Eastside Property: “South of Sunset” may no longer mean a bargain when it comes to Echo Park home prices

Apr 15, 2013

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Many Echo Park home buyers often begin their search in the north end of neighborhood in the Elysian Heights area before sticker shock sends them heading south for affordable alternatives.  But even a location south of Sunset Boulevard may no longer offer a refuge for those seeking lower Echo Park home prices. Case in point is a two-bedroom, Spanish Colonial-style home on Kent Street west of Echo Park Lake. The property, which features a  living room  “with views to the mountains, hardwood floors, beamed ceiling, wood burning fireplace and a picture window,” went on the market for $729,000 on April 5, according to Redfin.

That’s unusually high for this or any other part of Echo Park. Only two other single family homes between Echo Park Lake and Alvarado Street have sold for more than  $500,000 during the past three years, according to Redin.  While many buyers would shy away from paying that much for a house south of Sunset, at least one buyer was not. The  $729,000 house on Kent went into escrow in only eight days. Let’s see if this sale goes through.

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