There's a new condo development that recently went on the market... Silverlake area. 400k + for 1 and 2 bedroom units, and its immediate neighbor is a lube & oil biz! Old power lines/poles surround the new construction.
About a month after it opened, there were about 8 different for sale/lease signs at the front of the building. Obviously, 'investors' snapped up units while it was being developed, with the idea of immediately flipping, once construction was complete.
That is like the $500k condos in Burbank. Village Walk is what they are called. Not too many of them sold. Olson Co. is the developer...they have some big stuff in Pasadena too.