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Property Review For A New Construction Mediterranean Home At 2110 Glendon Ave., LA CA 90025

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This property review is for the new construction Contemporary Mediterranean home at 2110 Glendon Ave., LA CA 90025. According to the MLS, the home is a 4 bedroom / 4 bath, 3,200 sq ft home on a 5,400 sq ft lot. This teardown lot was purchased November 2007 for $915,000 and 9 months later, out pops a custom Contemporary Mediterranean home. The home sits on a nice tree lined block and is on the east side of Glendon. Since its on the east side of the street, you do not back up to Westwood Blvd. commercial property.
You walk into a 2 story formal entry way, with a winding staircase going up to the 3 bedrooms upstairs. You have 2 bedrooms and 1 master bedroom upstairs, each with their own bathroom. The upstairs front bedroom has see-through French doors with a little balconnette that overlook the 2 story formal entry. The master suite has a large walk-in closet, rear balcony and spacious master bathroom. The master bath has 2 separate vanities with sinks and a separate tub/shower. The materials used in the bathroom are a combination of contemporary fixtures with the Spanish style stone. Downstairs you have the separate formal living room, just to the right as you enter the home. You also have another bedroom downstairs with its own bathroom and a large formal dining room that leads into the kitchen. The gourmet kitchen is fully loaded with the granite counters, center island and stainless steel appliances. A nice touch that was added was the water spigot above the burners for added convenience. The kitchen then opens into the family room or den. French doors lead from the family room/den onto a covered stone patio and little grassy yard. In the back you have a 1 car garage and a studio/work space. It could be used as a guesthouse. Additionally, I wanted to mention the house has dark hardwood floors and high ceilings throughout. The asking price is $1,795,000, which is the lowest new construction price we have seen in Westwood for awhile.

Anonymous said...
August 31, 2008 at 1:21 PM  

This house just went up for LEASE on Craigslist for $5,900, asking. This is a great one to compare lease versus buy....

According to the mortgage calculator on this property's selling agent's site, if you put 20% down on the asking price of $1,795,000, you would put down $359,000, and you would pay about $22,000 in property taxes, and your payment would be about $11,500 with a 7.0% Jumbo loan rate on a $1,436,000 loan (and you could deduct interest on $1mm of that). Property taxes would be about $22,000 per year and most likely not be deductible due to AMT for most people who could afford this house and qualify for this loan. Figure after tax payment (when nearly 100% of loan is interest) at $1,436,000. Interest on the $1,436,000 is $8,376.66 (again, assuming 7% loan, and $5,833.33 of that is deductible of taxes based on the $1,000,000 cap for such deduction. Assuming 40% tax rate, savings is $2,333.33 per month for the interest tax deduction.

The payment per month on this house, before taxes will be about $11,500 and the payment after taxes will be about $9,200. You will have to put $359,000 of your own money in to get this deal. OR you could put no money down and LEASE it for $5,900 per month. So, $5,900 vs. $9,200... let me think....

OK, so what would the numbers be if you put ZERO down on the house and got a 7% loan anyway? How about... $14,000, and after the $2,333.33 tax deduction on the interest, about $11,666.67....

hmmm, let me think, lease verus buy.... hmmmmm....

Anonymous said...
August 31, 2008 at 1:34 PM  


By the way, here is the link to 2110 Glendon for lease:


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