The June Street Collection – Housing Demand Picks Up In South Hollywood
May 18, 2016
LOS ANGELES—Canfield Development’s June Street Collection is already 50% sold just two weeks after opening. The KTGY Architecture + Planning-designed project is a collection of 10 single-family homes in South Hollywood built under the city’s lot ordinance. The success of the project shows the demand for for-sale housing, especially in up-and-coming markets like SOHO.
“The demand for Los Angeles Small Lot housing is increasing as this for-sale typology has been under served in the area,” Alan Scales, a principal at KTGY, tells GlobeSt.com. “Most multi-family zoned properties have been rental. Home ownership introduces more diversity in these neighborhoods and has helped revitalize and maximize underutilized properties. Now that small lot developments are more prevalent, neighbors are even welcoming and understand how these new developments enhance their community.”
This hasn’t always been true. There was initially apprehension from the community for small-lot housing, but Scales says that the community response is improving as neighbors see quality housing replace out dated buildings. “Some of this is due to the improved designs we are seeing industry wide, some of it is due to a strong housing market that can afford higher spec level housing but for the most part it boils down to the fact that ‘small lot’ housing is no longer a concept and therefore less fear of the unknown,” adds Scales. “Most neighborhoods have seen or reviewed a small lot project and know what to expect.” The June Street Collection has three and four bedroom floor plans ranging in size from 1,887 to 2,255 square feet. Each property has designer finishes, open floor plans, private rooftop decks with city views and built-in BBQs.
In many ways, these small-lot housing projects help to generate demand and home ownership. The houses are easier to finance than a condo and provide an opportunity to live in great neighborhoods that have a dearth of for-sale product. “Los Angeles Small Lot housing is growing and is finding its way into higher priced neighborhoods,” says Scales. “High spec level, state-of-the-art technology and modern touches are found at The June Street Collection. Most small lot buyers expect a unique, sophisticated design; not every day cookie-cutter housing. These buyers have a discerning eye and an expectation of quality.”