BLOG

May 2011 Echo Park Home Sales

Single Family Homes

1012 Coronado Terrace, 5+2 ~ $529,000

Condos

142 Rosemont Avenue #9, 2+2 ~  $232,000 (REO)

Income 

709 N. Bonnie Brae, 2 units ~  $243,500 (Probate, Court Confirmation)

336 N. Bixel Street, 6 units ~  $328,000 (REO)

837 N. Benton Way, 3 units ~  $350,000 (REO)

1353 Waterloo Street, 3 units ~ $399,000 (Short Sale)

May in Echo Park signaled a buying frenzy for real estate investors throughout Los Angeles.  For the meager price of $328,000, an investor purchased 6 units in Echo Park in dire need of a re-do.  With the exception of 1012 Coronado Terrace, all of the sales in May were all real estate-owned foreclosures, short sales, and a probate.

For interest in current income-producing inventory in Echo Park, feel free to call Jovelle at (213) 718-1110.

L.A. Dodgers, Gang Fan Base & Pride of the City

I love the Dodgers, Dodger Stadium, and the L.A. summers dedicated to watching a game — cold beer, peanuts, hot sun above, Dodgertown swag, nighttime fireworks for the lucky — so I extend a generous applause to LAPD Chief Charlie Beck, the LAPD SWAT team, and the parole agent responsible for the recent arrest of Giovanni Ramirez on S.F. Giants fan Bryan Stow’s vicious, coma-induced beating.

In a city as diverse, frenetic, clearly fanatic and, at times, polarized as Los Angeles, it’s uplifting to know that a collective effort — 300 billboards and a $250,000 reward fund —  facilitated the assault investigation.  The Los Angeles Police Department  placed 20 detectives on the case, working 6,000 hours, and chasing 630 leads.

Frank McCourt’s public and MLB image as co-owner of the beleaguered Dodgers franchise, however, are less than desired.  Additional security at a Dodgers game would be nice, of course.  It’s not surprising that crimes in and around Dodger Stadium occur on event days.  My opinionated quip about the patronage at a Dodgers game: the fan base may oftentimes be gang affiliated.  Regular law-abiding Angelenos — families, hipster transplants, college students, season pass holders — diversify attendance while enjoying America’s Pastime.  Giovanni Ramirez, 31, a documented member of VNE (Varrio Nuevo Estrada), a Boyle Heights-based gang, is being held on $1M bail.

For those interested in our collective public safety, let’s make Dodgertown neutral.  Frank, it may be time to sell your LA real estate and move back to Boston.

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.

A map of LA gang injunctions: LAPD Gang Injunction – Central

April 2011 Echo Park Home Sales & Notable Properties

4 Units in Echo Park, Marmol Radziner

Single-Family Homes

333 Dawson Street, 2 + 1 ~ $165,000

1624 Allesandro Street, 2 + 1 ~ $300,000 (Short Sale)

327 N. LaFayette Park Place, 3 + 3 ~ $408,000 (REO)

2322 Vestal Avenue,  3 + 1 ~ $445,000

1552 Lemoyne Street, 2 + 1.75 ~ $532,000

1124 Echo Park Avenue, 3 + 2.5 ~ $674,500

1126 Echo Park Avenue, 3 + 2.5 ~ $679,000

Condos

1619 Rockwood Street, 2 + 1, $311,750

1701 Clinton Street #307, 2 + 1, $345,000 (REO)

1701 Clinton Street #512, 2 + 1, $395,000

Income

2212 Berkeley Avenue, 5 units, $635,000

1330 Quintero Street, 4 units, $1,285,000 (Short Sale)

Notable Properties:

1124 & 1126 Echo Park Avenue:  Heyday’s “Dick + Jane” HOMES and entry into the Echo Park market were well received, especially since both newly-constructed, sustainable properties were sold less than 2 weeks on the market.  Polished concrete floors, an expansive redwood deck, and a private alfresco dining area contributed to the draw.

1701 Clinton Street #307 & #512:  The Allyn E. Morris-designed condos, Lago Vista c. 1973,  never cease to amaze.  Don’t let the less-than-900-square-foot label scare you.  These townhouse units offer sweeping picture-perfect views of Echo Park Lake and — even with a sales range in the $300s — still command an enviable address.  Unit #512, Allyn Morris’s own unit, boasts the only fireplace and the largest private patio on the premises.  It sold on day zero (not day 1) on the market.

1330 Quintero Street:  The hillside 4-plex, The Edwards Apartments c. 2007 by Marmol Radziner Architects, outperformed the pack.  Short sale aside, the architectural compound entered the market at $1,050,000 and sold for  $200+k over.  I would blame the sweeping views of Downtown L.A., surprisingly strong rents (the 3+2 rents at $2,995 per month), and off-street parking for 6 cars.

For those interested in more recent sales, or the value of your Echo Park residence, feel free to contact Jovelle at (213) 718-1110.

Calling All Preservationists: Echo Park Historic Monument Dropped to Less Than $1M

For those who subscribe to Old House Journal, Los Angeles Historic-Cultural Monument No. 257 may be the Echo Park renovation project for you.  The Mediterranean/Spanish Colonial Revival residence, designed by architect John Victor Macka at 817 – 821  N. Glendale Blvd., hit the market this week at $1,100,000.

Built in 1937, the 3 bedroom, 2 bath home with a 2,820 square foot interior, was declared a monument by the City of Los Angeles Cultural Heritage Commission on November 5, 1982.  The home has only been sold once in its history.  It passed hands in 1962 from the pastor of the Angelus Temple.  Local stories relate the pastor passed away, his widowed wife remarried, thereby selling the home.

Although the residence needs a meticulous design eye and a generous checkbook — one that adheres to historic preservation laws — it may be easier to restore the Iberian beauty with its existing architectural flourishes, including imported, original tile in the bathrooms; stenciled, exposed beams in the living room; hardwood and tiled floors throughout; a red-tiled roof; arched windows;  a wrought-iron balcony; and smooth stuccoed walls.

The home sits south of Santa Ynez Street on Glendale Blvd., with head-on eastern views of Echo Park Lake.

Century 21 Paul & Associates has the listing.

Echo Park PDA (Public Displays of Art) Saturday, May14th

PDAs go beyond the grassy knolls of Echo Park Lake…  Although you’re more than welcome to make-out, high school-style, all day Saturday, too.

Support local Echo Park restaurants, retailers, and artists — or just take a leisurely stroll to music and sidewalk chalk — this Saturday, May 14th, from noon to 6 pm at the 3rd Annual Echo Park Art Walk, affectionately themed “Public Displays of Art.”

For a detailed PDF of the event, spanning the distance between Alvarado and Echo Park Avenue on Sunset Blvd., and along Curran to Sunset on Echo Park Avenue, click here: Art Needs Freedom – 2011 Echo Park Art Walk Map.

The event is the brainchild of Heather Mendoza of Art Needs Freedom, with sponsorship from the Eastsider LA and the Echo Park Patch.

Click here for the Facebook event page.