Silver Lake packs them in thanks to small-lot development

A pair of lots of Hyperion Avenue up from Sunset Boulevard could become Silver Lake’s newest housing development with a dozen homes.  The lots – one vacant, the other occupied by a six-unit apartment building – in the 900 block of Hyperion are currently up for sale and can accommodate 12 single-family homes under the city’s small-lot ordinance, which allows property owners to carve up lots into small individual pieces.  Nearby property owners on Maltman Avenue used the small-lot ordinance to turn a 17-unit  bungalow court into separate homes that were sold off. But, for the most part, the small lot ordinance has been used to build new homes and demolish existing structures.

Proposed plans for Silver Terrace, as the Hyperion Avenue property is called, show a dozen, three-bedroom, three story homes. It’s up to the buyer to decide if they want to follow through with this concept, according to Land Advisors, the broker  for the Hyperion property.

Land Advisors did not reveal an asking price for the pair of lots, which combined total about 14,000 square feet, or say what prices the 12 potential homes could fetch.  However, Land Advisors notes that four homes in the nearby Edgecliff Terrace small-lot project have been sold since they went on the market in January at prices between $745,000 to $795,000.

Small-lot builders have also found success on the north end of Silver Lake, where the homes at Auburn 7, priced between $790,000 to $825,000, sold out after being built in 2009 by the Heyday Partners. Meanwhile, Heyday is currently building another six-home, small-lot project in Silver Lake on Rowena Avenue called Buzz Court.

The Eastsider LA
June 15, 2012