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521 N Formosa Avenue, Los Angeles, California 90036, Los Angeles, 90036 - 4 bed, 5 bath

521 N Formosa Avenue, Los Angeles, California 90036 home-pic-0
ACTIVE$3,099,000
521 N Formosa Avenue, Los Angeles, California 90036
4Beds
5Baths
2,724Sqft
6,162Lot

Price Vs. Estimate

The estimated value ($2,040,875.825) is $1,058,124.175 (34%) lower than the list price ($3,099,000). This property may be overpriced.

Key pros and cons

Top Pros:
Comprehensive 'Down-to-the-Studs' Renovation: The property has undergone an extensive, high-quality 'down-to-the-studs' renovation, including all new major systems (plumbing, electrical, roof, AC), ensuring modern functionality and reduced maintenance concerns.
Top Cons:
Significant Overpricing Relative to Market Estimation: The property's list price of $3.099M is considerably higher than the estimated market value of approximately $2.04M, suggesting a potential challenge in justifying the asking price based on current data.

Compared to the nearby listings

Price:$3.10M vs avg $2.22M (+$883,000)80%
Size:2,724 sqft vs avg 2,508 sqft59%
Price/sqft:$1.1K vs avg $96788%

More Insights

Built in 1925 (100 years old).
Condition: This property has undergone a 'Down-To-The-Studs-Pretty-Much-New' renovation, as explicitly stated in the description. All major systems (plumbing, electrical, roof, AC) are new, and the kitchen features abundant marble, custom cabinets, and professional appliances. Bathrooms are designer-grade with modern fixtures, soaking tubs, and large showers. Wide plank hardwood floors and exquisite light fixtures are present throughout. The ADU and outdoor amenities, including a brand new pool and entertaining center, are also new and high-end. This aligns perfectly with the 'Excellent' criteria of being extensively renovated within 5 years with virtually new components and no deferred maintenance.
Year Built
1925
Close
-
List price
$3.1M
Original List price
$3.2M
Price/Sqft
$1,138
HOA
-
Days on market
-
Sold On
-
MLS number
25502269
Home ConditionExcellent
Features
Good View: Pool
Deck
Pool
Spa
Patio
ViewPool

About this home

Seller financing is available and offered. Please call for details! Hip, sleek, Down-To-The-Studs-Pretty-Much-New reimagined Single Story Spanish with 3 beds/3.5 baths in the main house and 1 bed (no closet)/1 bath in the ADU. Gated for privacy and security. Handsome enclosed front courtyard with fire feature. Living room surrounded by tall windows, high beamed ceiling and majestic fireplace opens to large dining room. WOW kitchen with abundant marble, custom cabinets/storage, pro appliances, pot filler, large pantry and broom closet. Separate breakfast room with built-in banquette. Primary suite has a large walk-in primary closet, designer bath with double vanities, soaking tub, large shower. Both primary suite and adjacent nursery open to the backyard with floor-to-ceiling glass doors. Ultra high ceilings and extra deep windows make for an especially regal spacious light filled space. Tall interior doors with handsome hardware, wide plank hardwood floors, exquisite fixtures throughout. AV system for surround sound controlled by iPad or phone, alarm TV's , CCTV camera surveillance with 8 cameras. Backyard is surrounded by brand new ficus trees and features a large swimmers pool with a baja step, jacuzzi, and waterfall. ADU with over-the-top entertaining center with BBQ/rotisserie, double burners, sink, garbage can drawers, bar area with fridge, ice maker, storage doors. Gym or bedroom with adjacent bath. Roof top deck with views of The Hills and The Hollywood Sign. All new systems including plumbing, electrical, roof, AC with linear vents. ADU had one existing garage wall and is otherwise new. Pool is brand new. No expense spared renovation intended for the owners. Absolutely magical!

Nearby schools

8/10
Third Street Elementary School
Public,•K-5•1.0mi
7/10
Hancock Park Elementary School
Public,•K-5•1.2mi
2/10
Vine Street Elementary School
Public,•K-6•1.2mi
3/10
Laurel Elementary School
Public,•K-8•1.1mi
7/10
John Burroughs Middle School
Public,•6-8•1.3mi
7/10
Fairfax Senior High School
Public,•9-12•0.8mi

Price History

Date
Event
Price
03/21/22
Sold
$2,912,000
12/24/19
Sold
$1,290,000
Condition Rating
Excellent
This property has undergone a 'Down-To-The-Studs-Pretty-Much-New' renovation, as explicitly stated in the description. All major systems (plumbing, electrical, roof, AC) are new, and the kitchen features abundant marble, custom cabinets, and professional appliances. Bathrooms are designer-grade with modern fixtures, soaking tubs, and large showers. Wide plank hardwood floors and exquisite light fixtures are present throughout. The ADU and outdoor amenities, including a brand new pool and entertaining center, are also new and high-end. This aligns perfectly with the 'Excellent' criteria of being extensively renovated within 5 years with virtually new components and no deferred maintenance.
Pros & Cons

Pros

Comprehensive 'Down-to-the-Studs' Renovation: The property has undergone an extensive, high-quality 'down-to-the-studs' renovation, including all new major systems (plumbing, electrical, roof, AC), ensuring modern functionality and reduced maintenance concerns.
Luxury Finishes & High-End Design: Features a 'WOW kitchen' with abundant marble and professional appliances, a designer primary suite, wide plank hardwood floors, ultra-high ceilings, and exquisite fixtures, reflecting a no-expense-spared approach.
Versatile ADU with Premium Amenities: The Accessory Dwelling Unit (ADU) is a significant asset, offering a bedroom, bath, and an 'over-the-top entertaining center' with a full outdoor kitchen setup, providing flexibility for guests, rental income, or dedicated recreational space.
Exceptional Outdoor Entertainment & Views: The property boasts a private, resort-like backyard with a brand new swimmers pool, jacuzzi, waterfall, and a rooftop deck offering desirable views of The Hills and The Hollywood Sign.
Flexible Seller Financing Option: The availability of seller financing is a unique and attractive offering, potentially broadening the buyer pool and facilitating a smoother transaction in a competitive market.

Cons

Significant Overpricing Relative to Market Estimation: The property's list price of $3.099M is considerably higher than the estimated market value of approximately $2.04M, suggesting a potential challenge in justifying the asking price based on current data.
ADU Bedroom Lacks Closet: The description explicitly notes that the ADU's bedroom has 'no closet,' which could be a functional drawback for its use as a traditional bedroom or for potential rental income, as it may not meet all tenant expectations.
High Price Point Compared to Newer/Larger Comps: While extensively renovated, some comparative properties with similar or larger square footage and/or higher bedroom counts (including brand new construction) have recently sold for less or similar prices, potentially making the current property's price per square foot less competitive.

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