Everyone knows that Los Angeles is home to some of the highest-priced pads in the nation. According to a recent list of the most expensive cities, La-La Land is the fourth most expensive city to live in for 2012 with an average price per square foot of almost $1,200.
Keeping this in mind, many of the city’s million dollar properties can be purchased at a steal of a price in the current housing market. Here Movoto Real Estate lists the six best million dollar deals for Los Angeles homes (in no particular order).
1. 11723 Folkstone Lane
Courtesy of Nancy Arrache of Prudential CA - Santa Monica
This Mediterranean-style home includes 4 bedrooms, 3 and a half baths, and a number of luxurious amenities at a price of $1,799,000. The 3,892-square-foot residence also comes with a private elevator, a 4-car garage, and access to a communal clubhouse and swimming pool.
This house is on our million dollar deals list despite having a higher price tag than the average cost of nearby properties (about $1.45 million), and here’s why: the price dropped $51,000, from $1.85 million to its current asking price, after just over a month on market.
Even without further dips in price, the property comes at quite the deal when analyzed with comparable properties. The exclusive (and gated) Bel Air Crest house costs $32 cheaper per square foot compared to other homes, and is almost 1,000 square feet larger than the average nearby house size of 2,907 square feet.
2. 3144 Corda Drive
Courtesy of Shah Noorvash of Coldwell Banker-BH SouthCourtesy of Shah Noorvash of Coldwell Banker-BH SouthCourtesy of Shah Noorvash of Coldwell Banker-BH South
With a list price of $1,995,000, this 5-bedroom, 4-and-a-half-bath home is a bargain compared to nearby properties. The average list price for other comparable homes in the area is just over $2.3 million, meaning that the purchase of this home would save you $310,000.
The spacious Brentwood house features a wet bar, paddle tennis court, master suite, and heated pool. Factor in a recent price decrease of $100,000 and the property located just off the infamous Mulholland Drive becomes an irresistible million dollar deal.
At $484 per square foot, this home costs $89 less per square foot than comparable homes and is nearly 200 square feet larger at 4,121 square feet.
3. 9335 Sierra Mar Drive
Courtesy of Clifford Weimer of John Aaroe Group
A 3-bed, 3-bath contemporary structure, 9335 Sierra Mar Dr features a gated private entrance, four levels reachable by elevator, and a separated loft with wet bar and private deck. The 2,981-square-foot home has had a total list price decrease of $400,000 since it first went on market and currently stands at $1,799,000.
This Sunset Strip house comes at an unbeatable price that’s $275,300 lower than the average list price of comparable properties of $2,074,300. In other words, this home has a price per square foot of $603, or $227 less than the $830-per-square-foot average of nearby properties.
Purchasing this property will give you 392 more square feet than comparable homes for a much better deal–a million dollar one, to be exact.
4. 3481 Primera Avenue
Courtesy of Chuck Keller of Keller Williams Hollywood Hills
At $1,135,000 this 3-bed, 3-bath home is an irresistible million dollar deal for buyers interested in an open floor plan, gourmet kitchen, and library with floor-to-ceiling bookshelves. The 3,300-square-foot property has had three reductions in list price at a total of $360,000–a great million dollar deal among Los Angeles homes.
The Mid Century-styled residence is slightly more expensive than comparable properties in the area, but costs $32 less per square foot. 3481 Primera Ave is priced $71,200 higher than nearby homes on the market, yet costs $343 per square foot compared to the average $375 per square foot for comparable properties.
With 415 square feet more than the average square footage of those houses, the Hollywood Hills property offers you more for a better price.
5. 8165 Mannix Drive
Courtesy of Sebastian Stofenmacher of Edgestone Real Estate, Inc.
This Hollywood Hills home recently had a $65,000 decrease in list price, making it quite the bargain at $403 per square foot. With 3,057 square feet, this house is 552 square feet larger than its comparable homes and costs almost $60,000 less than their average price at $1,235,000.
For $116 less per square foot than nearby homes, you’ll get a 3-bed, 3-and-a-half bath house with picturesque scenery at a more than reasonable price. The three-story residence also comes equipped with a spa, oversized balconies, and a large master bedroom featuring a walk-in closet and jacuzzi tub.
With unbeatable views of Los Angeles, 8165 Mannix Dr provides more space for a better deal than comparable properties in the area.
6. 2693 Basil Lane
Courtesy of Francis Crowley of Home Realty & Investments, Inc.
At $1,300,000, 2693 Basil Ln is a spacious, reasonably priced family residence located in Bel Air Ridge community. The home has a lower price tag than many of the comparable homes nearby, which average $1,475,000.
For the 3,546-square-foot house, buyers will get 4 beds, 3 baths, a library and a large den at $366 per square feet. This is a substantial deal compared to nearby homes, which average $515 per square foot and 686 fewer square feet.
This large property is a million dollar catch because of its relatively low price per square foot and communal location (with access to a community pool and tennis courts).
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