Eastside Real Estate & Development News
A round up the latest real estate news.
East Los Angeles
Construction has begun on affordable and permanent supportive housing complex on Whittier Boulevard, Urbanize reported. Concrete pillars are rising at 4101-4117 Whittier Boulevard for 34 income-restricted apartments that will be reserved for homeless people.
The median sale price for a home in Greater Echo Park ended the month of March at $915,000, according to Redfin. That’s low – a reduction from the peak price in November of 1,167,122. But the number of homes sold was 24 – higher than the previous 11 months. Homes also spent an average of 37 days on the market – a low number not only compared to the previous 11 months, but compared to averages over the last five years.
The highest priced home sale last week was a 5-bedroom/6-bathroom Modern, which had been on and off the market since March 2017, according to Redfin. The home on Parva Avenue finally sold for $3.73 million. That’s $20,000 below the most recent asking price, but still a 62% profit over the April 2016 sale price of $2.31 million. The 7,973-square-foot lot features an in-home movie theater, a pool, a resort-style cabana, and a built-in fire-pit.
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The first “Safe Sleep Village” funded by the city of Los Angeles for the homeless has been established in a parking lot near the offices for People Assisting The Homeless, The Eastsider reported. The site at Madison Avenue between Beverly Boulevard and Oakwood Avenue can fit up to 72 tents for up to 120 people. Meals, showers, bathrooms, and counseling services will be available on the lot. The site, which is operated by Urban Alchemy, drew criticism from homeless advocacy organizations on social media, including Street Watch L.A., which tweeted that “this is absurd. Mitch O’Farrell could give everyone at this site a (market) rate apartment with these funds … instead of a concrete square to pitch a tent on.”
Fire hit a house under construction near the the Silver Lake Reservoir, The Eastsider reported. The greater alarm blaze broke out early Sunday morning at a vacant three-story hillside home under construction at the 1900 block of Redcliff Street. Firefighters had the blaze out in about an hour. “Though one neighboring home was briefly threatened, the flames were confined to the one involved building,” said Brian Humphrey of the Los Angeles Fire Department. “No injury. Fire cause under investigation.”
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Originally Appeared On: https://www.theeastsiderla.com/real_estate/safe-sleep-village-in-rampart-silver-lake-construction-fire-housing-rises-in-east-l-a/article_3db70060-ab76-11eb-96ba-3f6124ef70fe.html