A house listed on sale in California, US, is up for a price of $499,999 (Rs 4.19 crore) though it consists of only half of the building. The small one-bedroom, one-bathroom bungalow, which is located in northeast Los Angeles, was almost destroyed by a pine tree that fell on it in May, with two renters and their dogs inside at the time. Fortunately, there were no fatalities, although significant property damage was incurred. The roof, for instance, was twisted and a fence was reduced to rubble.
As reported by The Los Angeles Times, listing agent Kevin Wheeler quipped that there is now an “open-concept floor plan” for the remaining structure. The property stands at around 645 square feet, though the electricity has been disconnected from the building; water and sewage remain operational. The rear door, which the renters used to flee during the event, is still intact. “It’s half a house for half a million,” Wheeler told USA Today. “That’s what everybody is reacting to.”
The regulations in Monrovia tend to include the review for demolition of buildings that are over 50 years of age. Redfin, which describes the house, shows that it was constructed in the early 1920s. But as the damage was said to be an “act of God”, no such review is warranted, Wheeler explained to the publication.
This means that prospective buyers can undertake repair and improvements of the structure, and that the building does not come with the usual procedural rigmarole of reconstructing a new structure. Wheeler pointed out that the spot has attracted a lot of attention for several reasons, summed up under high demand and low supply in the housing market, especially at this price level.
Wheeler said in his conversation with The Los Angeles Times that several people showed their readiness to buy the property — some, right after the incident, offered $250,000-$300,000 (Rs 2.9 crore to Rs 2.51 crore) which is far from the current price.
This was recently highlighted in a recent shocking real estate deal where the most expensive house in California was sold at $210 million (Rs 17.63 billion). The luxurious mansion lies in Malibu and was previously belonging to James Jannard who was a billionaire and the owner of Oakley Vision technological company specialising in the manufacturing of eyewear.
Zillow reported that the average house value in California is $786,730, (Rs 6.6 crore), a 6.8% rise over the previous year. Californian homes are selling very rapidly, with a 45-day typical stay on the market. According to Houzeo, the 99.4% sale-to-list price ratio shows that most houses are selling for prices that are in line with their asked prices.
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