Here's your rundown of Eastside real estate news.
Focusing on Latino homebuyers
An Atwater Village real estate broker has set up a new operation to cater to Spanish-speaking and Latino homebuyers. The Local Real Estate Group said its new arm, called El Local, will reach out to a demographic that has been underserved, said company founder Kurt Wisner.
“Throughout the years, Hispanic and Latino communities have had limited access to the latest information, financing options, best-in-class technology and many more differentiating factors that are necessary to win in a competitive housing market,” Wisner said. In the 2022 Annual Housing Market Survey by the California Association of Realtors, 20.7% of homes sold in California were purchased by Latino buyers.
Edith Reyna, a 23-year real estate veteran and Mexican native, will head the team of Spanish-speaking agents at El Local.
Rose McIver -- who plays Samantha on the sitcom “Ghosts” and played Olivia “Liv” Moore in CW’s series ‘iZombie” -- bought a three-bedroom home with a pool for $2.4 million, Dirt reported. The Garden Avenue home last changed owners in 2019 for $1.8.
The Jay Risk Standard Oil Service Station at 1659 W. Colorado Blvd. has been nominated to become a city Historic-Cultural Monument. Dating back to 1919, this could be the oldest remaining service station building in the city, according to Historic Places LA. The property was initially built Downtown and relocated to its current site in 1931." A demolition permit was filed in July but has not been approved.
Plans have been submitted for a four-story, 17-unit residential building at 1021-1023 Bonnie Brae St. The building is being developed as a Transit Oriented Community project. It would set aside two of the units for extremely-low-income households.
A redevelopment of several giant warehouses between Mission Road and Soto Street is in the works. Forever 21 sold the nearly 40-acre property, which included its headquarters, to a real estate investment firm for $166 million in 2019, a few months before the retailer filed for bankruptcy. Now, Worthe Real Estate Group has filed plans to demolish six buildings with more than a million square feet of space as part of a redevelopment of the site. Building permits have been pulled to build several new one- and two-story warehouses with office space.
A six-story, 50-unit apartment building is planned for 825-837 Hyperion Ave. As a Transit Oriented Community project, Lazer Properties is requesting a 70% increase in density, an increase in allowable height, a reduction in required parking spaces, and a reduction in open space. Four of the units would be set aside for extremely low-income households.
Real Estate Reductions
This week's featured discounts include $10,000 off an El Sereno Traditional, a $51,000 cut on a Los Feliz 3-bedroom and a $60,000 chop on a Highland Park Spanish.
Eastside Open House
This week's featured open house include:
- Historic Mills Act Craftsman in Highland Park
- Centrally Located El Sereno Home With Great Views
Good luck house hunting!