This Los Angeles Home is Worth Half A Million Dollars... (cul-de-sac, for sale)

[daynet]

Originally Posted by Alicia64

It's the land it's on -- not the structure -- that's worth (maybe) have a million.

You're paying for the location.

Alley

Whoever buys this decrepit house would have to also pay for its removal, though. How much would it cost to demolish that home, I wonder?

There was a house near where we live that was recently razed. The city bought it after the owner passed away, and they demolished it.

[LiveLoveLaugh]

It's a teardown

[Cream1]

Originally Posted by daynet

Whoever buys this decrepit house would have to also pay for its removal, though. How much would it cost to demolish that home, I wonder?

There was a house near where we live that was recently razed. The city bought it after the owner passed away, and they demolished it.

Tearing down a home is only about 10k, a mere blip compared to the purchase price. The real costs will be the construction of the new home, as well as the high property tax that will come along with it (the purchase price of the land ($475K or whatever it sells for) plus the value of the new construction).

[thelopez2]

Originally Posted by ryanms3030

Redfin says there is a 70% chance it will sell in the next four days. Other houses in the neighborhood list at $675k. It's in a culdesac, decent lot, great schools. Someone will buy it and knock it down and rebuild. Maybe less than asking but since owner paid $26k they will probably make a nice profit

Probate sale, probably dead.

[Alicia64]

Originally Posted by daynet

Whoever buys this decrepit house would have to also pay for its removal, though. How much would it cost to demolish that home, I wonder?

There was a house near where we live that was recently razed. The city bought it after the owner passed away, and they demolished it.

Hello? People do this all the time.

We lived in a small home in swanky neighborhood. We sold it. The new owners tore it down and put up a huge home. It also happened to cute rental we were in that was on an acre. We moved out. Someone bought it from the owners. They tore down our cute house and put up a mcmansion.

It's common.

Alley

[ryanms3030]

Originally Posted by Alicia64

Hello? People do this all the time.

We lived in a small home in swanky neighborhood. We sold it. The new owners tore it down and put up a huge home. It also happened to cute rental we were in that was on an acre. We moved out. Someone bought it from the owners. They tore down our cute house and put up a mcmansion.

It's common.

Alley

Yeah. I know people that were doing it for a living in Silver Lake and Echo Park. Buy for $400k and sell for 1-1.5 million. That was about 10 years ago

[genjy]

I think $475k asking is still reasonable. The location (Northridge) might not be worth it to some people, though.

This thread wouldn't even exist if the property were in Silver Lake or Santa Monica.

[Mr. Zero]

A house in similar condition sold for about $2 million in Manhattan Beach. Of course the value isn't in the house, it's in the land.

[YoungTraveler2011]

its half a million dollars for the lot. the house value is 0.

[saybanana]

Most homes in the area seem to have sold in the $450-550,000 range within the past 2 years with similar lot sizes but you at least have a livable house. So buying this at $500,000 isn't worth it at that price if you have to tear down and rebuild. I wonder if 1950s tract home neighborhoods will be desirable in the future. Seems like areas with pre WW2 homes are quite desirable to some these days.