Buildable Lots in the Hollywood Hills Selling for Beverly Hills Prices

Posted by Matthew Gaskill on Wednesday, May 21st, 2014 at 8:29am.

When we think of the most expensive areas of Los Angeles, a few blue-blood neighborhoods always come to mind. Malibu, Holmby Hills, Bel Air, and Beverly Hills usually lead the conversation for the most desirable and most prestigious (and therefore most expensive) neighborhoods in Los Angeles. Based on recent activity, it looks like we have a new contender in the Hollywood Hills, specifically the easiest accessed portions on the the Hollywood Hills located above the Sunset Strip: Doheny Estates, the Bird Streets, Lower Doheny, and Sunset Plaza.

Buildable view lots in the Hollywood Hills

The Hollywood Hills cannot compete with the other premier neighborhoods for blockbuster sales of mega mansions over $50 million (and will never have a $100 million dollar home), because the neighborhood cannot support a home with the lot size and square footage necessary for a sale of such scale. The smaller lots of the Hollywood Hills and how the Baseline Hillside Ordinance restricts the square footage of a home built on hillside lots put the neighborhood at a relative disadvantage when it comes to the splashy sales seen in other premier neighborhoods. However, the prime areas of the Hollywood Hills (Doheny Estates, the Bird Streets, Lower Doheny, and Sunset Plaza) are competing in terms of price per acre and price per square foot. And those lots with a flat pad and a view are fetching some of the most impressive prices in all of Los Angeles.

Price per square foot (previous 6 months)

  • Hollywood Hills West = $774
  • Doheny Estates, the Bird Streets, Lower Doheny, and Sunset Plaza = $1041
  • Beverly Hills = $1203
  • Beverly Hills Flats = $1176
  • Beverly Hills Post Office = $803
  • Bel Air = $841
  • Malibu = $911

Price per square foot of a lot (previous 6 months)

  • Hollywood Hills West = $168
  • Doheny Estates, the Bird Streets, Lower Doheny, and Sunset Plaza = $271
  • Beverly Hills = $377
  • Beverly Hills Flats = $405
  • Beverly Hills Post Office = $157
  • Bel Air = $98
  • Malibu = $35

Simply put, the market and the prices in the Hollywood Hills are crazy right now, making it one of the hottest areas in Los Angeles. At the current prices, many investors and developers are being priced out by end users who can afford to pay more up front and build their equity over the course of years.

See below for a sampling of the recent high-end activity in the most desirable areas of the Hollywood Hills and feel free to reach out to our Hollywood Hills Realtors to discuss development in greater detail. Included are teardowns selling for prices usually reserved for plots of land north of Santa Monica in Beverly Hills and the spec homes and benchmark sales responsible for making flat buildable lots so valuable for redevelopment. Also included are comparable listings from Beverly Hills, Beverly Hills Post Office, Bel Air, Holmby Hills, and Malibu. For the clarification with the listings below, it should be noted an acre is equal to 43,560 square feet.

Holllywood Hills - Teardowns and Land

Sold:
View from 1301 Collingwood Place | Hollywood Hills | 90069

1301 Collingwood Place
$12.012M (listed for $7.495)
29,275sf = .67 acres of land
$17.928M/acre

Sale Pending:
View from 9050 St Ives | Lower Doheny | Hollywood Hills | 90069

9050 St Ives Drive
Listed for $15.995M
44,915sf = 1.03 acres of land
Asking $15.529M/acre

For Sale:
View from 1634 Blue Jay Way | Bird Streets | Hollywood Hills | 90069

1634 Blue Jay Way
Accepted offer 4/28
Back on market 5/12
$8.995M
26,770sf = .614 acres of land
Asking $14.649M/acre

Hollywood Hills - Benchmark Sales

Sold:
View from 1 Electra Court | Mt Olympus | Hollywood Hills | 90046

1 Electra Court and 0 Granito Drive
$30M in a purchase of both
131,014sf and 225,205sf
8 total acres of land
2 flat acres of land
Home by architect Richard Schwarz
$15M/flat acre

Hollywood Hills - Spec Homes and Ambitious Resales

Sold:
View from 9380 Sierra Mar Drive | Bird Streets spec home | Hollywood Hills | 90069

