Thursday, October 27, 2016

How long does it take to sell a $699,000 Eagle Rock bungalow?

Eagle Rock bungalow sold for $106,000 over asking | Photo courtesy Redfin

Three days. That’s how long this 1916 Eagle Rock bungalow on Vincent Avenue sat on the market  before it went into escrow in June  for $805,000 – $106,000 over the asking price, according to Redfin.  The quick sale, final sales price and other factors are what put this approximately 1,300-square-foot bungalow on Redfin’s list of  2014 hottest home sales in the U.S.

The two other Los Angeles homes to land on the list were in Cypress Park and Highland Park. Here’s Redfin’s take on those sales:

Photo courtesy Redfin

Photo courtesy Redfin

5923 Piedmont Ave, Highland Park

  • Days on Market: 8
  • List Price: $299,000
  • Sale Price: $435,000

A Highland Park bungalow in the rough, this house has excellent bones but needs a serious facelift – just the right recipe for SoCal’s real estate speculators. Selling in just eight days for $135,000 over list, this property obviously appealed to investors for its location and, once remodeled, its potential to appeal to the influx of affluent professionals into the community of Highland Park. Look for this one to hit the market in mid-2015 and sell for about $700,000.

Photo courtesy Redfin

Photo courtesy Redfin

3544 Arroyo Seco Ave, Cypress Park

  • Days on Market: 8
  • Sale Price: $345,000
  • List Price: $299,000

This little bungalow went to someone playing the long game. Cypress Park is farther south and east of the already popular neighborhoods of Eagle Rock and Highland Park. With the location came a much lower price tag and a higher potential upside once it’s resold.

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  1. Holy cow. That is a lot of money for a small house. I guess the banks are appraising that high now?

    • Not necessarily. That property probably appraised closer to asking. There are a lot of buyers who have become tired of being out bid and go big. They’ll roll in some cash to cover the difference.

  2. You have to understand what is going on in this area — and if you don’t report that with the story, you are distorting the situation. It is about 99% certain that the people who paid $805,000 for that bungalow have no intent on living there. They are going to tear it down and build five small lot subdivision units (at 3-4 stories tall) — and when they sell, even after construction costs and all other costs, they expect to have close to a $2 million profit — meaning they well could have spent a lot more for that tear down, and would do so!

    No owner occupant can or is going to pay that kind of price for that kind of house — only a SLS developer will. In fact, they would have readily paid $1.2 million or more if another developer bid on it against them.

    There is NO price these small lot subdivision developers will not pay to get any price of junk house out there. They are making it very difficult for potential owner occupants to be able to get any houses. This is why in places like Echo Park and Silver Lake it is hard to go down a street without seeing one of these projects going up.

    Potential owner-occupants are getting the shaft from this SLS law.

    • Theodore Liscinski III

      This property is zoned LAR1. Single family residence.

    • Wow, you spent all that time writing that comment and apparently didn’t bother to read the listing.

      Its R1 zoning, single family only.

      • And since you seem to have reading comprehension issues, let me spell it out for you:


        • Not only that, but it looks like quite a beautifully redone/maintained house, albeit not a large one. There are other examples of smaller nicely-done houses going for big price tags in Eagle Rock; check Redfin’s listing of 90041 sales in the last 6 months by square footage and sales price.

        • Theodore Liscinski III

          No need to be harsh. Merry Xmas.

    • James is right on with this one. Which makes me also believe this is not appraising anywhere close to what it sold for but closer to the asking-699k seems what the market is. The question is are these SLS things good. I guess I’m torn. I see equal pros and cons. But I’d rather a single family live there at the end of the day…

    • Those people are totally living there. The house is very well done, everything is on the higher end, lots of neat features and built-ins, a yard, and a dead-end street (read: almost no traffic), Is the price high? Yeah. But these people bought it in 2008 (after the housing market had already dropped some) for 680,000. They didn’t ask too much more – the bidders just happened to really like it.
      I would have guessed it would sell fro around 745,000 – but an extra 60k isn’t insane. Just a bit high.

      • Neatness has nothing to do with whether a developer will tear it down. They have been paying well over $1 million for very nice houses with even beautiful architecture — just to tear them down for an SLS. There is nothing they won’t tear down to build an SLS.

      • What you said is exactly what happend. The house was in great shape when we bought it and hopefully better when we sold it. We just wanted to get out what we put in and were as shocked as anyone by the response. It is a good street full of families just like ours.

    • Before you chastise others for bad reading, you should read it again. There is not one word in the story about the zoning on any of these properties.

      Because of your comments, I also went to the Redfin listing — and even that says nothing about the zoning on the property.

      Now, I have to think that you people chastising are the ones who don’t know what you are talking about.

  3. The last listing seems like a fair deal; $345,000 for a house on a decent-sized lot within walking distance of a Gold Line station.

    • The geographic note from that Redfin excerpt is inaccurate; it makes it seem as though your compromising location for the lower cost. Cypress Park is South WEST of Eagle Rock and Highland Park– it’s closer to Downtown than those neighborhoods. it’s also right on the river and speculated to boom with the river revitalization plans.

    • agreed–thats went to a savvy buyer who will occupy hopefully.

  4. Geez, I hope the main sewer line from that house to the street is under the side of the lawn that DOES NOT support the large tree. That’s always my first thought when I see a tree like that right in front of the house.

    • I used to worry about that, too, but it depends on the type of tree. For example, oak trees have shallow roots, so if the drain line is already a few feet underground by the time it passes the tree, it may be okay. That said, I’d always recommend that a potential buyer pay a company to “camera” the drain line – and make sure they record the results on a DVD and use one of their detectors to map out the path of the drain line so that you know exactly where it runs. It’ll probably cost $200+ to camera the line, but if there are roots or other obstructions, the seller might be willing to reduce the price a bit so the buyer will remove the inspection contingency.

      I had a company “camera” my drain line when I was in escrow on my house, and 19 feet in, roots completely obstructed the camera’s path. I asked for a $5000 reduction of the sales price and the seller reduced it $2500. I ended up having to reroute the drain line, since the original drain ran directly underneath the house and I didn’t want to disturb the home’s foundation.

  5. We were very narrowly outbid for the Eagle Rock house and had every intention of living there. It’s a great house at a great location.

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