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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

Attention Architectural Collectors: Allyn E. Morris’s Sexy Silver Lake Home for Only $668,000

Photo Credit: Artemis Niarchos

From CurbedLA to TheEastsider to your momma’s momma, the Mid-Century architectural gem of Allyn E. Morris at 2390 Silver Ridge Avenue, nestled along the eastern edge of Silver Lake, is getting more frenetic press than the Royal Wedding and, perhaps, rightly so.

The studio and home of the architect has been carefully preserved and restored, with a nod against the commonplace wooden post-and-beam structure of its 1958 inception and towards the structural, beautiful ingenuity of the future: steel.  When coupled with a precise amount of concrete and an exuberant use of glass — boom! — a true tri-level masterpiece with sylvan views of the San Gabriel mountains, accessible garden terraces, and a strikingly simple interior space, all cantilevered on the hillside.

As an ardent supporter of Allyn E. Morris’s Echo Park post (cold) war condo monolith Lago Vista, the studio Morris called his home feels like a living art installation at MOCA.  When the eye isn’t gleaming from the quiet landscape, its attention is drawn towards red everywhere — the red sinewy staircase, the red giant-sized steel-framed glass enclosures, the Ferrari red kitchen, the red balcony railings.  Put simply, the home would pair quite well with red-soled 5-inch Christian Louboutins, encased in museum glass or part of your girlfriend’s couture collection.

And, the price tag to own sexy Silver Lake real estate, guaranteed to one-up all your friends’ bachelor pads?  Only $668,000, for now.  With all the press, you can count on multiple offers.  Celebrated Mid-Century Modern photographer Julius Shulman toted the home as Morris’s best work.  At the right price and terms, it could be yours.

For additional information on the home, or to compare Neutras and Schindlers, feel free to contact Jovelle at (213) 718-1110.

Specs:

1 bedroom + 2 baths

1,026 square feet

Upside:

Architectural plans, included with sale

LA Historic Cultural Monument & Mills Act, eligible

Summer Reading List: Forgotten Modern: California Houses 1940-1970

Michael D. Phillips of Crosby Doe Associates has the listing.

New Signage for Echo Park’s Children’s Institute

The LEED-certified, Koning Eizenberg-designed building in Echo Park grew a new addition last week: orange signage playfully displayed on its awnings.

For the detailed article, click here.

Echo Park Stair Street Home Sells, Another on Market

The Edendale Studios home at 2113 Loma Vista Place sold last week for asking price, $399,000.

Its cousin at 2245 Loma Vista Place, on the Silver Lake side of the public stair street, enters the market at $645,000.  The 2 bedroom, 2 bath cottage —  in less than 1,400 square feet — has sweeping views of the San Gabriel Mountains and boasts a private wrap-around deck from both master and guest bedrooms.  The house is situated past 70+ steps from street-level, so your glutes will thank you for the trip.

The living room captures views of NeLA, while the updated galley kitchen is perfect for aspiring cooks.

For those interested in viewing the sylvan cottage, the home will be open tomorrow, June 14th, from 11 am to 2 pm.  For additional information on this home, please contact Jovelle at (213) 718-1110.

Judy Oroshnik & Dean Decent of Prudential Los Feliz have the listing.

$250,000 Reward for Bryan Stow Beating Seeks Recipient

A Bryan Stow $200k Reward in Historic Filipinotown, Echo Park

With 300 generous billboards strewn across Los Angeles promoting a $200,000 reward — predominantly around Elysian Park, Dodger Stadium, Historic Filipinotown, and Hollywood — for the March 31st Dodger Stadium beating of Bryan Stow, it’s a marvel that no one’s claimed the cash prize, which the LAPD reports as an escalated $250,000.

Launched May 17, 2011, donated courtesy of sign company behemoth Lamar Advertising, it’s hard to evade stopping at a red light signal on the Eastside without spotting a WANTED billboard sign.

Although Giovanni Ramirez was arrested on suspicion for the brutal Opening Day Dodgers-Giants game, he has not been charged of the crime.  ABC7 San Francisco reports that his attorney will file a motion in Los Angeles Superior Court today for a video that will help exonerate his client.

A side-by-side comparison of the LAPD sketch and an old booking photo of the suspect are yours, courtesy of ABC7:

Anyone with additional information on the attack may call Northeast Detectives L. Burcher or P.J. Morris at 213-847-4261 or 213-847-4261.