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Red Door: A Sign You've Paid Off Your Mortgage?

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A friend recently told us that when a house has a red door, it means that the owner has paid off their mortgage. It's an old timey tradition: You finish paying off the mortgage, get out the red paint and slap it on your door. But like the oral storytelling and spanking your kids, some traditions are ignored by the younger generations. Or is it just that no one has paid off their mortgage? These red door sellers are unloading their Echo Park property; it's described as a 1960s architectural gem and is listed at $649,000.
· 2351 Landa Street [MLS]