Home Co-Ownership Taking Root in L.A. Amid Shortage of Affordable Housing

Real estate agent and developer Christopher Stanley prepares an open house at Hollywood fourplex being sold as a tenancy-in-common development in this undated photo. (Credit: Robert Gauthier/Los Angeles Times)

Real estate agent and developer Christopher Stanley prepares an open house at Hollywood fourplex being sold as a tenancy-in-common development in this undated photo. (Credit: Robert Gauthier/Los Angeles Times)

In April, a two-bedroom unit in a 1920s Silver Lake fourplex sold for about $530,000. The Spanish-style home was recently renovated and has a seemingly choice location — a short walk from restaurants on Sunset Boulevard. Still, it sold for about $250,000 less than the median price of a two-bedroom condo in the neighborhood.

A month earlier, another two-bedroom unit, this one in a renovated building in Echo Park a half-mile from the lake, sold for even less: $449,000. It was the cheapest sale in that immediate area all year.

Similar properties are popping up in pricey and gentrifying neighborhoods across Los Angeles, giving the middle class a chance to buy in communities they otherwise would struggle to afford.

But the buyers of such homes aren’t purchasing a condo and won’t actually own their individual unit. They’ll own a share of the larger property.

Read the full story on LATimes.com.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.