How much are you willing to pay to live in Echo Park? How about $587 a square foot?

Jul 9, 2012

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With only a little more than 1,000-square feet of living space, the two-bedroom cottage at 1616 Cerro Gordo Street  in Echo Park is not much bigger than a three-car McMansion garage. In fact, the 102-year-old house in the Elysian Heights section does not even have a garage  No matter.  Only 10 days after going up for sale at an asking of $595, 000 in early May, the house went into escrow in only 10 days after receiving six offers, two of them all-cash, reports listing agent Judy Oroshnik.  The winning buyer – one of the all-cash bidders –  paid $10,000 over the asking price  and closed on the property near the end of June.   At  $587 a square-foot, the price – based on square footage – was among the highest paid for an Echo Park house in recent years, Oroshnik said in an email. “The market this spring has been a wild ride,” she said.

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