It’s not all bad news for real estate in Los Angeles. There was a positive green glimmer of hope in SoCal this month when the Heyday Partnership’s Rock Row went on the market and sold more than half the units within a week. The tidy, green development is one of the first few projects to result from the City of Los Angeles’ small lot ordinance meant to spur housing creation and ownership. The 2- and 3-bedroom freestanding fee-simple homes are not considered condos and will be one of the first small lot subdivisions to be LEED-certified.
While the price range of $489,000 and $569,000 may seem far from affordable compared to other part of the States, these price tags are relatively affordable by Los Angeles standards, particularly for an up and coming neighborhood that is quickly becoming a desirable location for the city’s population of young professionals. Add to that the fact that the Economic Stimulus plan provides tax incentives, rebates, and grants for energy efficient and green buildings, plus the first time home buyer’s tax credit, and these lean green living spaces suddenly look really good.The general hope is that great examples like this will prove to other homebuilders that building small and sustainable can be financially fruitful in the long run and the result will be more affordable green real estate across the country