with beautiful, old homes. Our house is 100 this year. I was very happy to see this old house given some much needed care. It looks great!!!

  7. I wish I had that cash–I’d hold on to it and find a better deal. While it’s a nice home, I don’t think it will increase in value much or quickly– and I wonder what it got appraised out. For that kind of money one could have made a much better investment. and followed the basic rules of buying real estate:
    -Don’t buy the most expensive house in the neighborhood. Try to buy the least so that the value of the area increases the value of the house
    -Good schools play a huge factor in the value of the house.
    -location is everything–I crime mapped it and there are def. more crimes there are a few recent crimes. Nothing to be too alarmed, but that price could put you in a more crime free area.

  8. These flips where the flipper pays pennies on the dollar are so rare, and have to only come from inside information or a high risk property. Any property selling for above list in late 2013/early 2014 is a rarity!

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