I am proud to announce the exclusive sale of 1036 Laguna Avenue, Los Angeles, CA 90026 in Angelino Heights, Echo Park. Below are the highlights, summary and description:
Reasons for Selling: The property was in foreclosure, with multiple state, city and personal liens. The property was close to be foreclosed on by the lender, so time was of the essence to avoid the notice of sale date.
Final Terms: Our list price was $699,000 and final sale price was $705,000. The property had major deferred maintenance: major retaining wall issues, outdated electrical work, its roof needed to be immediately replaced, and the interior of the home needed to be totally renovated. Final buyer was above list price, all-cash and 100% as-is.
Days on Market: Exclusively listed on May 17, 2017 and recorded on June 21, 2017. Echo Park homes typically take 91 days to sell, but we sold this property in 35 days (from the date we signed the listing agreement to the date the property recorded in the new buyer's name). This is a neighborhood record!
Price per Square Foot: Echo Park homes are selling for $627 per square foot of living space, but we sold this property for $928 per square foot (which is unheard of for the area). This is another neighborhood record!
Previous Listing: Originally listed at $550,000 with a different listing agent, but the property didn't sell and the seller canceled that listing. Despite that stigma of an expired listing, we took on the property at $699,000 confident that we could deliver a higher price because of our marketing and negotiating.
Other Issues: I made moving arrangements for the seller's personal belongings, out of pocket, and prior to the close of escrow because of the seller's tight financial situation.
Type: Single Family Residence
Year Built: 1925
Mix: 1-Bedroom / 1-Bathroom
Building Size: 760 SF
Lot Size: 5,519 SF
Parking: 4-Car Garage
Neighborhood: Angelino Heights, Echo Park
Opportunity knocks for first-time home buyers and developers alike! This small starter home is on the border of Angelino Heights and Echo Park Lake, just south of Sunset and just north of the 101-Freeway. This means this property is located in one of the most desirable neighborhoods in Southern California...
The home, incredibly, is walking distance to both the $60M renovated Echo Park Lake and Sunset's stores and restaurants, which continue to open and/or expand at a rapid pace. And 1036 Laguna is located just off the Echo Park off ramp / on ramp, making access to Downtown Los Angeles and Hollywood incredibly efficient.
If the location weren't enough, the property's lot is completely underutilized with alley access at the top of the lot and plenty of room for additions, possible development or just smart and lush terraced gardens. Also untapped are the incredible views the new owner will have of Echo Park Lake, Echo Park's rolling green hills, and LA's dramatic palm tree skyline.
While the home itself is charming, below it are four large garages. The house is definitely going to need your vision and TLC to call it home or to make it an awesome flip (we'd love to re-list it for you)! There are original 1920s details that have been neglected for far too long, but are waiting for the right buyer to make them pop like brand-new.
MAKE THE MOVE
Contact me to... buy a property... sell a property... or invest in real estate. No matter what you're looking to do in real estate, I am your Realtor and I would love to help you! I've specialized in LA real estate since 2005 and have consistently helped my clients for over 12 years.