Echo Park Home In Need Of Renovations Lists For $770K

ECHO PARK (CBSLA.com) — Southern California housing prices are once again starting to soar even among fixer-uppers. In fact, one in Echo Park is currently listed for $770,000.

Posted pictures show the multiple occupancy four-bed, two-bath property is in need of some serious renovations or perhaps a tear-down on the 6,700-square-foot lot.

"I think what they are shooting for is somebody who probably would tear it down and put something much larger in its place," said Ed Faktorovich. "That's who they are expecting to buy it."

Faktorovich is the owner and broker of Figure 8 Realty located in Echo Park, which was once voted one of the top 10 communities in the country.

"It just has a lot of what the city offers all in one place," he said.

Some statistics show the prices in this community have gone up 38 percent.

"I'm not surprised where prices have gone," he said. "It just feels like it's intact with the rest of the neighborhoods, the city's doing."

But many of the people that live on the street say they weren't happy to see this property listed at $770,000.

They're afraid it could force lower-income renters out of the area.

"I don't see McMansionization like necessarily coming to Echo Park," he said.

Though there is rent control in the area, Faktorovich says he is confident the property will sell for the asking price.