Example of how much some L.A homes have gone up since 'crash' (Los Angeles: real estate, 2015)

[socal88]

Originally Posted by jm1982

"3405 Plata looked me in the eye and said, "Ain't nobody dope as me. I'm dressed so fresh, so clean (So fresh and so clean clean). " Then Plata put its arm around me and said, "You see, some people might call me a Silver Lake Bungalow, but not me. I'm a Silver Lake BANG-ALOW! Because I got so much going on, it's like BANG! Look at my floors! Makes you want to strap on your roller skates, put in that 8-track and glide through my two bedrooms with en suite bathrooms, into my impeccable kitchen and outside into my outdoor space with drought tolerant landscaping. Then find your path on my climbing wall and once you've worked up a sweat, we can hit my studio, step into the vocal booth and sing the song that makes the whole world sing. Whatever you want to do, I'm here for you! Got an electric car? I got a 2 EV Car Charger. Want to stay cool? My mini ductless HVAC system keeps you ice-cold. Looking for a home to love? Well, you're looking for me. I'm 3405 Plata. Can't wait to meet you. "

I think I threw up a little bit while reading it..

It's so off putting to see RE agents put up these gimmicky house descriptions in areas like Silver Lake / Echo Park / Highland Park and other gentrifying neighborhoods and get away with people paying for these places. If I was a prospective buyer, seeing an agent do something so amateurish would be a huge turn off. They're just putting out the bait and people are just latching on. I don't know it's stupidity/ignorance/trying to be cool or if they just really want to be in a house in an area close to their work and don't mind paying extra to be a marginal area.

It's funny how a neighborhood gets hyped and then people want to live there so badly that they'll overpay to live in a dumpy area with gang activity in that part of Silver Lake and nearby areas such as Virgil Village and adjacent areas south of the 101. It's not like this is by the reservoir or the hills of Silver Lake that are much nicer. I can at least understand some of the higher values there.

As mentioned earlier, there are plenty of decent places in the Valley where you can get a fair amount of house and some backyard for $500-600K.

Different strokes for different folks I guess ...

[Ms.MoneyPenny]

Originally Posted by jm1982

"3405 Plata looked me in the eye and said, "Ain't nobody dope as me. I'm dressed so fresh, so clean (So fresh and so clean clean). " Then Plata put its arm around me and said, "You see, some people might call me a Silver Lake Bungalow, but not me. I'm a Silver Lake BANG-ALOW! Because I got so much going on, it's like BANG! Look at my floors! Makes you want to strap on your roller skates, put in that 8-track and glide through my two bedrooms with en suite bathrooms, into my impeccable kitchen and outside into my outdoor space with drought tolerant landscaping. Then find your path on my climbing wall and once you've worked up a sweat, we can hit my studio, step into the vocal booth and sing the song that makes the whole world sing. Whatever you want to do, I'm here for you! Got an electric car? I got a 2 EV Car Charger. Want to stay cool? My mini ductless HVAC system keeps you ice-cold. Looking for a home to love? Well, you're looking for me. I'm 3405 Plata. Can't wait to meet you. "

I think I threw up a little bit while reading it..

That was tremendous.

[ryanms3030]

Originally Posted by socal88

It's so off putting to see RE agents put up these gimmicky house descriptions in areas like Silver Lake / Echo Park / Highland Park and other gentrifying neighborhoods and get away with people paying for these places. If I was a prospective buyer, seeing an agent do something so amateurish would be a huge turn off. They're just putting out the bait and people are just latching on. I don't know it's stupidity/ignorance/trying to be cool or if they just really want to be in a house in an area close to their work and don't mind paying extra to be a marginal area.

It's funny how a neighborhood gets hyped and then people want to live there so badly that they'll overpay to live in a dumpy area with gang activity in that part of Silver Lake and nearby areas such as Virgil Village and adjacent areas south of the 101. It's not like this is by the reservoir or the hills of Silver Lake that are much nicer. I can at least understand some of the higher values there.

As mentioned earlier, there are plenty of decent places in the Valley where you can get a fair amount of house and some backyard for $500-600K.

Different strokes for different folks I guess ...

When you have bidding wars on every property on the market and several buyers willing to pay way over asking then you can be assured buyers know what they are doing. You cant believe that every single person making offers is swayed by stupid listing. When I bought my place recently I didnt read any listing, listen to any sales pitches from agents. I did my own research on market, neighborhood, comparable property etc

[Ms.MoneyPenny]

Originally Posted by socal88

It's so off putting to see RE agents put up these gimmicky house descriptions in areas like Silver Lake / Echo Park / Highland Park and other gentrifying neighborhoods and get away with people paying for these places. If I was a prospective buyer, seeing an agent do something so amateurish would be a huge turn off. They're just putting out the bait and people are just latching on. I don't know it's stupidity/ignorance/trying to be cool or if they just really want to be in a house in an area close to their work and don't mind paying extra to be a marginal area.

