2013 LA Times article discusses how local Developers continue to build trendy homes and condos in Northeast Los Angeles, Silver Lake, Echo Park under the city's small lot ordinace. These new buildings are smaller, very rectangular, typically three levels and targeted toward a younger home buyer.
The article summarizes with: “It’s sort of the iPhone or Prius of urban homes."
It’s hip, it’s different, and it’s realistically what is becoming more and more available in these areas where options are limited vs. the more expensive and traditional craftsman home.
According to article, during the next 18 months there will be as many as 250 newly built small-lot homes in the surrounding Silverlake/Echo Park neighborhoods priced anywhere between $500,000 - $800,000.
Since an unusually large portion of new construction (nationwide/urban population) is multifamily, increased inventory won’t just help slow the rapid rate of home price growth but also quell rent prices. As many as six million more households will join the rental market ranks over the next decade, according to the National Assn. of Realtors more building in major cities will help keep rents from rising too much in response.
http://www.latimes.com/business/realestate/la-fi-small-lot-homes-20130714,0,563473.story
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