California house Listed for Rs 4 Crore: "Half a house for Half a Million"

A property in northeast Los Angeles has hit the market with a unique offering: a listing price of $499,999 (Rs 4.19 crore) for a house that is only half intact. The one-bedroom, one-bathroom bungalow was severely damaged in May when a pine tree fell on it while two renters and their dogs were inside. Thankfully, there were no casualties, but the damage was extensive, including a twisted roof and a ruined fence.

Listing agent Kevin Wheeler humorously described the remaining structure as having an “open-concept floor plan” and noted, “It’s half a house for half a million,” in his comments to USA Today. The property, about 645 square feet in size, has had its electricity disconnected but retains functional water and sewage systems. The rear door, which was used by the renters to escape, remains intact.

Due to the damage being classified as an “act of God,” there are no additional review requirements for the building, despite local regulations usually requiring reviews for structures over 50 years old. This means buyers can renovate the existing structure without the usual delays associated with new constructions.

The listing has garnered significant interest, with initial offers ranging from $250,000 to $300,000 (Rs 2.9 crore to Rs 2.51 crore) shortly after the incident, well below the current asking price. The property’s attention also comes amid a booming california real estate market, where the average house value is $786,730 (Rs 6.6 crore), reflecting a 6.8% increase from the previous year.

In contrast, the priciest house in california recently sold for $210 million (Rs 17.63 billion) in Malibu, previously owned by billionaire james Jannard of Oakley Vision. The california housing market remains highly active, with homes selling quickly and typically close to their listing prices.
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Kokila Chokkanathan

11/09/2024 02:55 PM