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Thursday, October 23, 2014

Work begins on yet another Echo Park development

Morton Village. Rendering courtesy 15 Group

Bulldozers and a demolition crew have begun preparing the site of an 18-unit Echo Park housing development on Morton Avenue, one of four neighborhood  housing projects currently in different stages of construction.  Miami-based developer 15 Group had initially said it would restore four bungalows on the site of Morton Village but ended up demolishing one of the cottages this week. Those three cottages near the front of the property will be restored while 15 new, three-story homes (depicted in the rendering above)  will be constructed on the slope behind the bungalows.

“One of the bungalows was in worse shape than we thought,” said Justin Barth with 15 Group. “It was difficult to rebuild it in its existing condition. “The decision was made to allocate resources to the three bungalows that front Morton.”

The Morton Village cottages were part of a nearly century-old cluster of Craftsman-style bungalows constructed on Morton Avenue. Several have been demolished or lost to fire over the years. Barth said the clearing of the lot and the demolition of the bungalow will be followed by the start of construction in June. He estimated it will take about a year to complete the homes, which are expected to be priced from the $500,000 to $600,000 range. The Miami-based developer is also working on projects in Silver Lake and Boyle Heights,

Morton Village is located only a block away where D.R. Horton is building 36 condominiums on Echo Park Avenue. Meanwhile, another developer, Planet Home Living, is grading a hillside parcel in Elysian Heights for another 15 homes while a 75-unit retirement apartment complex is nearing completion across from Echo Park Lake.

Bulldozer at work behind Morton Village bungalow



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18 comments

  1. I am curious why is there this building boom most of the cities rental stock is loosing value and the city of los angeles is actually loosing population .
    So why all this high density housing with no real infrastructure investment?
    More foolish dev. that got us the ghettos of the 80s and 70s as well as the LA icon the Stucco monstrosity.

  2. Rental stock losing value?
    http://www.loansafe.org/rents-soar-as-foreclosure-victims-young-workers-seek-housing

    I would say the opposite is true!

  3. Gotta agree with eastsidearts.

    While outskirt real estate markets (like San Bernadino / Riverside) are still experiencing excess inventory and decreasing values, Echo Park, Silver Lake, Highland Park and other similar neighborhoods are seeing increases in value and a rental shortage. These developers are in a good position to make a good return pivoting on reversal of the local housing market.

    • Actually, the news out this past week says you are mistaken. San Bernardino and Riverside — Inland Empire — housing prices are moving up. But Los Angeles prices are going down.

      LA has not yet gone to the levels everyplace else has dropped — apparently that is why it is heading down rather than up like everywhere else is starting to do now. Sure, people are asking high prices — but they aren’t being sold. The number of sales is low, because buyers will not pay the high prices sellers are asking.

      • I wish you were right because I’d like to buy a couple more but…

        Nope. Wrong. The houses in Echo Park (fixers especially) haven’t been staying on the market for more than a couple days. The sellers of the property near my home stopped taking offers after 30 offers on the first day.

        If you are looking at LA as a whole (which I don’t because I only invest in EP) perhaps you could see an average decline (maybe) but if you look at the areas I specified you will see heavy demand and rising prices.

  4. Echo Park Ave needs 2 more lanes.

    • The only way that’s going to happen is if we all walk, drive skinner cars, or ride motorcycles . . . or bicycles (cue bike hate).

  5. We need a road diet!

  6. @ eastsidearts n Henry Hawk read the rest of the post.
    I have not been able to get any good tenants for the past 3 years.
    and the infrastructure in this area is terrible roads are in deplorable shape worse than 3rd world.
    The developers make a killing and the local property owners take a bath , due to the corruption in city hall.

    • Los Angeles is now considered to be the most corrupt city in the US, except for Chicago.

      And yes, taxpayers are going to foot the bill for expensive upgrades to infrastructure for this development — not the developers overloading the system. A sewer line can handle just so much, you simply can’t multiply that by 10 and not have to replace it with a new, bigger system. This kind of reality is one of the things people can use to fight this overdevelopment. They can’t be allowed to build if the infrastructure can’t handle it or if it is just an undue impact on the infrastructure — no matter their zoning.

  7. @Shadowpark If you think infrastructure in Echo Park is worse than Third World, you have some traveling to do.

    • If shadowpark hasn’t been able to find good tenants in this insane rental market, and he thinks Echo Park is like the “third world,” sounds like he’s a slumlord?

  8. @ dj flip a chump
    I have been a home owner since the 90s I never sell or flip I take pride in all my property
    I prefer tenants who are long term and not 6 month rentals but in the current job market many of the tenants are down sizing or moving in w parents.
    Before you accuse people with obtuse comments from the safety of your hole get the facts straight jack or you just may find your self in need of facial reconstructive surgery .

  9. I live in the property next to the construction site. Can’t wait to move. I don’t actually know anyone who has rented or purchased one of these new-fangled town-homes. Something tells me that they aren’t the kind of people who I want to know…

  10. All I know is that all this gentrification is driving housing prices up beyond my and every other blue collar worker in the hood’s ability to own a home in the neighborhood I’ve spent the last 21 years of my life in! So much for our quiet beautiful little secret, ay?

  11. Ugh. Living close to this and hearing the loud construction every day is driving me nuts. And we just finally got over the construction noise from across the street on echo park ave. SO GOD DAMN ANNOYINGGGG!!! I HATE ALL THESE CONDO MOTHERFU*KERS BLAAAAHHH IM GOING CRAZY!

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