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New To Market: Historic El Cabrillo Condo Conversion

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After converting the property to ten condos (back in 2005), the El Cabrillo has once again hit the MLS, after spending the last few years as rentals. Interesting timing. The 1928 building is a Los Angeles Historic-Cultural Monument and listed in the National Register of Historic Places.The building was restored by designer Xorin Balbes (who owns the Lloyd Wright-designed Sowden House that has languished on the market) and is protected by the Mills Act. And the building has some serious Hollywood cred--it was built by Cecil B. Demille, who used set designers to create a "phantasmagorial sense of architectural detail" (so says the NY Times) and was once home to Divine. According to the listing, the restoration incorporated "orig tile, ironwork & fixtures. This one-bedroom, one-bath townhouse style unit includes a wide kitchen with dishwasher, fridge, stove, washer/dryer." The (second?) restoration is due to be done by Nov 1st. When it was on the market in 2005, condos were priced around $800,000 and failed to sell. Today's asking price: $489,000.
· 1834 Grace Ave Los Angeles, CA 90028 [Redfin]