Developers of three apartment projects in West Hollywood will ask the city’s Planning Commission on Thursday to permit selling them as condominiums.
The projects are:
–1236 N. Fairfax Ave., approved as a four-story, seven-unit apartment building. It is owned by FMB Development and Ilan Kenig who wants to convert it to seven condos.
–1236 N. Spaulding Ave., approved as a three-unit apartment building. It is owned by Central California LLC, which wants to convert it to three condos.
–634 N. Huntley Drive, approved as a three-unit apartment building. It is owned by David and Dustin Pourbaba, who want to convert it to three condos.
It is not clear why these property owners and developers want to shift from apartments to condos. One factor influencing such shifts in other markets is the high cost and short supply of single-family homes, which is the situation in West Hollywood. Condos offer a renter an opportunity to own his or her own property, usually at a substantially lower price than that of a house.
The condo market took a major dive during the Great Recession, with some developers converting their condos to rental properties. One example of that is the Hancock Lofts on Santa Monica Boulevard at Hancock, which initially opened as a condo building but now rents apartment units.
The Planning Commission will meet at 6:30 p.m. at the City Council Chambers, 625 N. San Vicente Blvd.