It's funny how a neighborhood gets hyped and then people want to live there so badly that they'll overpay to live in a dumpy area with gang activity in that part of Silver Lake and nearby areas such as Virgil Village and adjacent areas south of the 101. It's not like this is by the reservoir or the hills of Silver Lake that are much nicer. I can at least understand some of the higher values there.

As mentioned earlier, there are plenty of decent places in the Valley where you can get a fair amount of house and some backyard for $500-600K.

Different strokes for different folks I guess ...

There's a specific demographic they're targeting. And it's not people looking to buy in the Valley.

[Finper]

it looks like some smart person flipped that house. I love how they called the back yard a "outdoor space" because it ISN'T a back yard. I noticed it doesn't have central air either. It's cute for 1 or 2 people to live there at the most but ridiculous price (of course)

[jm1982]

Originally Posted by socal88

It's so off putting to see RE agents put up these gimmicky house descriptions in areas like Silver Lake / Echo Park / Highland Park and other gentrifying neighborhoods and get away with people paying for these places. If I was a prospective buyer, seeing an agent do something so amateurish would be a huge turn off. They're just putting out the bait and people are just latching on. I don't know it's stupidity/ignorance/trying to be cool or if they just really want to be in a house in an area close to their work and don't mind paying extra to be a marginal area.

It's funny how a neighborhood gets hyped and then people want to live there so badly that they'll overpay to live in a dumpy area with gang activity in that part of Silver Lake and nearby areas such as Virgil Village and adjacent areas south of the 101. It's not like this is by the reservoir or the hills of Silver Lake that are much nicer. I can at least understand some of the higher values there.

As mentioned earlier, there are plenty of decent places in the Valley where you can get a fair amount of house and some backyard for $500-600K.

Different strokes for different folks I guess ...

Yeah it would be interesting to know who will be moving into the house. I could see the argument for paying a certain price to live near work, but a lot of these hipster types that can afford homes like this don't seem to have regular 9-5 type jobs that they have to drive to every day.
Silverlake/Echo park tself isn't really known for being a big job center for highly paid jobs. Downtown L.A yeah and possibly hollywood..but if one wants a place without a yard you could find a nice DTLA or hollywood condo or loft for less than that right?..
I doubt the person buying it is working within the immediate (walking distance ) of that house.

[socal88]

Originally Posted by Ms.MoneyPenny

There's a specific demographic they're targeting. And it's not people looking to buy in the Valley.

True, I agree that most people who want to live to Silver Lake are not interested to live in the Valley.

Although it's obvious from the listing that the agent is targeting a specific demographic, it just seems cheesy nonetheless. I'm sure some people just brush marketing gimmicks aside and do their research to see what appears to be fair value in the neighborhood based on comp sales while looking at crime stats, school district info, etc.

It just seems that there is a contingent of people who want to live in Silver Lake / Echo Park because it's "cool" or "en vogue" even if that means overpaying. When you look at some of the phony marketing tactics and sometimes misleading/inaccurate descriptions meant to lure some of these folks, it's just laughable. More power to the developers and flippers I guess.

[ryanms3030]

Originally Posted by Finper

it looks like some smart person flipped that house. I love how they called the back yard a "outdoor space" because it ISN'T a back yard. I noticed it doesn't have central air either. It's cute for 1 or 2 people to live there at the most but ridiculous price (of course)

I don't think selling it 7 years after you buy it constitutes "flipping"

Also the previous owner paid $333,000 in 2009 not $179k. But still a decent profit

[jm1982]

Originally Posted by socal88

True, I agree that most people who want to live to Silver Lake are not interested to live in the Valley.

Although it's obvious from the listing that the agent is targeting a specific demographic, it just seems cheesy nonetheless. I'm sure some people just brush marketing gimmicks aside and do their research to see what appears to be fair value in the neighborhood based on comp sales while looking at crime stats, school district info, etc.

It just seems that there is a contingent of people who want to live in Silver Lake / Echo Park because it's "cool" or "en vogue" even if that means overpaying. When you look at some of the phony marketing tactics and sometimes misleading/inaccurate descriptions meant to lure some of these folks, it's just laughable. More power to the developers and flippers I guess.

Yeah for sure there is a certain type of demographic attracted to areas like Silver Lake / Echo Park.
It's kind of like with clothes, some people like a certain brand and will pay whatever the price is for that brand.

Another clothing brand might have just as good quality..but it doesn't have that label or brand on it. So they won't wear it.
Same with neighborhoods.

The reality is if everyone started saying some neighborhood that is now not hip is hip. and they kept talking about it on LA Times, Curbed L.A , etc then people would want to live there.

Lot's of neighborhoods considered gentrified or hipster are still pretty run down. Echo park, parts of Silverlake, Downtown L.A (still home to Skid Row),etc.
Nonetheless people will pay top dollar for that 'brand'.

[mkdude_08]

This is insane. We just purchased a 3,200 sq foot home in one of the best DFW burbs with top quality schools and near zero crime for $375,000