Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
Tony Kanal, the bass player for No Doubt, sold a Los Feliz house for about a $1 million more than what he paid less than a year ago. An Eagle Rock home once owned by an Occidental College president is on the market. And more small-lot home developments are planned for Echo Park, Victor Heights and Virgil Village.
Real Estate Roundup
A historic Spanish Colonial Revival is going up for sale on West Escarpa Drive. The 4-bedroom/3-bathroom Coons Residence was built in 1928 for Arthur G. Coons, who became president of Occidental College in 1946. The 4-bedroom home with 2,308-square-feet of interior living space sits on an 8,071-square-foot lot. The listing offers it at $1.449 million.
A 10-unit small-lot development is being planned for 1200 block of N. Virgil Ave., replacing two single-family homes and a duplex. Plans also include adding 22 parking spaces. Urbanize reports the development company is Stradella Group.
Urbanize said group affiliated with Stradella Group also plans to build a nine-home small-lot division on the 1100 block of N. Westmoreland, about a third of a mile from the Vermont/Santa Monica Metro Station. Plans have been filed to demolish the two existing duplexes on the site at 1134-1140 N. Westmoreland Avenue.
Construction is also moving along on the pocket park and community garden on the 1100 block of Madison Ave., Urbanize reports, with completion expected in mid-2019. The Los Angeles Community Garden Council has said this will be its third-largest community garden in the city. The quarter-acre property at 1175 N. Madison Ave. is also slated to have a playground, fitness equipment and a basketball court.
Construction is underway on five small-lot homes at 610 Belmont Ave., a long-vacant hillside lot overlooking Echo Park Lake, Urbanize reports. The homes are being made of prefabricated modular units, with a mix of two- and three-bedroom floor plans.
Seventeen small-lot homes are also going up in Victor Heights, just south of Dodger Stadium, according to Urbanize. The project is located on three parcels at 1014-1020 White Knoll Drive, replacing three buildings from early in the 20th century. Each home is three stories.
Tony Kanal, the bass player for No Doubt, has flipped another house, this time at a profit of nearly $1 million. Kanal bought the house only last May for When he bought the fixer-upper in May for $1.66 million, selling it for $2.6 million through a limited liability company. It is unknown what renovations were made, but Kanal and his wife, Erin Lokitz, have worked with designers Jason and Laura O’Dell flipping houses before. L.A. Times
The 54-unit Los Feliz Palms apartment property on Rodney Dr. recently sold for $17.58 million – transferring ownership from a private trust to an unnamed investor. The property sold for $1.1 million over the asking price, according to a statement from the real estate agency that represented the buyer and seller, CBRE Group. L.A. Business Journal
A century-old Tudor Revival mansion that served as the home of Tokio Florist for more than 50 years has been put up for sale at an asking price of $5.5 million, according to Redfin and other listing services. The half-acre property surrounded by a Trader Joe’s and other Hyperion Avenue shops and restaurants was placed on the market about a month after an estate sale was held to clear out belongings of Sumi and Frank Kozawa. The Kozawas were members of the Japanese-American family that had run the florist founded in the late 1920s.
Urbanize notes that the wood frame has gone up for the new Sunset Junction project at 4121 Santa Monica Boulevard, near Sunset, which now apparently includes residential units. The development was originally described as a 14,400-square-foot retail and commercial project. But Urbanize now says it will have 13,300 square feet of ground-floor retail space and basement parking, plus 41 apartments on the upper floors.
On The Market
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That’s it for this issue of Real Estate Monday. We’re taking off next Monday but will return after the holiday.
— Barry Lank & Jesús Sanchez
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