In the booming Echo Park housing market, it's hard to imagine a four-bedroom house lingering for sale for long. But if any house in the hip and historic neighborhood is up to that formidable task, it's this one. Perhaps the listing copy is written in the interest of transparency, but it reads like a laundry list of (very compelling) reasons to stay away from this rather extraordinary apparent money pit. Right off the bat, the listing description lets buyers know the asking price of $770,000 is a "top price" that the owner is looking for to avoid a short sale. So, you know, enjoy the opportunity to overpay before the price drops.
Judging from the appalling photos (we're sincerely hoping that's just a rust stain in the inexplicable toilet picture), it definitely seems like the house is far from move-in ready. Still, it could have potential as a fixer-upper. Not so fast, says the listing. The house is probably "a tear down due to the old age and illegal structures...city has many violations and fines. Roof and structure is rotted and sagging, interior floors are weak and rotted, illegal electrical and plumbing." Ok, ok. That's pretty bad. But what about the land itself? "Possible toxic material stored in the yard," replies the listing. "Maybe toxic material under part of the units also."
So, assuming a buyer can afford to purchase the house, knock it down, clear up any problems with the city, and remove any and all toxic waste, isn't there some potential for the 6,750-square-foot lot just off of Park Drive? Nope. "Lot is not level and not all usable. Small lot," concludes the listing description. It may be that this is some bizarre social experiment in the use of reverse psychology to sell real estate (or a litmus test for just how hot the Echo Park market has become), but for now, we'd say this one is a stay-away.
- 1514 1/4 Ewing St [Redfin]
- The Median Price For Housing in Echo Park is Now $813,000 [Curbed LA]