LA home crushed by a tree is listed for $500,000

Last May, a rental property in Los Angeles County was crushed by a large fallen pine tree. No serious injuries were reported, but a neighbor told local news outlet KTLA at the time that the crash sounded “like a bomb going off.”

Located in the city of Monrovia, the property was recently listed on Zillow for $499,999, with pictures showing the wreckage, with rooms without walls and a broken roof. Know your worth, I guess. The property was listed as having one bedroom and one bathroom, but in reality the land the house sits on is the most sought after.

“Inventory is low and demand is high and that’s what’s creating this,” said listing agent Kevin Wheeler. wealth of the price. “It doesn’t really depend on interest rates going up or down, as it would in a normal, healthy situation, because properties in the foothills are just in high demand.”

He added that he already has offers of $500,000, noting that the area had a “renaissance” about 20 years ago and now boasts a great school system and a vibrant city.

Indeed, Monrovia is a hot market, with the median sale price of a home topping $1 million, per Redfin.

Wheeler told him Los Angeles Times that the $500,000 price is low for the area and described the home as having an “open concept floor plan.”

The housing landscape has become so tight that more than one person contacted the owners of the now-famous property with lowball offers for $250,000 to $300,000 just days after it was blighted, he added.

The lot is described as a “Miracle on the Mountain (Street)” on the Zillow listing, referencing news of its wreck. Called a “partial structure ready for new construction or reconstruction,” the house was apparently red-tagged and a century old.

That Times noted, the city requires reviews for demolitions on properties older than 50 years. But Wheeler told the media that a review was not necessary because the damage was caused by a so-called act of God.

In turn, owners will make most of their money from “carrying the bill,” Wheeler said wealth, which means they will act as a lender rather than a bank carrying on the primary business.

“You can’t get a normal loan on that,” he said, explaining that mortgage brokers will likely look at the property and say there’s not enough collateral to lend on it.

Meanwhile, trees don’t have to go through red tape, they just fall. This could be an incentive for buyers who want to avoid red tape.

The Zillow listing says there’s “plenty of meat left on the bone for investors” and a construction loan may not be needed.

“Already a great location, and as Monrovia resonates, this could be next,” the Zillow writer all but shrugs. “Build your dream. It was always destiny.”

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