The quirky, burgeoning hipster enclave of Eagle Rock, known for its 1920s-era homes, is getting one of its largest new residential developments in years, with prices starting at around $700,000.
Developer Warmington Residential broke ground this week on the first phase of a 45-home project known as the E.R.B. on a vacant lot at 4320 Eagle Rock Blvd., listing agent Tracy Do of Compass told The Real Deal.
The properties, which have the appearance of adjoining townhomes but are actually each freestanding, will range from 1,700 square feet to 2,500 square feet in size with three or four bedrooms apiece.
“It’s incredible to see how much is happening on the Eastside, and Eagle Rock is only one great example,” Do said. “The community has a tremendous history, small-town feel, tons of independent shops and restaurants and award-winning public schools – plus it’s just a quick trip to Downtown LA.”
Indeed, the project is the largest in a line of developments that have looked to capitalize on the Small Lot Subdivision Ordinance approved by Los Angeles in 2005 as a way to increase density and lower the price of single-family homes. Such homes have proved popular with homeowners in areas like Silver Rock and Eagle Rock.
The E.R.B. homes, some of which will have balconies, attached two-car garages and even some live/work commercial space on the ground floors, will be available to purchase starting this fall.
Brokers expect demand for the homes to be high.
“Eagle Rock is bottom of the barrel in terms of inventory,” said Mark Mullin, an agent on Do’s team. “The homes that are available are cute, small, historic—built in the 20s and 30s – but not particularly practical for the people who want to live there.”
The median home value in Eagle Rock is $706,100, a 9.3 percent increase over the last year, according to Zillow.