Sunday, October 23, 2016

Home Search: Looking for an investment in Echo Park

Echo Park, real estate, homes

Siouxsie Alarcon in front of Lake Shore Avenue home | Marni Epstein

By Marni Epstein

ECHO PARK — Siouxsie Alarcon hopped on her bike on Sunday to check out the little open house on Lake Shore Avenue. The home is nestled at the base of a hill, shaded by mature foliage. The two-bedroom, one-bath home  is quintessential Echo Park – a quiet 1922 Craftsman cottage with a rambling outdoor space that disappears up into the hillside.

Amid a steady stream of perspective buyers, she walks around admiring the homey feel and cute decor. As a long-time renter in Echo Park, she’s decided its time to call the neighborhood her official home with a more permanent acquisition. Siouxsie is looking to make an investment with her home purchase. Ideally, she’d like a duplex. But perhaps this $699,000 home, with its enclosed sunroom and  finished garage space, would do the trick.

What is your price range?
If I could get something like a duplex it would probably be in the 700k – 800k range but a single place, in the $500,000s would be my top.

Why are you looking to move right now?
I like the investment part of it.

What features are you looking for?
It has to have a yard, I have two dogs. Ideally amenities that are modern, like a dishwasher and a good kitchen because I like to cook a lot. But a nice outdoor space since we have such nice weather – that would be ideal.

What drew you to the Echo Park?
I love where I live now, it’s just a few steps down to the lake. That’s really why I would really like to stay in Echo Park. I’ve loved all the change. I lived in Los Feliz, Silver Lake, Atwater – in this general area – for probably 15 years now, so I’ve seen the change happen. I find Echo Park is my favorite because its still has culture, and that’s what gives it the character I like.

What’s the toughest thing about house hunting?
It’s just costs are through the roof and there’s not a lot [of homes]. People are competing and overbidding on houses. There’s just not enough inventory.

Marni Epstein Epstein is an entertainment, music, and lifestyle Journalist and resident of Echo Park. She has previously worked in the film and digital media industries with FOX and Sony Pictures Entertainment. She is currently also pursuing a Masters in Historic Preservation.

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  1. That home might be a nice place to live, but at $699,000 I would not consider it an investment.

    • Agreed. An investment purchase in that area would have been made about 5 years ago.

    • Single family homes are not considered an investment as long as you live in it.

      • I don’t think that’s necessarily true; someone can purchase a home with the hopes of reselling it at a profit. If the buyer has lived in the house for two of the five years prior to selling it, he/she can keep up to $250,000 of the capital gains (i.e., profit) tax-free (up to $500,000 for a married couple). If you’re referring to Uncle Sam, you’re right; it’s not considered an investment property if it’s owner-occupied. (In other words, I can’t deduct the repairs or capital improvements I make to the house, but I can add the cost of those improvements to my basis, which can reduce my capital-gains taxes when I sell the house.)

        • Yeah. Just as I said. NOT an investment as long as you live in it.

          • I guess we define the word “investment” differently. I consider my house an investment, and I live in it. Maybe if you had used a better real-estate agent, you’d consider your house an investment, too. 🙂

    • Souxsie? Man thats a long way to go to get to Suzie.

    • Howdy James
      You sure have a lot to say for a person who doesn’t reside in EP , go back to East coast you loser . IF you can’t afford to live here shut up !!!!

      • Howdy Mario – Looks like you woke up on the wrong side of the cardboard box. 🙂 I was born in Silver Lake and I own a house there, and my roots in the area run deep. I have been following the L.A. real-estate market pretty closely since the late 1990s, and I strongly believe that a 2-bedroom, 1-bath $699,000 house in Echo Park is not a wise investment. Even so, if someone is searching for an investment property, forget Echo Park for now – unless you’re paying cash for a fixer-upper. How about making a coherent argument, Mario, that explains why you disagree with my advice, rather than resorting to ad hominem attacks?

  2. Is it me or is this article somewhat confusing. Was the point that Siouxsi bought this home? or She’s looking for a similar home? $699,000 is way over priced for Echo Park? IDK

    • It’s you. She’s house hunting and was interviewed as she visited this particular open house. This house is priced at $699k. She opined that her top spend on an SFR in the area would be $500k and that she would not pay $699k, except for a duplex. So in other words, she was not going to be putting an offer in on this home, though she may be in the market for a home, but at a lower price point.

    • It could have been written better.

  3. Ha, ha, ha, ha….Cottage….ha, ha, ha!!!! This cottage is 928 sq ft,…I feel sorry for the person that is foolish enough to pay $754 per foot of living space, and please don’t justify it by saying, “but it’s on a 7,500 sq. ft. lot,” cause that’s just dumb!

  4. lot’s are so tiny. 7500sqft would feel too cramped if you have kids or a dog, IMHO

  5. Thanks. I guess that’s what I meant as well, that the story could have been better written.

  6. Its kinda confusing though nice, i got ideas from this.

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