Buyers show interest in damaged California home listed at $500K

Danielle Hale Chief Economist | realtors.com

A house crushed by a tree has hit the market in Los Angeles for $500,000, attracting significant interest from homebuyers. The property in Monrovia, CA, suffered extensive damage in early May when a large pine tree fell on it, destroying the roof and fence and damaging a van parked in the driveway.

"Did you see on TV the home destroyed by an old stone pine? Perhaps miraculously, no one was hurt," notes the listing.

Despite being "red-tagged" as unlivable due to missing roof and walls, Century 21 listing agent Kevin Wheeler humorously remarked to the Los Angeles Times that the property now offers an "open-concept floor plan."

Wheeler explained to Realtor.com that he priced the 645-square-foot, one-bedroom, one-bathroom home according to comparable properties in the area. Monrovia's median listing price is around $968,000, significantly lower than Los Angeles' median of $1.2 million.

"Monrovia has really changed from kind of a working-class town to a really desirable place to live," Wheeler told Realtor.com. He added that favorable zoning conditions make this property attractive despite its current state.

The town allows exceptions for homes destroyed by "acts of God," enabling buyers to expedite demolition and redevelopment processes without lengthy reviews required for older properties.

Jeff Lichtenstein of Echo Fine Properties compared this sale to other natural disaster-affected land sales. Stacey Miller from RE/MAX Fine Properties highlighted how flippers are eager for such opportunities due to land value. Andrew Fortune from Great Colorado Homes shared a similar story about his grandmother’s experience with rising property values over time.

Johnny Austin of Sell My House Now emphasized that buyers are paying for land rather than the damaged house itself. Tyler Drew of Anubis Properties praised Monrovia’s charm and strategic location between major freeways and public transit lines.

Denise Supplee of Spark Rental stressed that location is crucial in real estate investments. She warned potential buyers about considering all costs involved in rehabbing or rebuilding before making a purchase decision.

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