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Highland Park million-dollar home sales; grand opening for Boyle Heights affordable apartments

A Roundup of Eastside  Real Estate and Development News

Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:

The City Council has voted to oppose state legislation that would override many development limits. Part of the old Brooklyn Bagel Bakery on Beverly Boulevard is being marketed as creative office or new retail space. Meanwhile, a few blocks away on Beverly, an office building is being converted into a charter school.

Read on!

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Real Estate Roundup

The L.A. City Council voted unanimously to oppose a state senate bill that would override local limits on height, size, design and parking, according to the Daily News. The largest potential impact from Senate Bill 827 – which is intended to create more housing – would take place in neighborhoods zoned for single-family homes that are near certain bus lines and transit centers, reports the L.A. Times. But even more dense neighborhoods, such as many on the Eastside, could see more multi-storied residential buildings.

Atwater Village

With Toys R Us about to go out of business, the branch in the Franciscan Metro Center  in Atwater Village will come up for grabs.  The large  toy store sits in the middle of the Los Feliz Boulevard shopping center between a Best Buy and a Costco.  Normally, a retail space this large might stay vacant for awhile, said Mike Tolj of Tolj Commercial Real estate in Eagle Rock. But right now, demand for retail space is far outstripping supply,  with the vacancy rate among retail spaces ending last year at a slim 4% for all of Los Angeles County, Colliers reported. “In this market,” Tolj said, “they’re lining up.” So, what will go into this space? The Eastsider will have a story coming up soon exploring the issue.

Construction of a new pedestrian and equestrian bridge linking North Atwater Village and Griffith Park is scheduled to begin in April. The bridge had initially been expected to be paid for entirely with private funds. But public monies ended up being used to pay for most of the $16 million structure as estimated costs tripled. Curbed

Boyle Heights

A grand opening ceremony is scheduled today for a 50-unit affordable housing development. The Cielito Lindo Apartments  in the 2400 block of E 1st Street will offer thirty 1-bedroom units, three 2-bedrooms and sixteen 3-bedrooms. Today’s opening ceremonies cap 18 months of construction and $21.8 million of investment by the East LA Community Corporation, a non-profit community development organization. Residents earn between 30% and 50% of the area median income – which, for a family of four, is $27,030 to $45,050.

A Boyle Heights art space that had been targeted by anti-gentrification activists will be closing at the end of May – but reportedly not because of the protests. Wendy Yao, one of the owners of 356 Mission, said, “It was just time. It was a labor of love, with finite resources, and never intended to last forever.” L.A. Times

Historic Filipinotown

Part of the old Brooklyn Bagel Bakery on Beverly is now being offered up for  lease as creative office or retail space. The asking rate for approximately 10,000 square-feet of space ranges from $1.75 a square-foot to $2.75 a square-foot, according to marketing material by broker Charles Dunn Co. But  Brooklyn Bagel owner, Vanik Elchibegian, told The Eastsider the shop will still be able to resume operations elsewhere in the building. The shop closed down “temporarily” in May of 2015, after part of an exterior wall collapsed.

Plans are afoot to convert an old office building on Beverly Boulevard into a charter school. The charter school Citizens of the World has been moving forward with plans to use the old office building at 2515-2547 Beverly, which had recently been housing assorted ministries. The city Planning Department has also received a connected request to use a public parking area in the 2500 block for the school. The school is to be for transitional kindergarten through fifth grade. Citizens of the World already operates a school in Silver Lake, as well as Hollywood and Mar Vista, and also has a branch in Kansas City.

Lincoln Heights

A look at the how a wave of gentrification and President Trump’s anti-immigration policies are triggering anxiety and worry among the low-income Latino residents of Lincoln Heights. First of four parts. L.A. Times

Silver Lake

Construction is wrapping up on another small-lot residential development, this time in the 2300 block of N. Glendale Blvd. Five single-family, three-story homes are entering the market near Silver Lake Meadow, according to Urbanize.

Notable Sales

It used to be that Eagle Rock and parts of Mount Washington once had a lock on million-dollar home sales in Northeast L.A.  But it looks like Highland Park has joined the club. During the past week alone, three homes — on N. Avenue 57, Buena Vista Terrace and Stratford Road — sold for at six figures, according to Redfin.  Since the first of the year, it appears that 13 single-family Highland Park properties have sold for $1 million or more.  Can that pace be continued for the rest of the year?

On The Market

New Listings From Eastsider Sponsors

Great Homes in Mt. Washington, Atwater Village and Silver Lake from Tracy Do

For Lease: Warm California Bungalow, Close to Highland Park Shops & Eateries

For Sale: Stylish Silver Lake Duplex – One 2BR to be Delivered Vacant

For Rent: Chic and Hip Bungalow in Highland Park

That’s it for this  issue of Real Estate Monday. We will be back next Monday.

— Barry Lank & Jesus Sanchez

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27 comments

  1. There are currently 15 million dollar listings that are pending in Highland Park. Once those close, million dollar listings will total 28+ . It’s not even summer yet.

  2. Screw HLP. We’ve been here for almost 15-years and the whole culture is changing. Renters are being forced out and people are over-paying for crappy flips (For example, INTERIOR PAINT USED ON EXTERIOR WALLS of a recent 2BR flip selling for $800K). People are fools and all of this hype will bite them in the ass. By then, we will be long gone because HLP no longer cares for people who can’t afford $3K+ rent or $1Million for a house. Have fun with your wash-washed, WEHO-doppelganger community. Way to ruin a place that was great. Too bad you all missed it.

  3. Elena Rodriguez

    It’s no wonder there’s high anxiety within the Highland Park long time latino community that can cannot afford the ownership or rental with today’s market.
    While million dollars home is a great opportunity for some people it’s a devasting reality for the majority in this community.

