Author: TheArcadian
July 4, 2008
What is your $5MM dream home? Would it be an ocean-view Mediterranean Villa in Newport Coast?
Perhaps you’re a Hollywood star and prefer a modest 2 acre Malibu estate?
For the city dwellers, Los Angeles’ Avenue of the Stars offer many luxury high-rise condos.
Of course, if you love the San Gabriel Valley, its “city view” and want tons of unusable land, then Monrovia has a treat for you!
333 N. Madison Ave.
Monrovia, CA 91016
Price: $5,800,000 ($1,328 per sq. ft.)
- Beds: 4
- Baths: 2.25
- Sq. Ft.: 4,368
- Lot Size: 44 Acres
From the description:
A great opportunity for builders. This is a special, one of a kind property, high above the City of Monrovia.
I’m not sure what’s going on here but $5MM+ can buy some very fine homes within SoCal’s most prestigious areas. As for builders? Who in their right mind would risk building Monrovia tract homes in this real estate market?
Well, in fairness to the listing it is 44 acres and more of a speculative play. But what’s the story with that view of the 2 humongous water tanks in the neighbors yard?
As for the other location comps they are more desirable BUT who really lives in 5,000sf? We once had a 3,500sf home and 99% of our time in either the kitchen or family room. For a family of 3-5, 2-2,500sf is more than enough space.
Anyone notice that Century City comp lost 36% of its value in the early 90s when the last bubble popped?
Good post!
Yes, the water towers are a hoot. I’m not sure how much of the 44 acres is buildable, but that’s still quite a bit of money for land in Monrovia. I wonder who owns that much property in the first place — development company that got caught buying/getting zoning approval at the end of the bubble? For that much money, the house appears dated already and appears to be a teardown anyway.
I know that in SoCal, the closer you get to the hills the more expensive the houses, but any bets on whether something this far up in the hills will end up a pile of ash after the next wildfire?
(When I lived in Monrovia in the late Seventies, we had a massive wildfire above Arcadia & Monrovia; the entire skyline was on fire and the constant choppers and water-bombers overhead gave me a Vietnam flashback — and I was never in The Nam!)