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Thursday, September 29, 2016

Eastside Property: Not even a “cool condo” in Silver Lake can avoid a price plunge

Photo from CRMLS/Redfin

Many Silver Lake residents were upset when the developers of a 26-unit Silver Lake condo complex at the corner of Glendale and Silver Lake boulevards gouged out a chunk of hillside to insert three, boxcar like buildings into the property. Since the project was completed in 2005, the same part of Silver Lake has seen the construction of the striking new Silver Lake Public Library, the opening of new restaurants, bars and shops on Glendale Boulevard and the completion of the nearby Silver Lake reservoirs walking path and grassy meadow. But apparently none of these new neighborhood amenities will help one of the condo owners avoid take a beating on a unit purchased near the top of the real estate boom.  A “cool condo” in the development went on the market this week at an asking price of $325,000. That same, 980-square-foot unit with oak floors sold for $620,000 in 2005, according to Redfin. Ouch. That’s painful drop but perhaps a bottle of pinot noir from the nearby wine shop will take some of sting out of that price plunge.



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14 comments

  1. Sweet! You know what this neighborhood needs?

    More condos. Let’s build some quick.

  2. Who in their right mind would pay over a half a million dollars for that crap?!

  3. The same people who will plop down a half mil for the new condos going in across from there by jiffy lube. When those are built. Unless they ripped down all the little historic buildings for an empty lot.

  4. @Chris: You’ve got your locations mixed up. The condos above are on *Glendale*, not far from the Astro Burger, across from Citibank, etc.

    They’re nowhere near Sunset Junction. Hence, people were surprised that they were going for such a high price. Made no sense.

  5. I’ve always thought that this complex would have been far more tolerable if they had only built two “boxcars” instead of three. Instead, it appears greed won out. I don’t like to imagine having to live in that middle one.

  6. I’ve been to two open houses at this location and I don’t think it is even worth the “low” $325K asking price because of the constant traffic noise from Glendale and SL Blvds… and you still have to pay $300 a month HOAs separate from your mortgage!

  7. More yuppy hipster means more condos .

  8. I WISH there was an Astro Burger there! Astro Family Restaurant does serve up some pretty fine slaw, though…

  9. This project has had a sordid history. Briefly, it was originally proposed as a low-impact, green construction development with minimal excavation, terraced stepped back frontage and (if I recall) some street level retail to help create sidewalk traffic. Then LA’s building permitting process decided to give the developer a rough ride. John Ferraro was the LA City councilman, and after his death there was a lack of city oversight on following through.

    The original developer threw up his hands and sold off to one of the Playa Vista developers, who rammed thru a maximum buildout redesign while no one was looking and there was no active city council involvement. Then suddenly this monstrosity appeared, much to the chagrin of the community who thought a progressive addition was going to happen.

    Moral: never stop paying attention to the development process! (and that’s the one thing this project has in common with what’s been going on over at Sunset Junction)

  10. @landsnark: Thanks for the history.

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