1942 Grace Ave | Premiere Condos

Premiere Condos
1942 Grace Ave
Los Angeles CA 90068
1942 Grace Ave is a 32 unit hillside condo building surrounded by the historic neighborhood of Whitley Heights in Hollywood. Built 1982, by developer Uni-Cal Financial Corp at an original cost of $5M, these condos are affordable and offer an outstanding value for buyers. For 600K-700K you get 2 bedrooms / 2baths  1,100 sqft to 1,400 sqft, in-unit laundry and newer construction in a rapid and dynamic market that seems prime to deliver slightly above average appreciation (+0.5-1.5%) over the next 10 year cycle. Santa Ana based architect Jean-Paul Jean designed the contemporary mediterreane building with an open courtyard. Recreation is the focus at 1942 Grace Ave with a plethora of amenities: Pool and Spa, Tennis Court, Rec Room, 2 Racquet Ball Courts, Gym- all this, and with HOA dues that are still reasonable ($620/mo.) Especially considering the building has EQ insurance. I like an old Fred Sands Ad I found for the development that touts living in 1942 Grace is like owning your own sports club!

Location

Real Estate

Record Sale? $595,000 (#217) 10/16/2018

Turnover? 4.5% or about 1.5 condos per year

Appreciation? 4.5%

This is a hillside condo on a downslope lot, so Condos on East Side of the building (11-18) have VIEWS. Condos 21-28 are street-facing and overlook Grace Ave. The building is 2 stories, with two rows of 8 condos on each floor. You need to deal with some stairs to get from the parking garage upto the Top floor. I found it a bit confusing to understand the unit number conventions for the building. The higher floor condos are in the 100’s and the lower floor condos are in the 200’s. For most flat land buildings the numbering would be reversed. So keep that in mind- #114 would be on the top  floor, whereas #214 is on the lower floor. For that reason, I think the 100’s numbered condos are slightly more desirable than the 200’s. 

All of the condos in 1942 Grace Ave are 2 Bedroom 2 Baths and range in sqft from 1,100 sqft to 1,400 sqft. All the condos are single-story floorplans except for the 4 floorplans that have very high vaulted ceilings and lofts (#123, #124, #125, and #126).

Penthouse Living Room

The entire perimeter of the property is fenced, which is excellent for security. 

Inside the condos, they have medium size living rooms with gas fireplaces. The Kitchens are U shaped.  Each condo has a modest balcony. These floorplans have a master suite with a medium-size master bedroom, its own Master Bathroom and a Large Walk-in Closet. Hardwood floors are allowed in both living rooms and bedrooms. Condos have central HVAC and a stacked washer drying in the condo. 

 Amenities

Pool and Spa 

Lighted Tennis court

2 Racquet Ball Courts (1 has a basketball Hoop)

Gym

Rec Room

No Lobby

Elevator

Parking & Laundry

 

Every condo gets 2 side by side parking spaces in one of two street-level garages. The entrance to the garage is gated and accessed on Grace. There are 6 guest parking spaces in front of the first garage. Extra storage is allowed in the garage. 

Laundry is inside each condo. A stacked washer dryer in a closet off the kitchen.

Home Owners Association

HOA dues Monthly Cost? $620/mo. per condo

HOA dues cover? Water & Trash, Common Area Maintenance, Building Insurance, Earthquake Insurance, and Reserves 

Owner Pays? Electric, Gas, Internet and Cable, Condo Insurance

any special assessments? None

Pet Policy?

Rental Policy?

EQ Insurance?  Yes

Building Reserves?

Special move in instructions?

Can you have a BBQ on the balcony?

Management company?

All West Property Management
310-915-9595

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