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Unable to Sell, Echo Park's Sunset Five Goes Rental

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Well, that was an interesting experiment. Last year, a developer ambitiously plunked down an upscale condo project on Sunset Blvd in Echo Park, asking $495,000 to $649,000 for the five units. We watched as taggers routinely hit up the building, which is located on a stretch of Sunset Blvd known mostly for its dive bars and discount clothing stores. Still, go a few blocks west and you'll run into a wine bar and soon-to-open organic food market. But the question is: Are people willing to put down money to live in condos on this part of busy Sunset Blvd? Or is it too fumey? Think of all the Dodger traffic, for instance. From an email forwarded by Paul Kang, listing agent at Deasy/Penner & Partners: "All of the five units are now available for lease and ready for move in. Lease prices range from $2300 - $3100." Kang tells us renters have the option to buy. Meanwhile, just up the street, another condo project also failed to sell out, and went rental. And that was before the crash, back in 2007.
· Inside Echo Park's Newly Christened Sunset Five [Curbed LA]
· Echo Park Market Watch: A Story in Four Acts [Curbed LA]