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

About Jovelle Schaffer

Echo Park native and real estate agent who loves to cook, imbibe, and write about Los Angeles real estate, community, revitalization.

Speak Your Mind

This site uses Akismet to reduce spam. Learn how your comment data is processed.