Talk about your half-off sales.
What’s left standing of a house that was cut in half by a tree that stood more than 100 feet tall and came toppling down earlier this year is on the market in the San Gabriel Valley city of Monrovia for $500,000, the Los Angeles Times reported.
The listing for the one-time bungalow at 113 North Mountain Avenue — which will require a comprehensive redevelopment or teardown — offers a clear indicator of how the Southern California residential market remains tight. It hits the market in the foothills of the San Gabriel Mountains as the relatively high interest rates of recent years keep many prospective buyers on the sidelines and many would-be sellers reluctant to part with historically low rates locked in before recent hikes.
The pine tree that crashed down on the 100-year-old house — which was a 645-square-foot dwelling with one bedroom and one bath — did extensive damage to its ceilings and walls and took out most of the roof.
Century 21 agent Kevin Wheeler, the seller’s agent, had his tongue firmly in cheek when he told the L.A. Times the property now features an “open-floor plan.”
Wheeler appears to be marketing the property with an eye on various new laws and regulations aimed at encouraging or even forcing municipalities to allow more multifamily housing and secondary rental properties on lots throughout California.
“Lot of meat left on the bone for investors,” the half-house’s website declares. ““Already a great location and as Monrovia rezones could this be next?”
The remains of the house sits a lot of about 2,500 square feet — or 1/16th of an acre. That puts the asking price at $8.7 million per acre. Wheeler cited the recent sale of a nearby two- bedroom, two-bath home of 770 square feet for $900,000 as a comparison to his listing.
The incident of the falling tree has been deemed an act of God by city officials, which will spare any new owner from regular review processes in the event of a demolition.