First tenants along defunct freeway route finally buy homes from Caltrans

Los Angeles /
Jun.June 09, 2018 04:04 PM
(Credit: U.S. Air Force illustration/Staff Sgt. Alexandre Montes)

After a two-year process, six former Caltrans tenants are finally buying their homes.

Some have been renting properties along the defunct 710 Freeway for decades and now have the option to own their long-time houses for reduced prices, so long as their income is less than 150 percent of the median income in Los Angeles County, according to the Daily Breeze (DB). Sales of the 460 homes along the project’s path will be phased-in over the coming years with the final set of properties expected to be sold in 2020.

One resident who’s been renting her home for four decades is buying the 1,174-square-foot home for just over $150,000 compared to the market price of $814,000. “I think it is a really good deal but it sure took long,” the resident, Suzanne Talbot, told DB.

The freeway extension has been in the works since the 1960s. What was supposed to be a 6.3 mile addition to the freeway morphed into a tunnel before finally being put on hold last year– at least until further notice. In 2016, the state agency, Caltrans, announced its intention to sell homes back to renters in accordance with the “Roberti Law”, but Talbot and five other tenants are the first residents to actually complete the deals — and prices are adjusted for inflation, which, at least one lawyer is arguing, prices some of the current residents out of their homes. [DB]Erin Hudson


Related Articles

arrow_forward_ios
Jeffrey Jaeger and the Villa Raymond Apartments (Google Maps)

Standard Companies buys Pasadena senior housing, plans fix-up

Standard Companies buys Pasadena senior housing, plans fix-up
Weingart towers

LA approves $200M in bonds for affordable housing projects

LA approves $200M in bonds for affordable housing projects
The development site for the planned 207-unit complex (Credit: Google Maps)

Mapleton Properties plans 207-unit complex in Palms

Mapleton Properties plans 207-unit complex in Palms
City Controller Ron Galperin( Credit: Ron Galperin/Wikipedia)

LA controller finds just 228 homeless housing units built with $1.2B bond

LA controller finds just 228 homeless housing units built with $1.2B bond
The coronavirus pandemic could worsen California’s affordable housing crisis

COVID-19 exposes the utter dysfunction plaguing affordable housing development in California

COVID-19 exposes the utter dysfunction plaguing affordable housing development in California
From left: Neil Shekhter and Governor Gavin Newsom (Credit: Kevin Scanlon, Justin Sullivan/Getty Images, and iStock)

Tenant group calls for CA rent strike

Tenant group calls for CA rent strike
Skid Row Housing Trust CEO Lee Raagas and a rendering of the project (Credit: Michael Maltzan Architecture via Urbanize)

Skid Row Housing Trust, Michael Maltzan Architecture plan mass-timber housing tower

Skid Row Housing Trust, Michael Maltzan Architecture plan mass-timber housing tower
Los Angeles City Attorney Mike Feuer (Credit: iStock)

City Attorney Mike Feuer will run for mayor. Here’s what it means for LA real estate

City Attorney Mike Feuer will run for mayor. Here’s what it means for LA real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...