Heavily Damaged Home For $399,000? It Could Sell Quickly

BOYLE HEIGHTS (CBSLA.com) — The housing market is heating up on Los Angeles' east side. Buyers are flocking to communities such as Boyle Heights trying to snatch up properties, even one that sustained heavy damage after being struck by a car.

Along Pleasant Avenue in Boyle Heights, there is a not-so-pleasant looking house sitting for sale. The outside of the once quaint Victorian home is now covered by a tarp, and parts of it are falling apart.

"This property was built in 1901. And the current owner I believe purchased it in 1964 for $19,500," realtor Eric Bonilla said.

But now, the 2,000-square foot house is selling for $399,000. Despite its appearance, real estate website Redfin.com calls it a "hot home."  That means realtors believe there is a 70-percent chance it will sell within seven days.

Eric Bonilla is a realtor with HL Realty. His clients are some of many currently making offers on the house. He said the property is hot because of the price per-square footage in East L.A. - an area that is up and coming.

"I think the property will sell pretty fast. We're have a lot of investors who are coming into these areas and remodeling these properties because it's close to downtown, it's becoming gentrified," Bonilla said.

The realtor said because the housing market on the Eastside is on fire, even the crime scene tape in front of the house is not stopping the offers from coming in.

In February, a young couple was killed when their car, shot at by gang members, crashed into the front porch. The city red-tagged the house because it was knocked off its foundation from the crash.

"That might scare your average buyer, but not investors," Bonilla added.