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505 N Old Ranch Road, Arcadia, California 91007, Arcadia, 91007 - 3 bed, 2 bath

505 N Old Ranch Road, Arcadia, California 91007 home-pic-0
ACTIVE$2,980,000
505 N Old Ranch Road, Arcadia, California 91007
3Beds
2Baths
2,305Sqft
24,458Lot
Year Built
1950
Close
-
List price
$2.98M
Original List price
$2.98M
Price/Sqft
$1,293
HOA
-
Days on market
-
Sold On
-
MLS number
AR22223354
Home ConditionTear down
Features
Good View: Mountain(s), Neighborhood
Pool
ViewMountain(s), Neighborhood

About this home

Possibly Over-Priced:The estimated price is 20% below the list price. We found 3 Cons,5 Pros. Rank: price - $2.98M(69th), sqft - 2305(47th), beds - 3(38th), baths - 2(34th).

Located on one of the most sought-after streets in the Lower Rancho area of Arcadia. its a great opportunity for your client to design and build their own dream home. This property is one of the larger parcels in the area, which is almost 24,500 sqft. The lot is 200' deep on the north side and 126' at the rear, See Plat Map. The current house needs work, offers 3bedrooms 2baths with an open floor plan, huge brick fireplace in the living room, there is also a Family Room, separate laundry room, a cellar and a swimming pool at the rear of the property. Desired location with Mins to Arcadia Mall, good size of flat lot ready to rebuild or renovation. (New Home plan is ready to go ... ask for detail)

Price History

Date
Event
Price
10/16/22
Listing
$2,980,000
Condition Rating
Tear down
Built in 1950, this property is 74 years old. The listing explicitly states 'The current house needs work' and highlights that the large lot is 'ready to rebuild or renovation,' even mentioning that a 'New Home plan is ready to go.' This strongly indicates that the value lies in the land for new construction, and the existing structure is considered beyond practical repair or renovation, fitting the criteria for a tear-down.
Pros & Cons

Pros

Prime Location: Situated on one of the most sought-after streets in the prestigious Lower Rancho area of Arcadia, offering high desirability and convenient access to local amenities like Arcadia Mall.
Expansive Lot Size: Boasting an impressive nearly 24,500 sqft (over half an acre) flat parcel, it stands as one of the largest lots in the area, providing ample space for a grand custom estate.
Significant Development Potential: This property presents an exceptional opportunity for a buyer to design and build their custom dream home from the ground up on a prime, flat lot.
Streamlined Development with Existing Plans: The availability of 'New Home plan is ready to go' can significantly reduce the time, effort, and uncertainty typically associated with obtaining permits for new construction.
Top-Rated School District: Located within the highly acclaimed Arcadia Unified High School District, a major draw for families seeking excellent educational opportunities.

Cons

Poor Condition of Existing Structure: The current 1950-built house 'needs work' and is effectively a tear-down, requiring substantial demolition and new construction costs, rather than a simple renovation.
High Total Investment Required: The significant list price of $2.98M, coupled with the necessity for a complete rebuild, implies a very substantial overall financial commitment beyond the purchase price.
Outdated Features and Layout: The existing 1950s structure, with features like a 'huge brick fireplace' and 'cellar,' likely has an outdated design and layout that does not meet modern luxury home standards, necessitating a full replacement.

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