Details: 3 bed/2 bath 1,488 sq ft house, 9,880 sq ft lot, 1936 construction
Description: Authentic 1930's single story Spanish on an oversized corner lot in Gillette Regent Square. Elevated above the street with original details, beamed ceilings, wood floors, dining room and living room with fireplace opens onto large yard. The exquisite landscaping with exotic plants, fruit trees and vegetable gardens transport you to another time and place.
Previous Purchase: 5/18/00 - $1,315,000
Listing History: 4/26/10 - $2,249,000
SOLD: 7/27/10 - $2,300,000
It looks like there isn't much which has changed about this house in quite some time. Maybe a little backyard landscaping but I don't know if we should ascribe much value to that when looking at appreciation rates. On an apples to apples basis, this is about a 5.8% annual appreciation rate since the mid-2000 purchase. That sort of appreciation rate is well above normal and I don't think anyone should count on that sort of appreciation in the future, especially given that rates have declines significantly since 2000.
All this being said, this house sold after 10 days on market and for $50k above list price. Large lot size likely helped in addition to the "unique/original" factor.
I believe it reinforces the fact that there are two markets out there: (1) properties in poor locations buyers aren't interested in and (ii) interesting houses in good locations that are still selling quickly and at premium prices - a scarce commodity like art. I don't think the large lot had much to do with it as this is a corner location where probably 1,000-1,500 sqft is a large parking strip next to the house which isn't usable.
ReplyDeleteRandom thought:
ReplyDeleteMany posters over the years have commented about what the lot value is North of Montana.
However, what do people think is the basic lot value between Wilshire and Montana?
Obviously there is a lot of variation, but I specifically ask after seeing 1126 Yale....thoughts anyone? Is this current market value for a teardown?
That location sucks. Yale is busy and that house is close to Wilshire. I parked in front of it the other day when doing something in that area on Wilshire.
ReplyDelete