Saturday, October 6, 2007

Low-end Sunset Park?

What is low-end Sunset Park worth? This 2 bed / 1 bath tenant-occupied fixer with guest house at 1032 Maple St. is asking $1,149K. We already saw it as one of Four on Maple St last month.
This 2 bed / 1 bath house with guest house (unpermitted shower) and converted garage (unpermitted) at 1428 Oak St. is asking $1,295K.

Although its decor is fixed up, its kitchen and bathroom are original 1937, spun as, "Hard-to-find Vintage Calif jewel! Hip habitat for today’s multi-purpose lifestyle: Bright/spacious house+2 det’d studio/office/guest structures. RenovatedRetro: StreamlineModerne/PanPacific." Original now equals "hip" and "retro" at a price premium?

Recent nearby comps include 1505 Oak, 3 bed / 2 bath, sold 8/22/07 for $1,050K; 1126 Maple, 3 bed / 1 bath, sold 8/8/07 for $1,075K.

17 comments:

Anonymous said...

cool site. It would be interesting to know the square footage of the houses you display. There are similar houses in a similar location with similarly astronomic askng prices, but the sqft could hel identify what's going on.

Anonymous said...

A house on la mesa has just hit the market - asking 5.5

La mesa is a very quiet & sedate street. North side of la mesa faces the Riviera club and south side of la mesa faces busy san vicente

does anyone know what the address of the house on la mesa is -

I am very interested in the per acre price that la mesa land would sell for right now

i mean if we assume that a typical vacant lot north of montana has 7500 square feet and thus that there are six of these lots to an acre, and that this lot sells for 1.6 million dollars today, October 2007 that means that land today North of Montana is selling for $10 million an acre

So my question is - if north of montana is $10 million an acre what is the price of la mesa land

wilde said...

No question, La Mesa is one of the very best streets in the city for mega-estates (and is certainly worth more the 5.5 per acre when compared to the areas South of San Vincente), but...

The property in question is on the Santa Monica Historic Resources Inventory, and it cannot be touched. Comperable properties that are not on the SMHRI have listed between 10 and 20 million. The thing that sets this listing apart is the fact that you can't so much as change a lightbulb without consulting the city (and just forget about remodelling, painting the exterior a new color, or changing the roof). There is a reason that a number of other upmarket properties on the SMHRI have had "freak accidents" befall them shortly after their sale.

Anonymous said...

From the LA Times today...

http://www.latimes.com/classified/realestate/news/la-re-perform7oct07,0,4468335.story?coll=la-home-center

Westside Bubble said...

According to Zillow, 2158 La Mesa is a 6 bed / 6.5 bath, 6,340 SF house on a 18,680 SF lot, built in 1928. It was listed 9/25/07 for $5.5M. It's on the south side of La Mesa, backing up to San Vicente.

The property in question is on the Santa Monica Historic Resources Inventory, and it cannot be touched

Not true. That just means the city's Landmarks Commission and City Council might designate it a landmark if demolition was applied for.

If landmarked it only applies to the exterior, and even then compatible modifications are allowed. Most demolition applications are approved.

The only recent comp is 2314 La Mesa, sold 8/15/06 for $5.5M. It's 5 bed / 4 bath, only 3,836 SF, but a slightly deeper lot.

I also noticed 1801 San Vicente, a 47,000 SF lot which runs through to the Riviera Countly Club, sold 2/24/06 for $6M. Looks like a lot-value sale.

Anonymous said...

1605 San Vicente would seem to be comparable, wouldn't it? And that's asking 22.5 million...

Westside Bubble said...

The difference between lot value (1605 San Vicente is a little larger at 52,272 SF) and a lot with a big 6 bed / 9.0 bath 10,285 SF house built in 1990? Or will anyone pay that price?

Anonymous said...

and let's be honest...that house is pretty fugly for that price. If you look at the pictures, a lot of the features seem kind of dated to the styles of 20 years ago.

Don said...

While trying to find the listing for the property I did turn up this tidbit: 2158 La Mesa is the former residence of Franklin Schaffner, the director of Planet of the Apes.

Anonymous said...

Re: 1605 SV, how can one have almost two acres to work with and locate the pool within 5 feet of the house?!

Westside Bubble said...

Some stuff still sells. Today 1032 Maple has "looking for backup" status.

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