Lot of the Week June 10

Listed May 21 -- PRICE ADJUSTMENT -1.1MM JUNE 10 (Broker description below the line)

Yes, you read that right. The listing price was dropped from the original $2.85MM to $1.750MM, taking this from an overpriced but nice lot to a potential very good deal.

Why? First, we like a seller that adjusts to market within 2-3 weeks, which is what this seller did. Second, the adjustment is an "all the way" adjustment, not a slow-bleed to market (that so many others do).

We like the corner lot, the view potential (2nd story) and the neighborhood (Via Bluffs). The maps say this is a relatively flat lot (under 10% average grade), which is likely why they had a pool added some years ago.

The average ASK in the neighborhood is $373/sf -- this one comes in at $235/sf. The average sale (there have only been 6 since the fires) is at $330/sf. 

There was a prior 4,000sf structure on the lot (per the broker), which was a 2022 reno of an old home. Always check (Zimas says 3635sf, which is the city record).

I think this goes by the end of the month.

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FROM THE BROKER:  " NOW PRICED FAR BELOW MARKET VALUE Breathtaking views of the Pacific Ocean and Santa Monica Mountains from the second level of the previous home. On a coveted corner well-positioned for privacy, this 7, 427 square ft lot is perfectly situated in between the Palisades Village and the Via Bluffs. Previous home was appraised and permitted at 4, 006 sf. Plans for a full remodel completed in 2017 will be included with the sale. The lot includes a designer 30 x 14 pool and spa installed 2022. Phase 2 clearing completed by Army Corps of engineers. Feel the Pacific breeze while watching the ocean sunset from your balcony. This A++ location awaits your dream home ." 

Listed June 2 (Broker description below the line)

Asking price (per Zillow): $3.495MM Lot size (per Zillow) 9988 sf ($350/sf)

Why I like it: It's a flat, large, corner view lot -- all my favorite things. (Remember many view lots are hillside -- this one is not. That's a plus.) 

Asking $350/sf is the level for view lots (without nasty hillside issues). Being in the North Village / Upper Alphabets is nice, as many other view potential lots are in the more densely packed Bluffs neighborhoods. 

The fact that the adjoining lot on Whitfield (15330) is available (according to the listing broker) https://www.redfin.com/CA/Pacific-Palisades/15330-Whitfield-Ave-90272/home/6845638

makes this an interesting spec / developer play, though it isn't necessary.

Will this lot sell in line with the Mc Kendree view lots? We've seen multiple lots on that street go for between $330 to $441/sf, based on view and orientation. 

I am guessing the we will see a sale in under 45 days and likely in the $32x/psf. 

Click the photo for the link. All data deemed to be accurate. When making a decision to buy or sell you should seek the advice of a trusted real estate professional.

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FROM THE BROKER:  "Exceptional & rare corner ocean view lot, a near quarter acre flat in the beloved North Village section of the Alphabet Streets. The longtime, former residence of one the world's most celebrated Journalist, Television Writers, Sailors and Yachtsman. Enjoy the neighborhood's westernmost street on a commanding corner overlooking the city, with picturesque vistas through the bluffs and down to the beach- ending each day with ocean sunset bliss lined with golden hour vibrant hues. Bring your dreams and create a timeless Palisades retreat, utilizing a fresh space to build immediately. Phase 1 and Phase 2 clearances are complete. With over 80 land lots already sold or pending in escrow, the community Rebuild is well on its way to a promising Palisades 2.0. Adjacent property, 15330 Whitfield Avenue, is also separately available for sale. If combined, one would have the incredible opportunity to own over 17,000 sqft of buildable land just blocks to the Village." 

Listed May 29 (Broker description below the line)

Asking price (per Zillow): $4.995MM Lot size (per Zillow) 11,837 sf ($421/sf)

Why I like it: Premium view lot and great neighborhood, combined with large/flat buildable space and limited comparable properties.

In a way, this lot is like last week's highlighted deal (600 Frontera). Not only are they similarly priced (both $4.995MM), but because they are both roughly 11k+ sf, the asking price per foot is also close ($421 v $441 for Frontera). They also have what I consider to be AAA development potential. 

Like Frontera, this lot with over 11K SF can be properly developed into a $15-20MM+ view home. With this pricing upside, together with the fact that there are only a handful of similarly situated lots, there is the possibility of a developer / speculator buyer to step in (sure, a local could also, but to pay $400+ psf, you need to take some risk). 

Click the photo for the link. All data deemed to be accurate. When making a decision to buy or sell you should seek the advice of a trusted real estate professional.

