Wednesday, October 26, 2016

Sunset Boulevard bungalow court being flipped for $2.4 million

Sunset Boulevard bungalow court in Echo Park that has been sold to developer 4-13-2014 7-16-24 PM

Eastside Property

ECHO PARK — Last year the tenants of a 10-unit hillside bungalow court on Sunset Boulevard faced eviction after new property owners bought the place, leaving tenants to wonder where they were going to live, according to an L.A. Times story on apartment demolitions.  The bungalow court on the eastern edge of Echo Park remains standing, but the owner has put the property back on the market for $2.4 million, according to LoopNet. That’s about 85% more than what the owner paid only a little more than 18 months ago.

The nearly half-acre  property at 1251 Sunset sits in an area between Echo Park and Downtown that has attracted the attention of residential developers. Next door, a Canadian developer wants to build more than 200 apartments on the site of a now closed Reliable Do It Center.  Further down the block, a former office building has been renovated into a sleek new apartment tower, where one-bedroom units are being rented for more than $3,000 a month.  Meanwhile, construction is underway on a 27-unit apartment building on Sunset near Elysian Park Avenue.

The listing informaton for the 10-unit bungalow property promotes it as a “Great Re-Development Property near Dodger Stadium” with the potential for 49 residential units and retail space.  Says the listing:

This area is currently experiencing gentrification and appears to be ideal for a multi-family development.

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  1. Would love an update on the 27-unit apartment building that is currently in construction. Did they get the variance for ground-level retail? Are they still going with the mesh metal barrier and awful zebra stripes down the side?

  2. I was standing in front of the property waiting for a friend to go to Guisados and the shadiest looking dude ever thought I was there to walk the property. I eventually saw him showing it to a couple of 20-something’s.

  3. $3000 a month?! So much for the argument of L.A. needing more housing. That’s not an affordable rent on any level. I HATE when people use that argument. When 1 bdrms are being priced at over 2 AND 3 grand a month who the fuck is renting them?

    • Who can afford 3K a month? MANY people. There are a lot of renters in EP who have high paying jobs. Go to some apartment open houses and you’ll meet them.

      The fact that you personally don’t know any high earners doesn’t mean they aren’t out there. Believe me, they are.

      • Spending $3000 a month on rent is pretty stupid. If you earn enough to afford that you should be saving up to buy a house not blowing it all on luxury rentals.

    • New housing in the middle of a desirable city will never be cheap unless it’s subsidized by the taxpayers, or we rethink some of our policies that make it overly complicated to build (euclidian zoning codes, minimum parking requirements, lengthy environmental review processes that are misused to limit smart growth, etc.)

      The argument that LA needs to build more housing is about the big picture: build enough new housing in parts of the city where rents are rapidly rising and it will help stabilize inflated prices on older, less desirable housing stock nearby (i.e. fewer high income earners competing over the scraps.)

      On the other hand, if you limit growth in areas of the city where demand is quite high, all the old housing stock will continue to rise in price much faster than incomes can keep up. It’s not hard to see why many homeowners oppose things like infill development, or density bonuses that create affordable units, or easing LA’s zoning codes. It keeps the market skewed in their favor.

      That said, I think it’s also important to recognize that the current housing market is a little more complicated than ‘supply and demand’ these days. There’s tons of foreign capital being invested in local real estate. But my view is we probably just need to implement more taxes and restrictions on foreign housing speculators (while we cut a lot of the red tape that’s distorting the market towards luxury housing in the city, and sprawl/destruction of wildlife out in BFE.)

  4. what happened to the former occupants?

    • It sounds like the residents are still there., but whoever buys the property at this price will redevelop the land. According to the listing. “Ideal Development Site in Echo Park, walk to Dodger Stadium. All units on month to month rental within Rent Control area and the relocation fee is estimated at $175,000.”

      • It’s on an earthquake fault and has slope stability issues. This guy is dumping this property. It’s actually a double lot that he paid $2.5m for a couple of years ago. He’s trying to get rid of a bad investment.

        Why do you think the Aragon project hasn’t started next door… ?Same issues. They are performing a full EIR. “A fault bi-sects the site” was the determination during the initial geotech analysis.

        The only reasonable solution for this double lot of bungalows is to fix them up. Could divide them into small lots.

        • It would definitely be cool if they could just fix them up… maybe convert them to condos and build some modest storefronts facing Sunset to recoup their investment.

          Although the zoning code probably ensures that you can’t do any of that without spending millions on underground parking, and/or going through a long drawn out approvals process to get all kinds of variances (red tape for miles.)

          It’s no wonder only the big corporate developers are building in LA. It’s just too complicated for anyone without a team of lawyers on retainer. Small scale developers are a rare breed around here (and for good reason.)

  5. this is so so so sad.. wow.. how can people just watch this happen and live with them selves? this is horrifying what do u mean what happened to the former tenants ? they got evivcted. so rich white people could move in.. omg.. this is horrible

  6. Yes, according to the LA Times article linked here, they got evicted.

    So I am asking if anyone here knows where those people ended up.

    • The tenants are all still there. The new owner, if anyone is dumb enough to buy this property, will have to start the Ellis Act proceeding anew. There are multiple qualified tenants who are eligible for extensions and maximum relocation fees.

      This is a complicated property with a variety of strikes against it if you are a developer looking to cash in quickly.

    • They are still their

  7. City Terrace1963

    Time to end rent control. Affordable housing for the poor in this city is just not profitable. As the tech industry continues to move southward and take hold in LA housing is going to become more expensive if more does not get built. These tenants should have been evicted months ago. It is my guess that the developer did not want to go through the legal nightmare of removing these people and having to pay them money. The poor are going to have to leave LA. There is just no room for them anymore.

    • The idea that the entire service industry should just pack up and leave the city is kinda insane. Do you really want all these people moving out to the IE, deep valley and clogging up the freeways every morning?

      It’s a big city and there’s room for everyone. We just need to fix our outdated zoning codes and reign in unhealthy speculation in the housing market. If you want to get rid of rent control, then we should also get rid of prop 13… what’s good for the goose!

      • Prop 13 was put in place to keep people from being taxed out of their homes. I also like the provision that requires 2/3 majority to raise taxes. This keeps the social justice crusaders out of my wallet.

    • Just because you where born a spoiled rich guy and don’t know the struggkes.

  8. City Terrace1963, are you for real?

    Your comments are among the most misguided and arrogant I’ve ever seen.

  9. It is awful what they are doing. Most of the people who live in these apartments are middle class hard working people who have lived their for many years. That is their home.

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