Earlier this year The Eastsider reported that one of the hillside bungalow courts that line both sides of Sunset Boulevard on a two-block stretch east of Elysian Park Avenue had gone on the market as part of a trust sale. After being originally listed in August for $699,000, the price of the 11-unit Echo Park property built in 1921 was hiked to $893,000, according to Redfin. By the end of November, the building was under contract and a sale finalized earlier this week for $850,000. What does that mean for tenants, some of whom pay as little as $322 a month for studio apartments? They are protected by city rent control but the new owners are probably aware that Echo Park apartments now fetch much more than that.
May 10, 2018