Hundreds of LA County homes will be sold along the 710 Freeway corridor, Caltrans announced. The homes were acquired decades ago for a freeway project that never materialized, according to news reports.
Caltrans plans to sell the 460 parcels it bought for the proposed route, starting with 42 single-family homes in Pasadena, South Pasadena and El Sereno. Many of the homes are occupied, and transportation officials said in a press release that residents of the homes will be given first opportunity to buy them.
The LA Times reported that decades of litigation and legislation stalled the 6.2-mile freeway project before construction could begin. As a result, Caltrans was the landlord for 460 structures. Those properties range from modest cottages to Craftsman mansions.
There’s no timetable yet for when any of the properties would be available to sell to the public, but Contact Me to be notified of when the homes begin selling/auctioning to the public!
How selling these LA County homes will work
Caltrans has said the homes will be sold at fair market value, but qualifying long-term residents and those earning under 150 percent of area median income will be given a chance to purchase the properties at more affordable prices.
The agency has a tiered priority list of potential buyer categories, so it could take a while before the general public gets a shot at buying the property. After qualifying tenants, affordable housing development companies, current tenants above income thresholds and former tenants will get opportunities to make offers. After that, remaining properties are expected to be sold at public auction.
Conditional offers were sent to those who fall under those categories, with the top three tiers focusing on current and former tenants, according to news reports.
Contact Me now to stay in touch about when these LA County homes become available to the public!