Mallory, a TV/film producer, and her wife, Lauren, lived in a tiny apartment. Needing more space, they set out to buy a home. But after getting outbid on multiple properties, they decided to put their home search on pause. They considered renting but quickly discovered it made no sense as rents were high for a comparable space.
“Then, serendipitously, we saw the listing. Saw the price. And thought this might be just what we need.”
As their home hits the market, Mallory and Lauren share the perks of being Tenancy in Common (TIC) homeowners and living in a neighborhood they love.
When Mallory and Lauren purchased their home in 2019, Tenancy in Common, or TIC, homeownership was still relatively new to the Los Angeles real market. However, it proved to be a first-time homebuyer’s solution to finding an affordable home in Los Angeles.
Lauren: “We had a lot of questions about the TIC factor. That felt like a bigger risk at the time because we didn’t have friends who had done it before. We were going off our gut. Mallory got on some informational calls with folks from the Bay. Eventually, we met the other folks who were buying, which helped as well.”
Mallory: “Knowing the parameters we were in and why we were buying, we hopefully assumed the other buyers were in a similar position. It was the best-case scenario that we got to own our first home with three other parties who became friends and managed the challenge of homeownership together. Everybody was first-time homeowners and about the same age range, so we had a lot in common.
Honestly, we didn’t fully understand TICs. We were unclear about how it was different from a coop or a condo and really had to do some research into it. The biggest risk is that—if, for whatever reason—our entire property burns down or every single one of us defaults on our loans, and the bank was going to seize this entire place, the way ownership works is we’d own 25%, as opposed to our specific bungalow. It feels very reliant on the other owners and means we can’t necessarily put money into renovating our property and have that reflected in our future value. It wasn’t a guarantee that what we’d put in, we’d get out. The chance of all of that happening was so tiny and slim, and the upside of what it was to own in our neighborhood and to do it with peers and have a community far outweighed the cons.”
Their bright one-bedroom looks onto the street through nautical-style windows. Inside is anchored by a neutral color palette, hardwood floors, and 1920s charm. The space opens to a living room and dining area, subtly divided from the remodeled kitchen that leads to a private patio. The bedroom has an ensuite bathroom with penny tile floors and period fixtures. Off the bedroom, there’s a sunroom that doubles as Lauren’s home office.
Mallory: “Twenties Spanish bungalows are our dream home, and we were beside ourselves that we got to have that. For a petite space, the spaciousness and airiness was something we hadn’t seen anywhere else—even in far bigger homes.”
Lauren: “It’s warm and inviting. It feels like a home. And we can walk to everything we really like, so the neighborhood was perfect for us.”
Mallory: “Yeah, super walkable. I think that was always a challenge for us because we want to be walkable to things, but I’m specifically always obsessed with a view. And so, it would feel like we’re choosing between living in the flats and near to things or living in the hills, on a winding road someplace. Somehow Sutherland is a straight directional shot up from Sunset.”
Located at 1414 Sutherland St, the home sits near Elysian Park, Bar Flores on Sunset, and a few blocks away from Cookbook, Bacetti, Tilda, and Canyon Coffee on Echo Park Ave.
Lauren: “We like to walk up to Echo Park Ave. Our favorite thing to do on the weekend is to get chicken pot pies from Cookbook. It’s our favorite guilty pleasure. There’s a secret entrance to Elysian Park at the top of our street. So, we’ll take Benny (their dog) up to Elysian for a two-mile hike. Then walk to Echo Park Ave and pick up our pot pies and then come home.
The thing that’s really nice about this location is that there is an unmarked entrance to the park. So, you can get to Echo Park Ave and a couple of other little streets nearby without having to walk on Sunset or any of the busy streets. You get to hike to things that are nearby in the city, which feels great.
You’ll never get bored with food and drink in our neighborhood.”
Asking $675,000 with HOA dues of $167 per month, the home comes with a one-car garage, a community garden shed, and inside laundry. Showings begin May 14, 2023, 2-4pm