Details: 7,250 sq ft lot with tear down on it
Description: *Sold Price was for one lot only - 503 16th Street. Lot size 7,250 sqft* Rare Santa Monica Corner Double Lot in Desirable North of Montana Neighborhood. Aprox. 14,750 sq. ft. for both lots. Live, Rent, Remodel or Rebuild - many options. Located on prime street, walking distance to restaurants and shops on Montana Avenue. Franklin elementary school district. 503 16th Street: Original Spanish on corner lot being offered for lot value. 505 16th Street: 3 bdrm, 3 bath aprox. 2,422 sq. ft. 2 story house with pool. Currently being rented. (agents see MLS # 08-334661 for pics)
Listing History: 8/9/10 - $3,895,000
SOLD: 10/15/10 - $1,650,000
This listing was for two lots next to each other. The one that sold was on the corner and has a tear down on it. The lot next door did not appear to sell and it has a 2 story house on it that is being rented. This should give a good update on lot value in this area though.
So are we thinking 1.6m is the going rate now for a 7K sq. ft lot? Was this house a total tear down? Anyone been inside?
ReplyDeleteI guess $227/sq ft. for land is the new reality for 90402
That $227 p/s/f certainly looks like the current reality for 90402 NOM. If indeed a real teardown, then NOM land value seems to be going up by 20 percent -- remember well the blog frenzy over NOM monstrosity 720 17th, which I visited and which ultimately came in at $187 p/s/f land value ($1,400K/7,500s/f) in June 2009. (Granted it was on a stoplight street and diagonally across from an emptied apartment complex slated for some kind of mysterious development.)
ReplyDeleteBut what about further south in Sunset Park, where recent sale of teardown 1328 Hill, came in at $89 p/s/f land value ($575K/6,440 s/f)? That's down from the $123 p/s/f land value of teardown 1213 Oak ($800K/6,490 s/f) in March 2009 -- a 38% decline in 1.5 years in 90405 SP.
...or perhaps these are just 4 "outlier" data points...
Yes this was a real tear down. To compare it with 720 17th is not a good idea because of the issues you mentioned. The location of that 17th street property was materially worse than this one.
ReplyDeleteAs for the Hill situation, it seems a little too good to be true...I would somewhat treat that as an outlier.
Thanks for the clarification, WarChestSM. Those TGTBT scenarios continue to fascinate me. Like the $579K for 610 California in 12/09, followed by the $895K for larger-inside but same amount of land (5,000 sqft.) home at 614 California in 06/10 -- until an anonymous realtor posted elsewhere that 610 California was a "purchase option" deal not reflecting the true selling price. But apparently even the LA County Assessor is assessing 610 California at $579K. Who knows, maybe 1328 Hill is another some such esoteric deal. I guess there are recorded selling prices and then there are other actual, behind-the-scenes selling prices for the same property. Who loses in the end? -- communities which depend on property taxes to help them operate.
ReplyDeleteIt is a hard market to call. You've got this one at $227 psf land, but then 710 10th just sold at $270 psf land and $1,116 psf bulding. Given its smaller than average size and the fact that the corner sidewalks eat up even more of the lot, I believe this lot warranted a discount and is not reflective of good larger lots.
ReplyDeleteFollowing up on the TGTBT $575K sale of teardown 1328 Hill which came in at $89 p/s/f land value: Looks like the listing agent and the buying agent were all within the same local office helping out a colleague from within their own company. I guess that's one way in which too good to be true scenarios flourish -- insider dealing, not that that may be exactly wrong but it leaves a sour taste. If I were owner of a similar Sunset Park property, I would question this company's dealings and its impact on land values and the community.
ReplyDelete