Friday, October 21, 2016

Flippers seeking a $354,000 markup on Boyle Heights landmark

Gless House in Echo Park back up for sale 5-12-2015 12-21-026

Eastside PropertyBOYLE HEIGHTS — The Simon Francois Gless Farmhouse on Boyle Avenue was built in 1886 as Boyle Heights was beginning to take shape as one Los Angeles’ first suburbs.  The Queen Anne Style home was declared a city historic landmark a few years ago with the support of actress Sharon Gless and other Gless family members (the Gless family has not owned the house for some time). Now, the property that was purchased last December for $525,000 is back on the market at $879,000, according to Redfin. That works out to a 67% increase in about six months.

What happened during that six month to justify that kind of price jump? It looks like the two-story home got a new paint job and roof along with some other minor repairs, according to city permit records. Other than that, the approximately 4,700-square-foot home, now a 15-room boarding house, did not undergo any major changes. Says the listing:

It sits on a large lot (10,170 sq. ft. ) less than a block from the Mariachi Plaza Metro Station. Long term tenants and never a vacancy . Six of the units have their own kitchens and there is a common area kitchen on the first floor. There are 2 bathrooms and 2 showers on the first floor and 2 bathrooms and 2 showers on the second floor. There is a new roof. There is a large attic with a great view of downtown Los Angeles that can be made into an office.

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  1. Some perspective:

    At $186/ft it’s actually one of the cheapest houses in the city… Good deal if you need 4700 sq ft.

  2. This property was in REAP. Now it isn’t. That’s why its worth so much more.

    The reason it sold so cheaply last time was because few investors have the skills to get a troubled property out of REAP. The author of this post very clearly has no idea what’s involved. Its a lot more than a coat of paint.

  3. UGHHHH aye yay yay dis is the problem with los angeles —- i hope no one buys it and it goes back to repoo– you first ruin ehco park and now boyle heights

    • Keep hoping javi. After this presidency, we all know how far “hoping” gets you.

      • What do you mean “you ” ruined Echo Park? Why don’t you come out and say what “you” means, javi. White people ruined Echo Park. Racist.

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