Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
“Cheers” star Kirstie Alley has put her Los Feliz villa on the market while Sean Murray of “NCIS” just bought property in Atwater Village. A 77-unit apartment building is being proposed in Echo Park on the same block where another 70-unit project is in the works. And a new space is opening up in the biotech corridor that the city is encouraging in El Sereno.
Real Estate Roundup
An October real estate report shows that L.A. home sales continued to soften compared to last year’s levels, with buyers growing more cautious in the face of rising mortgage rates and prices, reports The Eastsider. While sales have slowed, prices have continued to rise from last year. In fact, the median sales price in October for Eagle Rock and the Echo Park-Silver Lake area increased from last year and topped $1 million, according to Corelogic.
“NCIS” star Sean Murray recently bought a two-residence property for nearly $1.35 million — slightly above the asking price, Variety reported. The two units are 1920s bungalows that have been refurbished with new plumbing and electrical. Variety notes that Murray probably will not live there himself, as he already has a much larger, 6-bedroom/5-bathroom residence in Encino, which he bought in 2009 for almost $1.9 million.
There’s a development plan for a 25-acre property that includes the landmark Sears building at Olympic Boulevard and Soto street. But first, the developer is looking for an investment partner, according to The Real Deal. The plan by the developer, the Shomof Group, includes 2,000 residential units, a hotel, and large office and retail components. The Real Deal also notes that Shomof has a history of buying and rehabilitating older buildings. The Sears store in Boyle Heights, which opened in the late 1920s, is to remain open even as the struggling retailer has announced the closure of more than 140 stores nationwide.
A 77-unit apartment building is being proposed for 1275-1279 Sunset Boulevard. It’s on the same block as a 70-unit project at 1251-1259 Sunset, which is also in the proposal stage. Both of these projects are on either side of Guisado’s Mexican restaurant. The site for this latest proposal is mostly open hillside land, except for a structure at 1275 Sunset. As The Real Deal noted, the developers are seeking to build a project that is taller and more dense than zoning would allow since the project is on a major transit corridor.
The two projects are among a series of completed and planned projects (including a million-square-foot development) that will add hundreds of units of housing to the approximately half-mile stretch of Sunset between Vin Scully Avenue and Boylston Street.
A new bioscience lab building is having its grand opening on December 11, opening up space for researchers and life science companies. HATCHlabs on Alhambra Avenue will be a new addition to L.A.’s growing biotech corridor, which is also soon to include the LA BioSpace Incubator at the Rongxiang Xu Bioscience Innovation Center at Cal State L.A.
Actress Kirstie Alley of “Cheers” TV fame has put her Los Feliz mansion on the market for nearly $12 million, reports the L.A. Times. The 8,600-square-foot Italianate-style home backs up to Griffith Park and has six bedrooms, library, three stone fireplaces and a pool. Alley bought the Aberdeen Avenue home 20 years for $3 million.
A home connected to Leonardo DiCaprio sold less than 24 hours after dropping in price from $1.75 million to $1.6 million, S.F. Gate said. Curbed first reported the listing of the 4-bedroom/4.5 bathroom Spanish-style home back in October, noting that the property was owned by a trust operated by Leonardo DiCaprio’s cousin and longtime business partner Robert Hrtica.
The 100-year-old Tudor-style home that housed Tokio Florist will soon be put on the market after an estate sale was recently held, according to The Eastsider. Hyperion Avenue has grown around the home turned into a neighborhood commercial hub, with a Trader Joe’s and a Gelson’s nearby. The two-story, 3,300-square-foot home that is hidden from the street sits on an approximately 23,000-square-foot lot.
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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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