This home at 2119 Fox Hills Dr, LA CA 90025 made an appearance on the market 6/16/08 for $1,250,000. The home was purchased just 7 months ago on 11/13/08 for $910,000. When it was on the market last November, when this current owner bought it, it was marketed as a teardown or complete fixer project. I saw the house back then and it definitely needed overhauling. According to the new listing and one picture, the house doesn't look to have been touched. They are now asking.......*caugh....caugh*... $1,250,000. As stated to the left, the owner or agent is obviously not paying attention to the market. According to public records the home is a 2 bed/ 1 bath, 1,240 sq ft home on a 5,401 sq ft lot. The key is the size of the lot here. If the

agent was following the market, they would know that 5,400 sq ft lots are selling in the mid to low $800,000's right now. Now if it was on a premium street location, then the price would be higher than the mid $800's. Fox Hills is a nice street and this is a decent location, but not worth $300-400k more. Now the listing does state there are plans for a 4,000 sq ft home here. Now that may carry some additional value, but not $100's of thousands of dollars. There is something I should mention and I am not sure how it fits in to this particular situation. There is now a 'mansionization' ordinance, that should be in place in the city of Los Angeles, that will effect the potential building size of a home on a lot. Now I believe according to this ordinance there is no way you can build a 4,000 sq feet home on a 5,400 sq ft lot. So unless these plans are grandfathered in, then I think those plans might be useless. I could be wrong here about that, but that should be investigated to make sure that is in fact the case. If those plans are grandfathered in and you can build the 4,000 sq ft home here, then that might create the additional value this seller is looking for. Then I will admit being wrong and eat crow for throwing this seller / agent under the bus.