9380 Sierra Mar Drive
$19M (listed for $25M) after selling for $5.3M in 2/2013
20,327sf lot and ≈7000sf home

Sale Pending:
1232 Sunset Plaza | Hollywood Hills spec home | 90069

1232 Sunset Plaza Drive
Listed for $28.8M after selling for $3.775M in 5/10
47,916sf lot
13,000sf home

For Sale:
9133 Oriole Way | Bird Streets spec home | Hollywood Hills | 90069

9133 Oriole Way
Listed for $38M after selling for $4.6M in 3/08
19,906sf lot
12,530sf home

View from 1435 Tanager Way | Bird Streets | Hollywood Hills | 90069

1435 Tanager Way
$12.995M after selling for $9.97M in 5/13
12,812sf lot
3803sf home

1677 Doheny Drive | Doheny Estates | Hollywood Hills | 90069

1677 North Doheny Drive (pocket listing)
$36M after selling for $6.65M in 12/12
35,416sf lot
12,000sf home

Based on recent sales of view properties, one Hollywood Hills property stands out as a steal:

View from 2100 Sunset Plaza Drive | Hollywood Hills | 90069

2100 Sunset Plaza Drive
$8.75M
95,255sf lot = 2.18 acres of land
10,466sf home
Currently off the market (after 5 years on and off the market)
Was asking $4.013M/acre

Beverly Hills - Teardowns and Land

Sold:
711 N Hillcrest Road | Beverly Hills Flats | 90210

711 N Hillcrest Road
$8.55M
25,848sf = .5933 acres of land
$14.4M/acre

729 N Rodeo Drive | Beverly Hills Flats | 90210

729 N Rodeo Drive
$7.95M
22,938sf = .5265 acres of land
$15.099M/acre

631 N Crescent | Bevely Hills Flats | 90210

631 N Crescent Drive
$8.5M
34,873sf = .8 acres of land
$10.625M/acre

Sale Pending:
1510 Lexington Road | Beverly Hills | 90210

1510 Lexington Road
Listed for $16.9M
66,400sf = 1.524 acres of land
Asking $11.089M/acre

For Sale:
729 N Camden Drive (no photo available)
Listed for $8.75M
24,169sf = .5548 acres of land
Asking $15.771M/acre

627 N Arden Drive | Beverly Hills | 90210

627 N Arden Drive
Listed for $8.499M
20,857sf = .4788 acres of land
Asking $17.750M/acre

Beverly Hills Post Office - Teardowns and Land

Sold:
10101 Angelo View Drive | Beverly Hills Post Office | 90210

10101 Angelo View Drive
$19.5M
130,000sf = 2.98 acres of land
$6.543M/acre

13957 Aubrey Road | Mulholland Estates | Beverly Hills Post Office | 90210

13957 Aubrey Road in Mulholland Estates
On Studio City side of Mulholland Drive
$7M
135,907sf = 3.119 acres of land
$2.244M/acre

Bel Air - Teardowns and Land

Sold:
911 Tione Road | Bel Air | 90077

911 Tione Road
$10.7M
116,047sf = 2.66 acres of land
Richard Dorman home that was not maximizing the site
$4.022M/acre

Sale Pending:
11005 Bellagio Place | Bel Air | 90077

11005 Bellagio Place
Listed for $9.5M
71,715sf = 1.64 acres of land
Asking $5.792M/acre

Holmby Hills - Land

Sold:
301 N Carolwood Drive | Holmby Hills | 90077

301 N Carolwood Drive
$13.25M
94,698sf = 2.17 acres of land
$6.105M/acre

Holmby Hills - Teardown and Land

For Sale:
243 Delfern Drive | Holmby Hills | 90077

243 Delfern Drive
Listed for $18.5M
83,261sf = 1.911 acres of land
Paul Williams home remodeled to oblivion
Asking $9.68M/acre

Holmby Hills - Spec Homes

For Sale:
250 N Carolwood Drive | Holmby Hills spec home | 90077

250 N Carolwood Drive
Pocket listing for $35M after selling for $9.49M in 3/12
43,124sf lot
7BR/13BA

438 N Faring Road | Holmby Hills spec home | 90077

438 N Faring Road
Listed for $45M
57,250 lot
16,000sf
Designed and built by London-based Quinn Architects and Estate Four (Alessandro Cajrati Crivelli, an Italian who founded commercial developer Est4te Four)

Malibu - Teardowns and Land

Sold:
24900 Pacific Coast Highway (no photo available)
$7M
135,036sf = 3.1 acres of land 
$2.25M/acre

Sale Pending:
28820 Cliffside Drive | Malibu | 90265

28820 Cliffside Drive
$9.5 minimum bid asked by UCLA at auction
59,563sf = 1.367 acres of land
Asking $6.949M/acres

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Listings and photos courtesy of John Aaroe Group, Hilton & Hyland, Coldwell Banker, Westside Estate Agency, Elite Properties Realty, Berkshire Hathaway HomeServices California Properties, Rodeo Realty, The Dean Company, and The Agency

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