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California-based boutique firm ACME Real Estate has partnered with award-winning builder Comstock to launch Nelavida, a 37-lot luxury starter home community located in the heart of northeast Los Angeles’ Glassell Park neighborhood.
Courtney Poulos
“We are so excited to bring this incredible development to the residents of Glassell Park,” ACME broker-owner Courtney Poulos said in a prepared statement. “Comstock is committed to the community’s needs and concerns.”
“…In Northeast Los Angeles, it is rare to have a developer construct homes around the design preferences of the residents, as many small-lot development properties struggle to bring new and refreshing choices to homebuyers,” she added. “We are looking forward to cultivating this wonderful community and providing a rare opportunity for buyers in Northeast Los Angeles.”
Nelavida will be built in four phases, with the first phase of lots ranging from 1,642 to 1,680 square feet. The smaller floor plan includes two bedrooms, 2.5 bathrooms, a bonus room and roof deck. The larger floor plan includes an extra bedroom and a smaller, alternate roof deck design. The largest lots, sized 1,835 square feet, will come during the fourth phase.
Each home will include Italian-made Bertazzoni appliances and eco-friendly features including solar panels, Honeywell WiFi-enabled thermostats and energy efficient LED recessed lighting. From there, buyers have their choice of wall, flooring, cabinet and counter finishes.
In the kitchen, buyers can mix and match black or white quartz countertops with black or taupe flat-panel, frameless cabinets with champagne bronze hardware. Meanwhile, the bathroom offers the option of cream, olive and teal vertical shower tiles paired with neutral quartz counters and natural grain cabinets.
Poulos told Inman her team took the helm on design options and used informal feedback from clients to help Comstock create floor plans and choose finishes and features that reflect LA homebuyers. Nelavida’s design center is located at ACME’s Eagle Rock location and allows prospective buyers to test different options before the first hardhat tour on Jan. 27.
“I think Comstock wanted to work with ACME because we are OGs to Northeast LA,” she said while noting this is the second time ACME has worked with the builder. “We are headquartered there, but we’re also extremely rooted there.”
“We know the areas so well, we know the buyers so well, that we could consult with them on design as well as sales strategy,” she added. “We just listened to what buyers were saying on our other listings. We get to walk through so many properties that we hear their complaints and their concerns and what they want.”
The pricing for phase one lots ranges from $1,134,000 to $1,224,000. Homebuyers can reserve their home with a $5,000 deposit, and those who go under contract by Jan. 31 will receive a $50,000 credit towards closing costs, upgrades or an interest rate buydown as low as 3.5 percent.
“That is crazy low,” Poulos said of the buydown option.
Although a million-dollar-plus price tag for a starter home would get a side-eye in many other markets, Poulos said it’s a “competitive price” in Los Angeles, especially for a new build.
The ACME broker-owner said Glassell Park is growing in popularity, thanks to a bevy of new restaurants, retail and other businesses coming into the neighborhood. The first phase of homes will be finished in August, just in time for homebuyers to close out the summer in their new home.
“You get to have a great investment property in the long run. People need to think about buying real estate as not just the home I’m gonna live in but, also, the long-term financial investment,” she said. “When I’m evaluating real estate purchases, I say, ‘How’s this gonna look 10 years from now?'”
“When I look at Nelavida, I think 10 years from now it will be such a smart buy because it’ll be even more developed and more walkable,” she added. “And you’ll have a product that you don’t have to keep updating.”
Of the 2024 market, Poulos said, “It’s all positive” especially as consumer sentiment and demand improve amid a decline in interest rates. Although Nelavida is the current focus, the ACME broker-owner said she’s excited to take on more projects like this, especially as the LA market continues to rebound from its latest lull.
“We are excited about the possibility of working on these types of projects in the future,” she said. “And we do think that what we offer is unique because it comes with design and branding partnership from the very beginning.”
