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A round up of the latest Eastside real estate news.
A growing number of experts expect home prices to decline, Los Angeles Times. But few analysts experts predict a steep drop. Triggering this, of course, is the rise in mortgage rates, which have gone from historic lows to nearly 6% in recent months, the Times said. This has weakened demand, which has led some home sellers to drop prices. Jordan Levine, chief economist at the California Assn. of Realtors, said he expects a mild recession in 2023, causing the statewide median home price to fall 7.1% compared with this year.
Construction is expected to begin early next year on 37 small-lot homes on the site of a former Mormon church, according to IHP Capital Partners and Comstock Homes. The three-story homes will range in size from 1,650 square feet to 1,740 square feet and will include 2 to 3 bedrooms, 2.5 bathrooms and attached two-car garages. Prices have not yet been announced. The site adjacent to the 2 Freeway was once home to a Latter-day Saints church, which was destroyed by a fire in July 2015.
A Craftsman bungalow used in the film “Ford v Ferrari” has quickly found a buyer, about a month after it was listed, Dirt reported. The modest 3-bedroom on Meridian Street was listed in mid-May for $1.25 million, and went into escrow 28 days later. The home was the film location for the character of race car driver/mechanic Ken Miles, played by Christian Bale.
Madeleine Sackler, an award-winning filmmaker and heiress to the OxyContin fortune, sold her 4-bedroom Spanish Revival home for $3.4 million, Dirt reported. That's a $400,000 over what she paid 2.5 years ago. The buyer is professional gamer Ludwig Ahgren, better known as just Ludwig.
A home said to be built by William Mulholland has been listed for $2.188 million, Dirt reported. This was that same Mulholland who oversaw the building of the Los Angeles Aqueduct in the early 1900s, which provided the water needed by a fast-growing city. The 3-bedroom Spanish-style home on Kenilworth Avenue was one of Mulholland's lesser known projects. It was built in 1929 after his career ended with the St. Francis Dam disaster.
The City Council unanimously approved a towering mixed-use project, with a 49-story skyscraper that would rise on Sunset Boulevard just beyond the eastern edge of Echo Park, the L.A. Times reported. The project, planned on the site of the former Metropolitan Water District headquarters, includes more than 700 residential units, office and retail space and maybe a 180-room hotel.
This week's discounts include $14,000 off an East LA duplex, a $51,000 cut on a Mount Washington Traditional and a $100,000 chop an Atwater Village Spanish.
This week's featured open house include:
Real Estate Listings and News From Our Sponsors
The serene life awaits in trendy El Sereno with this remodeled bungalow featuring three bedrooms and a large flat yard.
Own a piece of history with this furnished 1929 rustic one-bedroom, one-bath cabin in Angeles National Forest above Altadena.
Prime Eagle Rock Charmer. Situated on a street to street lot in one of the most desirable neighborhoods in Los Angeles, this circa 1928 English Tudor home maintains much of its original character and grace.
Barry Lank has worked for newspapers on the East and West Coasts, and earned an MS in journalism from Columbia University. He formerly produced "National Lampoon Presents: The Final Edition." A native of San Gabriel Valley, he now lives in East Hollywood.
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A Saturday morning roundup of the latest Eastside real estate news, open houses and more.
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