Mansion listings in the City of L.A. may have dried up, but that doesn’t mean you can’t build your own. This month a roughly half-acre lot in the Hollywood Hills hit the market for $5.25 million, representing one of the city’s priciest new single-family development listings.
The Agency holds the listing.
The property is located at 1633 Blue Jay Way, above the Sunset Strip, and was on and off the market last year. It was also previously listed from 2015 to 2017, according to Redfin, and last sold in 2014 for $4.4 million. The previous listing prices were unavailable.
The celebrity-filled Bird Streets area is, in fact, one of L.A.’s premium residential neighborhoods, with numerous mansions that rank among the country’s most expensive: Deals in the Bird Streeets have included a $25 million purchase by the crypto mogul Jeff Huang, an $11 million purchase by Leo DiCaprio and a $38 million sale by a private equity partner.
But on the whole, luxe deals in the neighborhood — and in other wealthy parts of the city — have plummeted this year, with higher mortgage rates and the new Measure ULA tax behind the slowdown.
The city’s controversial new transfer tax affects most property deals above $5 million. Under the tax, which went into effect in April but is also still wrapped up in litigation, the Blue Jay Way property’s $5.25 million listing tag would mean a $210,000 extra fee for the property seller, although a slightly larger reduction in the sale price — to $4.99 million — would negate that fee entirely.
The property already has a permit pending for an 11,500-square-foot, five-bedroom mansion with a 1,500-square-foot roof deck, according to the listing.
Read more
Politics
Los Angeles
The "mansion tax" was supposed to bring in $56M monthly. It took in $3.6M
Politics
Los Angeles
New judge will hear cases challenging Measure ULA tax
Development
Los Angeles
Meet Shahram Balakhani, the enigmatic developer behind one of LA’s most inventive spec mansions