    • Exactly. I’m pretty sure that anyone renting in this community is “on edge”. We got tossed out of our rental home of ten years a year ago, put stuff in storage and are staying with a friend for a fair price to save money. We are “lucky”. Many aren’t. And they end up having to commute from San Bernardino to their jobs in NELA, or even worse; they end up on the street, (only for newcomers to complain about the homeless problem). This type of growth isn’t sustainable. The only thing that matters are what investors/flippers are making. Even if we could buy a house in the area, they are snatched up by those people before we can get our hands on them. I’m over it. This whole experience of being under threat has changed us. It’s not good.

      • …”This type of growth isn’t sustainable.”…

        Experience has shown that this growth is definitely sustainable. This has been picking up pace for a decade or more now. HLP is close to downtown, which is booming, and close to Pasadena and Glendale, and large parts of it are very accessible to the Gold Line. It has *two* rather charming “main streets” along Fig and York, and potential along ERB as well. There’s no going back.

        And yes, I agree, change of this pace sucks if you are renting a home. The dynamism is part of why we live in SoCal, but sometimes it hurts.

  4. I feel for the people being displaced. It’s a real problem. But it’s impossible to reverse market trends. HLP/Eagle Rock is actually undervalued right now as far as LA real estate goes, so this trend is likely going to to continue and intensify. You can’t think of HLP as a “Latino community.” There’s no such thing. It’s simply a neighborhood of LA which happens to be in a prime spot considering everything that’s happening in Downtown and the East Side in general. If you’re getting priced out of HLP, the smart thing to do is stop fighting it and look to the neighborhoods that haven’t been hit too hard by gentrification yet and try to buy there. You want to get ahead of the curve and BUY, otherwise you’ll always be a victim of market forces.

    • One million dollar sales will be the norm in Highland Park sooner rather than later. It is one of the last few remaining walkable neighborhoods in Los Angeles that is in close proximity to downtown LA. It has the Gold Line to boot.

  5. Rocky, someone needs to sit you down and explain how life works. This blaming everyone else “outsiders” as you say, (which we all know you mean white people) is obviously not taking you very far in life.

    • Racist colonizers are brutally removing la Raza. They must be stopped! The neighborhood is losing everything that made it great.

    • Guess what? I know who complains in this ‘hood… and it’s NOT my long time neighbors. So…. what can I call them? They are new to the neighborhood? Enlighten me. These are the people complaining about calling the LAPD because someone “tagged” their mailbox.

      Tell me, wise one… how does life work? I know that I work my butt off but didn’t have a trust fund to help me buy a house a house during the recession (when I had started my entire career over and had to work for peanuts just to live). That’s how my life works. It’s just bad timing and not enough money. Yes, I am bummed that I too cannot be a millionaire – or afford a $3500+ mortgage. That’s how life works. Sometimes you work hard, and then the hard times fall on you.

      Get off your high horse, sir.

      • @Rockie: Your comment was reasonable, don’t let the trolls get you down. Comments here like to drift into a “you’re a racist”, “no YOU’RE a racist” back and forth.

      • TheRealEagleRocker

        Rockie, I don’t understand why you believe everyone who’s bought a house recently did it with a trust fund. Do you have proof of this?

        I know who’s not tagging, throwing trash around, leaving empty beer bottles on the street and letting their property fall into disrepair: newcomers!

        If I bought a house and someone tagged it with gang shit you bet I would call LAPD.

      • “These are the people complaining about calling the LAPD because someone “tagged” their mailbox.”

        In normal civilized adult society decent people don’t just go around destroying other people’s property. Not sure why you would defend this weird territorial pissing war by pea-brained wanna be thugs? Should vandalism just be ignored? That leaves a pretty ugly neighborhood.

        Do you suggest residents should go out and confront gangbangers who likely have weapons? Not very wise considering the CRIMINALS KNOW WHERE YOU LIVE. So, cavalier tough guy, what do you propose people do when some idiot is destroying their property for no reason?

  6. When 40-50+% of people in BH, Lincoln Heights, Glassell Park and HLP etc. are foreign born I have to take great umbrage at your use of
    “racist colonizers”.

    Your bigotry is showing.

  7. Highland Park is too far along the gentrification stage. The high end boutiques and restaurants have moved in. The affluent have followed. It’s not even hipsters moving in at this point. Hipsters are not paying 800k for 2 bedroom houses.

    Rockie is there a reason why you did not buy a property in HLP in the 15 years you have been here?

  8. TheRealEagleRocker

    Several of the million dollar sales on the Redfin map are clearly in Eagle Rock, not HLP. Don’t panic.

  9. Same thing is happening in Boyle heights but La Raza is going to take a stand. This is mane fest destiny same thing happened to the native Americans it’s happening now.

    • I think what you meant to say is Manafort destiny.

      La Raza has been very effective chasing out non-profit minority based art charities in Boyle Heights. Thus preserving non used derelict industrial buildings that have fallen to neglect because of blight and neglect

    • TheRealEagleRocker

      Take a stand and finish high school? Go to college? Better to invest in your future and control your own destiny. Stop being a victim.

      Boyle Heights:

      5.0% of residents 25 and older have a four-year degree, low for the city of Los Angeles and low for the county.

      The percentage of residents 25 and older with less than a high school diploma is high for the county.

      There are 3,889 families headed by single parents. The rate is 21.1%, high for the city of Los Angeles and high for the county>

      48,566 (52.4%) of residents are foreign born, high for the city of Los Angeles and high for the county. Mexico (87.7%) and El Salvador (4.5%) are the most common foreign places of birth.

  10. Eastsider should tally up the million dollar homes sales at the end of the year. Fairly certain it will be over 50 transactions. Remarkable considering a million dollar sale in 90042 was unheard of not too long ago.

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