T
he remains of a once-standing house in Monrovia, California, is now available for purchase at an attractive price of $500,000. The property, located at 113 North Mountain Avenue, is a testament to the resilience of the Southern California residential market, which remains tight despite high interest rates. The house, which was once a cozy bungalow, is now a unique opportunity for redevelopment or teardown due to the extensive damage caused by a fallen pine tree.

    The tree, which stood over 100 feet tall, crashed down on the 100-year-old house, causing significant damage to its ceilings, walls, and roof. Despite this, Century 21 agent Kevin Wheeler sees potential in the property and is marketing it as an "open-floor plan" opportunity.

    Wheeler's optimism may be influenced by recent changes in California's laws aimed at promoting multifamily housing and secondary rental properties on lots throughout the state. The remaining structure sits on a lot of approximately 2,500 square feet, or 1/16th of an acre, which puts the asking price at $8.7 million per acre.

    For comparison, Wheeler cites the recent sale of a nearby two-bedroom, two-bath home of 770 square feet for $900,000. The incident of the falling tree has been deemed an act of God by city officials, which means any new owner will be spared from regular review processes in the event of a demolition.

    The unique opportunity to purchase this half-house is now available for those who are looking for an affordable investment opportunity in Monrovia's foothills, where the San Gabriel Mountains provide a picturesque backdrop. The property's location is already an attractive feature, and with Monrovia's ongoing rezoning efforts, it could be the next hotspot for multifamily housing and secondary rental properties.

    In conclusion, this half-house offers a unique opportunity for investors looking to capitalize on California's real estate market. With its affordable price tag and potential for redevelopment or teardown, this property is an attractive investment opportunity for those who are willing to take on a project and see its potential.