Work is hectic and despite the time of year it looks like everyone is fighting to get their listing out and sold in the new year. We continue to see the price of dirt escalate. Looks like $900kish is the new tear-down price. From my personal experience this is up ~$100-$150K since we were looking last spring. For most people the math only works if you are a developer and have a pocket full of contractors you keep busy. $900K plus $200-$300K and 12 months of your life and 12 months of carrying costs. Or you can just buy the $1.3 mil home and maybe spend $50-$75k. The flippers are out in force. The boo radley house on Acacia and Hillcrest looks almost done. Goes to show you what a good flipper can do in less than six months. From my experience it will take that long to line up a contractor and if you need permits add six-nine months to the time-table.
228 W Oak at $1.2???? WTF? Big lot, 1400 sqft but apparently Kirk Brown didn’t think it was worthy of photography. We all know what that means. So it’s your $1.2 mil plus $200K.
336 Valley St at $1.375 mil. Another listing priced with hope and a prayer. Listed by Andrew Adam at Palm Beach. Big House on a big lot. Don’t know who the buyer for that house is. I think I put Andrew Adam on blast for being stupid in a previous post. What does he care, maybe it sells for $1.1 mi, he still gets $27,500 in commission.
526 Whiting at $1.5mil. Listed by Karen Sellers. A Big House on a big lot on a prime street in El Segundo. Seems pricey but locals know about Whiting. It’s got lots of positives.