Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
The local real estate market seems to be slowing down – though more in some neighborhoods than others. A developer is trying to stock up on liquor licenses for a new Echo Park retail center. Meanwhile, the city may turn to eminent domain to complete the way-over-budget Taylor Yard Bridge over the L.A. River.
Real estate sales activity slowed in September — more evidence that rising mortgage rates and high prices have begun to take a toll on the L.A. housing market, The Eastsider reported. The number of sales in September took a big drop compared to September of last year while prices edged up at a more modest pace than in recent years, according to Corelogic.
While most Eastside neighborhoods continued to see prices and sales rise, median sales prices in El Sereno and East L.A. — which have been among the most active Eastside markets — fell 3.4% and 4.5% respectively. Lincoln Heights and Montecito Heights saw a drop of 9.2%.
Real Estate Roundup
Five bungalows in the 4500 block of N. Eagle Rock Boulevard are to be converted into a 5-unit small-lot subdivision with six parking spaces, according to plans filed with the city. Here’s a difference worth noting: The document indicates no plans to demolish any existing structures.
Shoe Palace has opened in the old Out-of-the-Closet space. The formerly bright pink thrift store at Sunset and Lemoyne has been painted jet black to accommodate the latest outlet for the athletic shoe store chain, according to The Eastsider. Out of the Closet, a charity thrift store, closed earlier this year after failing to reach a deal with the landlord for the building, a former Woolworth’s store.
Developers have applied for nine liquor licenses for the new retail development taking shape in place of the old A1 Grocery on Sunset Boulevard. This approximately matches up with efforts to find up to 10 restaurants to fill the complex. Champion Real Estate Company bought the property for $9.5 million, and had planned to open Brick Works Echo Park by the end of the year. But that clearly is not going to happen since work remains in the very early stages.
A 7-bedroom, Angelino Heights Craftsman in the 700 block of E. Kensington Road sold for $1.71 million last week. That’s $135,000 over asking. Curbed L.A. reports the owner is an executive with WWE, and the house has appeared in several television shows, including ABC Family’s The Fosters.
There’s more residential development coming to Alvarado Street. Building permits have been issued for a 34-unit apartment building at 706 N. Alvarado near Clinton. The project, which would include four units for very-low income tenants, would have four stories of residences over over one floor of parking, according to permit info.
The city may use eminent domain to secure property for a pedestrian bridge over the L.A. River between Frogtown and Cypress Park, Curbed reports. The 7,711-square-foot parcel between the LA River Bike Path and the end of Birkdale Street, is needed to build the Taylor Yard Bikeway and Pedestrian Bridge. The city attorney’s office told the City Council’s Planning and Land Use Management Committee it has “reached an impasse in negotiations” with the property owner, making eminent domain the next option.
The city offered $2,500 for the parcel. But the property owner, three Birkdale Street LLC. which is connected to New York-based developer Pan Am Equities, “demanded payment in the hundreds of thousands of dollars,” the city attorney said. Money is becoming a greater concern with the bridge project, with estimated costs already more than double the original estimate in 2014.
The wood frame is nearly complete for a mixed-use development on 1910 W. Temple St., Urbanize reports. At its scheduled completion next year, the six-story building will have 200 studio, one-, and two-bedroom apartments above 22,000 square feet of ground-floor retail space.
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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