June 2011 Echo Park Home Sales: Investors Scoop Up Units

June 2011 Echo Park Home Sales: Investors Scoop Up Units

2220 Reservoir: 2+2 Front Unit with Studio + Loft Back Unit

2220 Reservoir: The front unit kitchen by ModOp Design

June was a hot month for Eastside real estate investors, who feverishly purchased in Echo Park to add to their multi-family portfolios.  “If the numbers make sense, buy,” as the industry adage goes, and this month was exceptional.

With only 2 vacant units on their de-stuccoed, reinvented property, ModOp Design outperformed the pack with their sale of 2220 Reservoir at $739,000.  The stuccoed 2-story 12-unit 1930s Spanish at 1432 Echo Park, a mix of studios and 1-bedrooms, was a bargain at $1,050,000, the Seller taking less than the $75,000 list price.

The 4-unit Craftsman at 1132 Logan, an REO with 2 vacant units, had a total of 36 offers and sold $61,350 above list price.  And, finally, an investor with arguably the best purchase for the month, picked up an REO 4-unit at 406 N. Bixel for an amazing $275,000, just a mere $5,000 above list.  The investor-owner immediately across the street paid $735,000.

For interest in income-producing properties in Echo Park, please contact Jovelle at (213) 718-1110.

Single Family Homes

1339 W. Temple Street, 2+2 ~  $270,000

Income

321 Firmin Street, 2 units ~ $272,500

406 N. Bixel Street, 4 units ~ $275,000 (REO)

1450 Waterloo Street, 3 units ~ $501,000 (Short Sale)

1542 Duane Street, 2 units ~ $560,000

656 Laveta Terrace, 4 units ~ $560,000 (REO)

1132 Logan Street, 4 units ~ $612,150 (REO)

407 N. Bixel Street, 4 units ~ $735,000

2220 Reservoir Street, 2 units ~ $739,000

1385 Allison Avenue, 4 units ~ $817,000

1432 Echo Park Avenue, 12 units ~ $1,050,000

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