Like a mirage in the desert, this adorable little woodsy hideaway has flickered into the sightlines of Eastside house-hunters causing quite a stir this week. Is it real? Could it be? In a neighborhood where a burned down shack costs $400,000 – how – HOW is this cute as a button cottage listed for a mere $319,000? What’s the catch?
Catch #1 – Walk Street. Though this home is located on one of the widest, cutest, and most well-maintained walk streets in Silver Lake, it’s on a walk street nonetheless. What does that mean for you? It means there’s no garage or driveway, street parking only, and a short calf-burning jaunt up the stairs to come and go from your home. Not a big deal for many, but potentially a problem for children, the elderly, handicapped, pregnant, or people with strollers, art, or musical equipment frequently needing to be loaded in and out.
Catch #2 – The Highway. This home is a stones throw from the 2 which means the constant dull whir of traffic in the background. It’s actually not that audible from inside (or perhaps your brain is so charmed by the treetop views out of those precious vintage French casement windows that you just didn’t notice) but if you’re looking for a serene and quiet outdoor space in a home this isn’t the right fit for you.
Catch #4 – Listed as a 2bd, there’s really only one true bedroom. The 2nd “bedroom” is actually just a great extension of the living space which runs along the back of the home – it would be perfect for a home office, den, or studio space but doesn’t offer the privacy one would need for guests or children so we’re really talking about a 1bd home here. There is also very little outdoor space so you wouldn’t really have room to expand.
Catch #3 – Needs some repairs/updating. This one is really in the eye of the beholder – some may find charm in the slightly slanted floors patched with plywood in places. Some may not mind the outdated appliances. There’s a door in the bedroom that at some point opened on to an outdoor balcony which no longer exists and now just opens directly into a 10 foot drop. Call it quirky – it’s definitely a unique home which hasn’t been gutted with some boring characterless Home Depot remodel and we’re at least thankful for that.
Catch #5 – This is the big fat bummer catch – this is not really a $319,000 home. At 1,124 square feet this breaks down to a price of $284 per square foot in a zip code where the average price per square foot is $616. That means if this home sold for the average price of other similarly sized homes in the area it would be listed closer to $700,000. Lets be realistic and knock that number down quite a bit given the walk street situation, close proximity to the highway, small lot size, and repairs needed – but that still doesn’t warrant a $400,000 price deduction. It will be interesting to keep an eye on this one and see where it lands after what will surely be multiple offers – regardless of all of the little catches this is still a really unique tree-top home offering vintage charm and character in spades. My bet is it lands somewhere in the mid-500s. What do you think?
“Listing info & photos courtesy of Eddie Kohan.”