By Jeffery Marino
With the median sale price for a home in Northeast Los Angeles now closing in on $1.2 million, six-figure price tags are more common than not.
But it’s still possible to be shocked by what sells these days for upwards of $1 million. Case in point: This 686-square foot wreck of a house in Mount Washington sold in March for $1.1 million, or $1,603 per square foot. That’s the highest price paid foot-for-foot for a home in NELA in March.
The house has nothing going for it, but the sale included the adjacent vacant lot. The asking price was $898,000. The winning bid was $200,000 over the ask. The property was under contract within three days and officially sold in a little over two weeks.
The fast closing suggests this was an all-cash deal; in turn, all-cash offers often indicates that the buyer is an investor. So its a good bet the house will be torn down and new, much bigger house built on the land — and then sold for a tidy profit.
454 Vista Gloriosa, Mt. Washington
Sale Price: $1,100,000
Listed by: Jana Jones of Ken Turner Real Estate
Jeffery is a seasoned data journalist and has covered the California real estate market for over a decade.
Hovel? Was surprised – but pleased – to see your article, Jeffrey. Yes, as the one who worked with agent in selling the property, we were also amazed at the per square cost. Your not mentioning the “million dollar view,” and that the second lot had parking for 8 cars, was probably done to accentuate the word “hovel.” (Which is actually inaccurate.) I think if you knew the real story behind the property and the sellers/buyers you might be quite amazed.
Of course, someone living in a multi-million dollar home on Hill would defend this corruption. Prices for new homes are completely unaffordable for the average person. The is NO low-income housing left in our area. Of course, some snobs are fine with that.
Hmmm…”defend this corruption”? Not defending, just reporting. The property that was sold did not belong to me. “Multi-million dollar home on Hill?”…Quite a statement. However, my home is not on Hill nor is it multi-million. I purchased my home in 1985. Quite, frankly, I could not buy my own house today if I had to buy it at today’s prices. Prices are out of control. About the snob part, not sure if you’re saying I’m a snob or that snobs, in general, are fine with the absence of low-priced housing. Thanks.
what’s the “corruption” part ?
There isn’t any. It’s the market at work under the law of supply and demand.
When we moved to Eagle Rock 22 years ago, our west-of-Hillhurst Avenue friends would squint and ask: “Where’s that again?” And the median house price was $229,000. Our home-equity notwithstanding, $2 million cash paid for a double-lot is just another local example of the increasingly dangerous wealth-gap in our country. We could absolutely NOT afford to buy a house here now. While “progress” is inevitable (and there seems to be no middle-ground literally and figuratively) I preferred the NELA of old. Middle-class. Half-pint Trader Joes, Elvira’s Homemade Mexican Food, Montgomery-Ward and all.
Lol Carl, please tell us this “amazing” story behind the sale of this property. Can’t wait to hear a story of some plucky capitalists succeeding against all odds.