Half a million dollars for 480 square feet

In L.A.’s hottest neighborhoods, half a million dollars won’t buy you much. This tiny home, just 480 square feet, recently hit the market in the Los Feliz neighborhood with a price tag of $449,000. (Click here or on a photo to go to a slideshow with more than a dozen pictures of the home.)

That will get you one bedroom, one bathroom, a small galley kitchen, a living room and an office, as well as a stone-covered front yard. Central air is not included.

“Price-wise, it really stands alone, because the only direct competition at this price-point are condos,” said Tracy Do, the home’s listing agent.

The owners have made the most of their limited space, adding a picnic table and seating lounge to the front yard, which is gated with a rustic wooden fence. The minimalist interior and natural light flooding in from the windows keep the home looking spacious, despite its tight quarters. The earthy green tones of the 1920 California bungalow and kitschy memorabilia inside perfectly match the atmosphere of the neighborhood. (Click here or on a photo to go to a slideshow with more than a dozen pictures of the home.)

But it’s not just the house you’re paying $935 per square foot to get; it’s the location.

“There's a clear trend in the growing interest that people have in living with less, in smaller-footprint homes that are more accessible to work, play and public transit,” Do said.

The home is just a block from Los Feliz Village, the nightlife epicenter of the famed neighborhood, where restaurants, bars and boutiques line Vermont Avenue. The Barnsdall Art Park, featuring the Frank Lloyd Wright-designed Hollyhock House, is also nearby.

Los Feliz has been attracting younger celebrities, thanks to its proximity to downtown Los Angeles and its unique, hipster appeal. Stars like Kristen Stewart and Rob Pattinson, as well as Katy Perry and Russell Brand when they were married, have owned homes there.

While this particular home at 1755 N. New Hampshire Ave. is certainly less expensive than the multimillion-dollar homes on the market in the area, it’s still pricey for its size. Most homes in the area average around $479 per square foot—about half of what this place is asking. The property has also rapidly climbed in price since it was last sold in June 2005 for $335,000.

Still, finding any home on sale for less than $1 million in the area is a challenge, so this little guy is a real hot commodity. In fact, a buyer is already in the process of buying it, Do said. (Click here or on a photo to go to a slideshow with more than a dozen pictures of the home.)

Ilyce Glink is an award-winning, nationally syndicated real estate columnist, blogger and radio talk show host, and managing editor of the Equifax Finance Blog. Follow her on Twitter @Glink.

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