Mayor Eric Garcetti is rolling in some serious dough after selling his Echo Park home for a little more than $1.7 million. The three-bedroom, two-bath house sold over the $1.65 million asking price. And even more amazing? Garcetti and his wife Amy Wakeland purchased the home in 2000 for a mere $345,000, according to a Variety report. That means the couple made more than a $1 million profit. What will they do with that money?? We can only dream.
The home was designed by Daniel L. Dworsky, and the couple reportedly did put some money into an upgrade so that the home would meet their environmental standards: rooftop solar panels, tankless water heater, sustainable wood decks, etc. So why would the couple want to sell? After Garcetti became mayor, he moved his family to the Getty House, a mansion in the upscale Windsor Square neighborhood that is the official mayoral residence.
It seems as though Garcetti chose the right time to put his house on the market. According to a Redfin housing report released yesterday, LA home prices are rising rapidly in many areas, and particularly the East Side. In February 2016, the average home sold for 14.6 percent more than in 2015. Great for the mayor, not so great for some of his constituents (cough, us) who are looking to buy.