Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
Caps on rent hikes in East L.A. begin in December — but it t doesn’t apply to every residential unit. Meanwhile, the screenwriter for the remake of “It” just sold his Eagle Rock home for nearly twice what he paid three years ago. And the Bob Baker Marionette Theater just held its last performance before the old theater becomes residential property.
Real Estate Roundup
Horror screenwriter Gary Dauberman sold his Eagle Rock home for $1.44 million – $241,000 over the asking price, and nearly twice what he paid for it three years ago, the Los Angeles Times reported. The Spanish-style 3-bedroom/3.5 bathroom on Mount Helena Avenue received multiple offers. The Times said Dauberman originally bought it for $892,000. Dauberman was screenwriter for the 2017 remake of “It,” and was writer and executive producer of “The Nun,” according to IMDB. He’s also executive producer of the upcoming series “Swamp Thing.”
East Los Angeles
A cap on rent hikes in unincorporated portions of L.A. County will take hold starting next month. The Los Angeles County Board of Supervisor finalized rules temporarily capping rent hikes to 3% annually on about 50,000 older apartments in East Los Angeles and other unincorporated areas. But the temporary ordinance will expire six months after it takes effect Dec. 20 but the supervisors can extend it if necessary. The Eastsider also points out five lesser known aspects to the law: Not all homes and apartments qualify; the rules are retroactive; evictions are going to be tougher; landlords can still jack up the rents for new tenants; and the county Board of Supervisors isn’t done with rent control – they’re preparing to make rent controls and regulations permanent. The Eastsider
The Bob Baker Marionette Theater held its final show Friday at its home of 55 years, The Eastsider reported. The theater at 1st Street and Glendale Boulevard is leaving to make way for a 104-unit housing development.
A 5-story, 40-unit apartment building has been proposed for the northwest corner at Temple Street and Mountain View Avenue next to a Shell gas station, according to the Planning Department. The owners are seeking to demolish the existing structures and construct a building that is much more dense and larger than would normally be allowed in return for including 4 affordable units for lower-income tenants. The project, which would include a roof deck and fitness center, is one of several apartment buildings that have been built or are planned along the Temple Street corridor.
On The Market
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That’s it for this issue of Real Estate Monday. We will be back next Monday.
— Barry Lank & Jesús Sanchez
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