Dark clouds may hang over the L.A. residential market these days — not least because of a certain transfer tax — but a new listing for raw land in Brentwood points to high-end optimism.
The 0.6-acre corner parcel hit the market on Monday with an asking price just shy of $13 million.
“This is a perfect foundation to build your dream home in one of the most idyllic and prestigious neighborhoods in all of Los Angeles,” coos the listing. “This blank canvas is waiting for an architect’s imagination to become reality.”
The flat lot is located at 405 South Cliffwood Avenue, in a leafy section of Brentwood Park, a sub-neighborhood of swanky Brentwood. So far this year the Westside neighborhood has seen several notable deals, including a $31 million purchase by Formula One heiress Petra Ecclestone and a $17 million sale by the former late night television host James Corden.
This year’s listings in the neighborhood have included a 12,000-square-foot mansion, owned by Seagram heiress Ellen Bronfman Hauptman and her husband Andrew Hauptman, that hit the market at $30 million and a 2-acre estate owned by Jim Carrey for $29 million.
The Cliffwood property listing agents are Gary Glass of Berkshire Hathaway and Adi Livyatan of Rodeo Realty.
The $13 million tag is one of the steepest for a land listing in the greater L.A. market, particularly on a price per acre basis. The price works out to about $21.7 million per acre.
For comparison, one 5-acre lot in Bel Air is currently on the market for $47 million, or $9.4 million per acre, and a 38-acre property in the Eastside neighborhood of El Sereno — owned by the operator of Radio Korea — is on the market for $38 million, or a simple $1 million per acre.
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