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Friday, August 29, 2014

Eastside Property: Avenel Cooperative home sells for $657,000

Photo from Redfin.com

The Avenel Cooperative, built in Silver Lake in 1947, was architect Gregory Ain’s modernist interpretation of the classic bungalow court, with 10 identical, attached home featuring open floor plans and walls of glass. The homes in the complex have retained their midcentury style and, in some cases, original features, but they are relatively small by modern standards at less than 1,000-square feet. Still, fans of midcentury architecture have been willing to pay top dollar to own a piece of the Avenel Cooperative. In early July, one of the restored units with one bathroom went on the market at an asking price of $700,000. After two months, the property sold on Sept 9 for $657,000, according to Redfin. That’s below asking but nearly $500,000 more than what the owner paid for it 20 years ago.

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