What's Happening?
A property in Beverly Hills, California, has been listed for sale at $32 million, although it is currently just a foundation and some perimeter walls. The site, marketed as a 'rare opportunity to complete an iconic estate,' is located on a prime 1-acre hillside lot. It was last purchased in 2014 for $9.1 million. The listing agent, Justin Mandile of Sotheby’s International Realty, claims the site is fully prepped for construction, with grading and retaining walls in place. The plans for the property, which have already been approved, outline a 13,600-square-foot residence featuring five bedrooms, eight bathrooms, and a wellness center. Despite the high asking price, the property is essentially a basement foundation, and the cost to complete the home
is estimated to be over $7 million.
Why It's Important?
This listing highlights a trend among ultra-wealthy buyers who are increasingly interested in acquiring unfinished luxury properties to customize them according to their preferences. The high asking price, despite the property's unfinished state, underscores the value placed on prime real estate locations in Beverly Hills. The potential for the property's value to exceed $60 million once completed indicates a significant investment opportunity for buyers with the resources to undertake such a project. This trend reflects broader economic dynamics in the luxury real estate market, where scarcity of large, customizable properties in desirable locations drives up prices.
What's Next?
Potential buyers interested in this property will need to consider the substantial additional investment required to complete the construction. The approved plans provide a framework for development, but the actual build-out will require significant financial resources and time. The listing agent suggests that the property's value could increase significantly once completed, which may attract investors looking for high returns. The real estate market in Beverly Hills and similar high-demand areas will likely continue to see interest from buyers seeking unique and customizable luxury properties.
