Eastside Real Estate & Development News
In this issue of Real Estate Monday, this year's highest-priced home sales by neighborhood; a former electrical substation in Cypress Park is for sale and new affordable housing projects are in the works in Echo Park and Lincoln Heights.
Read on for details!
After spending most of 2019 in the doldrums, the L.A. real estate market showed signs of renewed strength by year's end. On the Eastside, like the rest of L.A., buyers seemed to have more selection and there appeared to be more price cutting. But sales prices remained relatively high, with no shortage of million-dollar home sales.
The list below reflects the highest-priced, single-family home sales by neighborhood using sales information from Redfin.com through Dec. 29.
Atwater Village: $1.8 million for a 3-bedroom, 1.75-bathroom Traditional
Eagle Rock: $2.62 million for a 2-home compound
East Los Angeles: $749,000 for a newly built 4-bedroom, 3-bathroom home
Glassell Park: $1.925 million for a 3-bedroom, 3-bathroom home with pool
Highland Park: $1.625 million for a 3-bedroom, 2-bath Asian-themed home
Lincoln Heights: $868,000 for a 3-bedroom, 1.5-bathroom Mid Century
Montecito Heights: $1.225 million for 3-bedroom Traditional
Monterey Hills: $865,000 for a 4-bedroom, 2.5-bathroom home
Mount Washington: $2.323 million for the 5-bedroom Prairie-style historic landmark
Silver Lake: $3.5 million for a 4-bedroom Monterey Colonial
The L.A. neighborhoods where home prices increased the most over the last 10 years included Elysian Valley (4th place), Highland Park (7th), Cypress Park (13th) and East Hollywood (14th), according to Curbed. Most of the other Top 15 are in South Los Angeles.
The historic Huron Substation - Los Angeles Historic Cultural Monument No. 404, to be exact - is now for sale, Curbed reported. Designed in 1908, it's the second oldest surviving substation for powering the old Yellow Car trolleys. The scenic structure at West Avenue 28 and Huron Street has since been a manufacturing plant, a welding shop, and now a location for weddings, film shoots, and so forth. No value has been set, but prices have been mentioned in the range of $3 million to $4 million, Curbed said.
An application has been filed to make the La Mirada Garden Apartments into a historic-cultural monument. Details about the application for 5410 W. La Mirada Ave. are sparse. But Property Shark says the the two-story Spanish-style building was erected in 1932. It has 4,907 square feet of living space on a 7,502-square-foot lot. Redfin says it contains six condominium units, and is worth an estimated $2 million. It last sold in 1985.
Property has been fenced off for demolition at 4760-4766 Melrose Avenue, Urbanize reported. Plans were approved earlier this month for a five-story, low-income apartment complex with 35 units of affordable housing. Rents will be set as $509 per month.
Affordable housing for seniors is being proposed for a parking lot next to Echo Park Plaza, a mini-mall at the corner of Montana and Echo Park Avenue. The 64-unit project would got up at 1611, 1615 and 1617 W. Montana St., with five stories, and 44,339 square feet. The applicant is identified as Monique Hastings of Ambrose Apartments, LP/Domus GP, LLC.
A 178,695-square-foot affordable housing project is being proposed with the City, with up to 97 dwelling units and 71,764 square feet of non-residential, mixed-use space. It appears the project would replace much of the southern block along North Main Street between North Hancock and North Johnson streets, though the primary address is 1829 N. Hancock. The applicant has been identified as Ted M. Handel of The Brind LP.
That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez