ECHO PARK – $7.5 million for an Echo Park Avenue apartment complex? $3.2 million for a Morton Avenue bungalow court? Are these asking prices way too high? Apparently not – at least for some potential buyers.
In a sign of the strong/crazy real estate market, the 32-unit Spanish Colonial apartment building at the corner of Echo Park Avenue and Fairbanks Place is in escrow only about three weeks after going up for sale at an asking price of $7.495 million, according to Redfin. The sale could still fall through and back up offers are being accepted, but that potential buyer did not waste time submitting an offer.
Meanwhile, about three blocks north at 1622 Morton Avenue, a sale is also pending for one Echo Park’s classic bungalow courts, this one dating back to 1906. It took longer to find a buyer for this seven-unit property, which went on the market earlier this year for $3.2 million, according to Redfin.
The avocado-green apartments don’t seem to be the chief selling point of this property, however. Instead, the listing plays up the large lot as “a prime redevelopment opportunity,” with the owner securing the right to carve up the nearly 29,000-square-foot property to accommodate 10 townhomes, according to the listing. However, a check with online city property records shows no record of that.
At least half a dozen apartment properties in Angeleno Heights and Echo Park have sold for $2 million and above during the last six months, according to Redfin.
Expect more pricey apartment deals. Earlier this year, the Echo Park church founded by evangelist Aimee Semple McPherson put nine apartment properties, most of them near Echo Park Lake, up for sale as it sells off most of its neighborhood real estate holdings.
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