feedburner
Like what you have been reading here? Subscribe now
and receive email updates of my articles.
Enter email address below:

Delivered by FeedBurner

Fixer / Teardown -- Spanish Home At 2119 Fox Hills Drive LA CA 90025 Gets Price Reduction

Posted by Scott McIntosh Labels: , , , ,

Westwood Real Estate
The major fixer or teardown property at 2119 Fox Hills Dr., LA CA 90025 received it's first price reduction this week, a whopping $2,000 dollars or .2%. $2,000 is hardly a dramatic price reduction on a $1,250,000 price tag. Originally listed on 6/16/08, the home has been on the market for 73 days now. If this price reduction was meant to entice the buyer pool, I think they may have to knock a little more off the price in order to gain some excitement. According to the MLS, the current home is a 2 bedroom / 1 bath, 1,240 sq ft home on a 5,401 sq ft lot. This home is being marketed as a teardown property with plans and permits pulled to build a 4,000 sq ft home. Now the plans and permits expedites the building process by a few months and could be some value to a potential builder or homeowner. A good comp for this home will be when the spec home closes a few doors down in the $2.2 million range. Additionally, there may be some extra value here because of the new mansionization ordinance in the city of Los Angeles which restricts build size. Under this new ordinance you would not be able to build a 4,000 sq ft home on this lot size. This value may exist assuming you can proceed with the current plans and permits.

6 comments:
gravatar
Anonymous said...
August 28, 2008 2:44 PM  

Scott --
$2k -- LOL. Do you know if the mansionization ordinance has passed?

gravatar
SCOTTMCINTOSH said...
August 28, 2008 3:05 PM  

Hi Anon 2:44pm,

Ya I thought the $2k was pretty funny myself.

I will try to get my hands on any official report or language regarding this new ordinance and post it here on the blog. But the last word that I heard is that it's passed and they are now working on the next phase, hillside property. This hillside portion is currently being revised in committee, with a rough draft due sometime mid 2009. As I understand it, hillside is specified as north of Sunset Blvd.

gravatar
Anonymous said...
August 28, 2008 8:52 PM  

This place looks abandoned. On the outside, it was in much better shape when it sold last year for $910k. Do you think anyone will pay more than that now given that the market has declined?

gravatar
Anonymous said...
August 28, 2008 8:52 PM  

This place looks abandoned. On the outside, it was in much better shape when it sold last year for $910k. Do you think anyone will pay more than that now given that the market has declined?

gravatar
SCOTTMCINTOSH said...
August 28, 2008 10:23 PM  

If all this owner did was buy the place and then re-list it, then the expectation to get more than that price would be slim. However, there is value in plans and permits pulled for a 4,000 sq ft home on this site. With some possible additional value because of the inability to get plans approved for such a build with the new city ordinance. How much additional value beyond having the plans and permits is subjective because its a situation that has no history of precedence.

gravatar
Anonymous said...
August 29, 2008 8:25 AM  

I think you are right about there being value beyond the dirt lot value. There could be ~$100k value in having the plans and permits pulled. Maybe more value in regards to the ordinance.

Post a Comment

Subscribe to: Post Comments (Atom)

Westwood Realtor