Eastside Real Estate & Development News
In this issue of Real Estate Monday: An El Sereno housing project is moving forward after several years of planning. A 200-room Lincoln Heights hotel and residential project received city permits. And musician Neil Finn was one of several celebrities who recently bought or sold Los Feliz homes.
Read on for details!
The coronavirus outbreak is sending So Cal home sales down, with mortgage applications falling and agents reporting more buyers dropping out of deals .... Redfin and Zillow suspend their home buying and flipping programs ... L.A. and California lawmakers adopt temporary bans on evicting tenants because of coronavirus but reject calls for a blanket moratorium on all evictions.
The owner of a single-family home a 1406 W Eagle Vista Drive is trying to replace it with three small-lot homes, according to plans filed with the city. Early plans indicate each new unit would have two interior levels above a two-car garage.
Plans are finally moving forward to build 32 houses on the border between Montecito Heights and El Sereno, Urbanize reports. Six years after applications were filed to subdivide the parcel, 32 small-lot homes are set to go up at an undeveloped 4.3-acre site at 2730 Onyx Drive. Construction is scheduled to start in January 2021 and conclude by January 2023.
Building permits have come through for a large housing-and-hotel complex near the Los Angeles River, Urbanize reports. The project runs along the south side of Barranca Street between San Fernando Road and Avenue 21, and will have 100 residential units, a 200-room hotel, and nearly 5,000 square feet of ground-floor retail space. Plans also include a pool deck, a gym, recreation rooms, and a courtyard for hotel guests.
A 142-unit apartment building that features affordable housing for seniors has just been sold for $48 Million, and plans call for renovation this spring, according to the L.A. Business Journal. Hobart Gardens, on the 1300 block of Hobart Boulevard, consists of studio and one-bedroom apartments, and was 100 percent leased at the time of the sale. It was purchased by a joint venture of Las Palmas Foundation and Reiner Communities.
Music producer Mark Ronson has sold his 1930s Spanish Revival villa to billionaire financier Marc Lasry for almost $4.8 million, Variety reported. Ronson bought the 5-bedroom/7.5-bathroom home about 4½ years ago, around when he split up with his now ex-wife, French actress and singer Joséphine de La Baume.
Musician Neil Finn from Crowded House and Fleetwood Mac bought a 4-bedroom/5-bathroom Southern Colonial home for $4.3 million, Variety said. Built in the early 1920s, the home was sold by “Simpsons” writer Tim Long - and, from 2007 to 2013, was once owned by actress Katherine Heigl.
James Jagger - the fourth of Rolling Stones frontman Mick Jagger's eight children - has bought a house in Los Feliz and sold another one in Silver Lake, according to Variety. His old two-bedroom in Silver Lake - described as a "starter bungalow" - went for $1.46 million, well over the $1.2 million that Jagger paid for it in 2016. The young actor now owns a 1930s Moderne with four bedrooms and four bathrooms, for which he paid $2.5 million - half a million over the asking price.
That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez