Burned out parcels in Pacific Palisades

[Joe Flacco]

RE development is a very competitive business, especially in the upper price ranges. Same with RE sales.

For sure

 

[George Hatch]

Sold in 09/2024



The site acquisition on this one was in 09/2021 for $3,150,000. The listing says it was built in 2023 but the 12/2023 pic shows none of the landscaping or drivewas was complete and builders were still working on the structures

Here's what the site looked like from the alley as of 12/2022

 

[Joe Flacco]

View attachment 97133

That is the first TJH house I posted. It is a very similar property compared to 911 Yale.

 

[George Hatch]

I'd have used this one as a comparable for the other

 

[Joe Flacco]

This one is a resale. Is finished a little bit better than the TJH houses and has a pool. Minus the lot it is $800 per SF at the LP and $1100 per SF at the SP.

 

[gregb]

On an acre in Rustic Canyon, this is referred to as a Hampton-esque Traditional-15,100sf built in 2023. Sold for $25,037,000 in June of 2024. Gated, pool, spa & guest house.

 

[Joe Flacco]

I'd have used this one as a comparable for the other

I think they are probably making about $1 million per house. 15% of sale price.

$6,300,000 sale price
-$3,200,000 lot
-$1,500,000 permits, fees, construction
-$390,000 agent fees
--------------------------------------------

$1,200,000 remaining

 

[Joe Flacco]

On an acre in Rustic Canyon, this is referred to as a Hampton-esque Traditional-15,100sf built in 2023. Sold for $25,037,000 in June of 2024. Gated, pool, spa & guest house.

View attachment 97139

I can see that. That house is high-end.

Do you know what they paid for the lot?

 

[Joe Flacco]

On an acre in Rustic Canyon, this is referred to as a Hampton-esque Traditional-15,100sf built in 2023. Sold for $25,037,000 in June of 2024. Gated, pool, spa & guest house.

View attachment 97139

Here is a video of the house.

 

[gregb]

Do you know what they paid for the lot?

$2,304,500 on 10-22-2019.