There are three houses located at 86 E. Highland, 78 E. Highland and 70 E. Highland in Sierra Madre that are being sold together as a development opportunity to build 9 condominium units. According to the Realtor multiple listing service, the asking price is $3,300,000 and the property is currently in escrow. The combined square footage for all three lots is over 29,000 square foot and the property is in the R-3 Zoning. The current gross rent for all the homes is $7,600 per month.
The link to the property and pictures can be found at:
If you drive by the properties in question, you are likely to conclude that it would not be an improvement to the neighborhood to tear them down in favor of another big condominium development.
86 E. Highland and 70 E. Highland were built in 1931 and 1933 respectively. We presume they will be subject to the demolition ordinance that applies to homes that were built before 1940. While it doesn't prevent the demolition of these two homes, the applicant does have to show that the homes have no historical significance. 78 E. Highland was built in 1947 and so will not be subject to the demolition ordinance. Evidently there is also a fourth rental unit that must be located behind one of the other homes and we do not know when it was built. We are also presuming that the water meter moratorium will prevent additional water meters from being added to the property although there has been some concern expressed to us about the possibility of "sub-metering" to allow the 9 units.
We don't know what the new Buyers' plans are for the property so any actions would be premature until the new Buyers submit a plan to the city. We are still hopeful that the new Buyers will consider leaving the property the way it is.
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