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FROM THE BROKER:  " Since the fires, there has not been a land listing yet to showcase such awe-inspiring ocean and mountain views, within only moments to the Village. This is one of the best positioned lots on the Via Bluffs, historically a top three desired neighborhood in Palisades. Only 32 lots in the Via Bluffs neighborhood are positioned on the ocean-view bluff side. Only 16 lots have views off the backside of the property which is more desirable. This is a one-of-a-kind opportunity that has ocean views both off the front and back of the property. There are less than 100 lots on the bluffs that get ocean views that are within such close proximity to the Palisades Village. Set on a substantial 11,837 SF parcel, the previous structure was 4,336 SF, framing the ocean and mountains from every room with a spacious backyard and rooftop deck showcasing breathtaking 360-degree panoramic views. It is also quite rare to find a property in this neighborhood with such large previous livable SF. In rebuilding 110% of the existing SF through the City's expedited path, you will be able to build nearly 5,000 SF on 2 levels. With Phase 1 Complete and Phase 2 clearance underway, the lot presents an unparalleled canvas to build a true legacy property against an unforgettable backdrop. Whether you're a developer or end-user, this rare offering combines dramatic canyon rim positioning, exclusivity, and close proximity to the best of the Westside and the beach. This is one of the few remaining properties along the California coast that offers this level of setting and possibility to rebuild an extraordinary home in one of Los Angeles' most sought-after enclaves." 

Listed May 20 (Broker description below the line)

Asking price (per Zillow): $4.995MM Lot size (per Zillow) 11,326 sf ($441/sf)

Why I like it: AAA location in the best neighborhood in the Palisades (the Huntington) at a price in line with comps. If anything can sell "at market", this should be it.

We love a flat corner lot, especially a large one with great exposures. At 11K SF, the lot can be properly developed into a $20MM+ home, which the neighborhood can handle. This brings in the possibility of a developer / speculator buyer. The Huntington suffered greatly in the fire, but not as badly as the Alphabets and Via Bluffs. This means it is likely to come back faster, lowering the bar for risk takers. 

Click the photo for the link. All data deemed to be accurate. When making a decision to buy or sell you should seek the advice of a trusted real estate professional.

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FROM THE BROKER:  "Prime Opportunity in the Prestigious Huntington Palisades. First time on the market in 50 years. Elevated above the street for added privacy and serenity, this expansive 11,230 square foot lot offers an ideal setting to build the home of your dreams. Cleared and ready for development, this corner lot creates impressive curb appeal while providing beautiful views of the surrounding neighborhood. This exceptional lot has completed both EPA Phase 1 remediation and Phase 2 debris removal, streamlining the path to building. Ideally located just minutes from Palisades Village, Huntington Bluffs, local parks, hiking trails, the beach and more. Not in Coastal Commission jurisdiction. HOA is mandatory. No offers before Friday, May 23rd. See DOCS for Offer Guidelines. Neither Seller nor Broker/Agents guarantee the accuracy of the square footage, lot size, HOA, permits or other information concerning the conditions or features of the property. Buyer is advised to independently verify the accuracy of all information (including square footage) through personal inspections and with the appropriate professionals." 

Listed May 13 (Broker description below the line)

Asking price (per Zillow): $1.7MM Lot size (per Zillow) 7,228 sf

Why I like it: Great location in the Via Bluffs with park/canyon views at a very appealing price.

Why else? At 7,228 sf, it is a great sized lot to build up to a 3k+ sf home (though the most recent structure per the Assessor office was just 1,625sf, limiting the fast track rebuild to about 1,787 sf -- which I think is too small for the area). I like that the rea of the property has the best exposure over the park/canyon, allowing for an ideally positioned back yard / pool for the new property. NOTE: This property may be subject to Hillside Area Regulations, which will likely impact the rebuilding process.

Why it stands out: Priced at just $235/sf, this lot is materially below comps that have come in closer to $350/psf. 607 VDP (a block away) just sold for $358/ft, though it claimed ocean views (that said, this property has views, so trading more than $120/ft cheaper seems like too much of a discount). Non-ocean view Via lots have traded closer to the mid $200's/sf, but this lot is better situated (with Hillside caveat).

Click the photo for the link. All data deemed to be accurate. When making a decision to buy or sell you should seek the advice of a trusted real estate professional.

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FROM THE BROKER: "HUGE opportunity to purchase one of the LARGER LOTS with one of the lowest price tags on the incredible Swarthmore Ave.   The property features unobstructed views of Potrero Canyon and walking distance to Palisades Village!  The lot is 7,228 sqft and sits just below Sunset Blvd. This location provides close proximity to the Bluffs, beach access, and top-rated schools! Neither Seller nor Broker/Agents guarantee the accuracy of allowable footage, lot size, permits or other information concerning the property. Buyer is advised to independently verify the accuracy of all information through personal investigation and/or with the appropriate professionals. Buyer is responsible for determining square footage of structures, permits and lot lines."