Shady Canyon

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final price zeroed out in the mls cactus fan. previous owner had a $1.724 note against the land, i'm willing to bet the final price was somewhere very near there. (wait for the supplemental tax bill)
 
sell4u said:
final price zeroed out in the mls cactus fan. previous owner had a $1.724 note against the land, i'm willing to bet the final price was somewhere very near there. (wait for the supplemental tax bill)
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Thanks sell 4U, can you tell what happened to 63 boulder view? I am wondering if it sold or just got taken off the market...thanks!
 
cactusfan said:
sell4u said:
final price zeroed out in the mls cactus fan. previous owner had a $1.724 note against the land, i'm willing to bet the final price was somewhere very near there. (wait for the supplemental tax bill)
Click to expand...
Thanks sell 4U, can you tell what happened to 63 boulder view? I am wondering if it sold or just got taken off the market...thanks!
Click to expand...
It was on the market for 2 days (9/20/08-9/22/08) and was pulled off the market. Last transaction was the land purchase from Irvine Company for around $1.8MM (based upon assessed value) back in 2006 by a husband/wife out of Coto. Countrywide has a land loan on the property for $1MM.
 
usctrojanman29 said:
cactusfan said:
sell4u said:
final price zeroed out in the mls cactus fan. previous owner had a $1.724 note against the land, i'm willing to bet the final price was somewhere very near there. (wait for the supplemental tax bill)
Click to expand...
Thanks sell 4U, can you tell what happened to 63 boulder view? I am wondering if it sold or just got taken off the market...thanks!
Click to expand...
It was on the market for 2 days (9/20/08-9/22/08) and was pulled off the market. Last transaction was the land purchase from Irvine Company for around $1.8MM (based upon assessed value) back in 2006 by a husband/wife out of Coto. Countrywide has a land loan on the property for $1MM.
Click to expand...

Wow, thanks, I was wondering about that lot, in my impression it was on the market for a few months...seems like a lot of lots for sale these days, and I was wondering if they managed to sell!
 
I toured this property last week. It is spectacular. All of the bedrooms are on the top floor and I loved the outdoor spaces. Of course, I haven't seen many $10 mill properties to compare it too!
 
I didn't notice how little land you get. The house looks out over the hills and has an amazing view. You feel like you're very high up and it feels secluded. It does feel like you have a ton of space. There are other reasons why I wouldn't spend 10 million on this house but the amount of land is not one of them.

The drawbacks I saw were that the master bedroom is a bit small for such a large house (although the outdoor loggia made it seem larger). I'd also like an ocean view if I'm spending 10 million however I do understand why athletes and folks like Jim Rome buy in Shady Canyon. It's really easy to hop onto the freeway and there is alot of privacy back there.

I loved the marble, the metal windows, and the light fixtures. The built in cabinetry is exquisite. But overall the house felt a little cold. They're marketing it as a family home with 4 bedrooms on the 3rd floor. There are a lot of places where it was magnificent to look up or down the stair wells or into the inner court yard but I kept envisioning my kids squeezing between railings and falling onto those hard stone floors. The elevator shaft also made me nervous.

I am curious who will end up buying a home like this. The architecture and interiors are wonderful but who is the target buyer?
 
I am curious as to what the Land cost was in 2004 for 34 Blue Heron, per the tax roll on redfin it is showing 5.3 million. That seems awfully high for a home built in 04. I thought these lots were going for under a million when it first opened.

Land $5,296,058

Additions $1,317,389

Total $6,613,447

Asking $8.8

Based on what few comps that are out there, this home should be in the low to mid 4 million range in this market.

Also, this is not the only house built in 04 and 05 that have these inflated land cost. Any thoughts?
 
Looks like 94 Canyon Creek was originally listed in January at $5.5MM, which dropped a few times to land at $4.75MM in March. 90 days to sell a house like that is a pretty good effort.

The developer may have come out more or less even on the transaction too.

Lets assume that the appraised land price is the price paid for the lot: $1.75MM

If building costs were $300/sf: 2.4MM+1.75MM+250K commission= $4.4MM (slight loss on sale, excluding holding costs, but ultimately better than holding the cash in the stock market during the same period)

However, if building costs were more on the order of $350-$400/sf we're talking about a major loss
 
working poor said:
I am curious as to what the Land cost was in 2004 for 34 Blue Heron, per the tax roll on redfin it is showing 5.3 million. That seems awfully high for a home built in 04. I thought these lots were going for under a million when it first opened.

Land $5,296,058

Additions $1,317,389

Total $6,613,447

Asking $8.8

Based on what few comps that are out there, this home should be in the low to mid 4 million range in this market.

Also, this is not the only house built in 04 and 05 that have these inflated land cost. Any thoughts?
Click to expand...

Interesting question. I assume the property tax amount comes from the homes last sale value, which was $6,232,000 in June 2006...but why they would divide the land and additions values like that is perplexing...
 
Ericg said:
Looks like 94 Canyon Creek was originally listed in January at $5.5MM, which dropped a few times to land at $4.75MM in March. 90 days to sell a house like that is a pretty good effort.

The developer may have come out more or less even on the transaction too.

Lets assume that the appraised land price is the price paid for the lot: $1.75MM

If building costs were $300/sf: 2.4MM+1.75MM+250K commission= $4.4MM (slight loss on sale, excluding holding costs, but ultimately better than holding the cash in the stock market during the same period)

However, if building costs were more on the order of $350-$400/sf we're talking about a major loss
Click to expand...

Met the owner of 94 Canyon creek at the open house, seemed like a nice guy...the finishes in the house are pretty basic, same goes for the architecture...$300/sf sounds about right
 
cactusfan said:
ipoplaya said:
94 Canyon Creek closed for $4.3M.
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amazing. is that the lowest ever price for a 8000+ sf house in shady?!
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I think so, atleast according to this year. Even the 2 or so recent solds with zeroed out prices in the MLS can't beat this $/Sq.Ft.

50 Boulder View comes in a close 2nd at $580p/sq.ft.
 
I heard 59 Boulder View is in escrow. Finally.

It sat for - what - 2 years while the seller (formerly known as Mr. Deep Pockitz..) chased the market down.
 
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