Here's your rundown of Eastside real estate news.
Record-breaking slump in home-buying
The summer home buying market in Southern California dropped to its slowest sales pace in decades, the Daily News reported. It’s likely because the typical house payment jumped by almost 50% in a year. As a result, only 54,416 residences were sold in the six-county region from June through August, 20% below the same period in 2021 and the lowest count since at least 1988. The slowdown is reflected in median home prices, which didn't increase in four months - holding steady at $740,000 as of August, the L.A. Times said.
ADUs on the rise
One bright spot in the real estate market is accessory dwelling units -- aka granny flats or garage apartments. Last year, ADUs accounted for about 22% of planned housing in the City of L.A. That translates into 5,188 approved permits, according to Crosstown. This year the total should be even higher since 4,999 permits had been issued through August. Despite the success of ADUs, the city is still falling way short of producing the 57,000 units of housing every year for the next eight years to meet its goals.
A two-story building that is being transformed from office space into residential is about halfway done, according to Urbanize. In recent years, the structure in the 1800 block of East 1st Street has served as offices for local and state officials. It is now to have 15 dwelling units.
A lot is being cleared one block southwest of the Vermont/Sunset Metro Station for a 69-unit apartment building, Urbanize reported. The structure at 1419-1423 N. New Hampshire Ave. is to rise seven stories.
Comedy writer Bess Kalb sold her three-bedroom home for $4 million -more than twice the $1.8 million it sold for three years ago, Dirt reported. The house underwent extensive renovations before selling to its latest owner, Zeshan Ali, the person behind the internet personality “No Sass” or “Sass,” one of the four previously anonymous co-founders of the Bored Ape Yacht Club.
Real Estate Reductions
This week's discounts include $24,000 off an El Sereno 2-bedroom, a $48,000 cut on a Historic Filipinotown Craftsman and an $80,000 chop on an Echo Park Fourplex.
Eastside Open House
This week's featured open house include:
- Central Turnkey Highland Park Condo
- Pristine Mid-Century Duplex in the Silver Lake Hills Property Description
- Historic Mills Act Craftsman in Highland Park
Good luck house hunting!