The $775,000 Teardown

Was this house hit by a bomb?  No — by a wrecking ball.  Earlier this week, the owners of 402 N. Alta Vista Blvd. in L.A.’s Fairfax District decided it was time to start over.  As of Wednesday, this was all that remained of the place, which once consisted of three one-bedroom, one-bath units.

A woman standing across the street watching the spectacle with her children said that the owners had purchased the property several years ago but had never moved in.  Indeed, the Property Shark record shows that it was purchased in 2003 by people who lived on the next block.  They paid $775,000 for the privilege. 

Presumably tenants were living there at least part of the time.  The area is zoned for multi-unit residential, so we’ll have to see what goes up, a home or another apartment building.

Teardowns happen in this area, more often on single-family homes.  For example, take the property at 546 N. Curson Ave.  Two years ago, someone bought this two-bedroom, one-bath home on a corner lot for $900,000.  The new owners tore down the old house and are erecting a ginormous two-story edifice in its place.  I would say it’s at least 4,000 square feet.  There is a realty sign outside saying it is “coming soon,” so it’s clear the new owners plan to sell it.  Must be nice to be able to afford carrying costs AND build a completely new semi-mansion.  I estimate it will list for well over $2 million.