1410 Tanager Way

1410 Tanager Way
The property at 1410 Tanager Way presents the rare opportunity to max out the lot’s living area to cover
10,000 of proper living square footage juxtaposed against one of the most incredible city lights views. All of
which can daylight to an uncompromising 180 degree unobstructed, head on, downtown city lights view
that the most discerning clientele wants in the bird streets.
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COMPS:
1.
1407 Tanager Way – SOLD for $9.8 Million on 06/20/2012 and has been torn down. It sold for $9.8M
and its lot is only 12,362 square foot. 1410 Tanager’s lot is almost twice this size at appx 22,293 a square
foot allowing a developer to build twice the allowable square footage. Two of my clients have offered $12M
for 1407 Tanager Way in its “As Is” present condition with no bites from the owner. The current builder has
confirmed other offers of over 15 million. The status of the lot is in beginning framing. Some buyers consider
the westerly view towards Century City as a slightly better view than towards Down Town but plenty of
buyers consider them equally desirable.
2.
1435 Tanager Way – SOLD on 05/23/2013 for $2,621 a square foot and only a few doors down from
the subject property. This property is now re-entering the market a year later for $13 Million. In my opinion,
even though this property somewhat outdated in design and finishes it should unequivocally sell close to
$3,000 plus a square foot which will provide yet another comparable for 1410 Tanager's future value. The
detriment of this property is it has no real upside. It is a small lot and narrows at the rear. It isn’t a tear
down, but it isn’t museum quality either.
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3.
1423 Oriole – SOLD for $38.9M in 2012. Oriole is approximately 15,000 square feet which is $2,600 a
square foot. This sale illustrates that the larger the home is in this particular area a higher price per square
foot can be garnered. In today's market 1423 Oriole would sale for $2,800 to $3,000 a square foot.
The views at 1410 Tanager are just as good if not better than 1423 and a builder has the option to create a
long private driveway that 99% of the significant architectural properties that have sold in the bird streets
do not have. In addition 1423 has been completely gutted on the inside and redone.
4.
9380 Sierra Mar – SOLD on 05/07/2014 for $19M. $19M equates to $3,166 a square foot for a nice
remodel. Further substantiates that $3,000 a square foot is now the going rate for new contemporary
“museum” quality builds. www.sierramar.com
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5.
9150 Oriole – SOLD for $18.5M in 2012 and is 8,500 square feet ($2,176 per square foot). A
significant part of the house is below grade with marginal daylight. These comps are all located on the most
coveted crest in the city in which the subject property at 1410 Tanager is also located.
6. 9010 Hopen – SOLD for $8.65 Million in 2011 ($2,260 a square foot) and was only 4000 square feet of living
space. With the market being substantially better today and the new Tanager architectural (that sold to the
Facebook twins) across the street from 1410 Tanager trading for over $2,300 per square foot in 2012, again
substantiates the value of 1410 Tanager. www.9010hopen.com
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7.
9280 Nightingale – SOLD for $21M (land value) and has the ability to build 16,000 square feet of
living space.
8.
9258 & 9262 Nightingale – SOLD for $26 M (land value). Buyer purchased both lots to have the
option of building a 20,000 square foot home. http://touch.latimes.com/#section/-1/article/p2p78155768/
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9.
9133 Oriole Way, with asking price of $38 Million, standing at 12,530 sq. ft., much of it being lower
level without windows with inferior views of the city compared to 1410 Tanager. However, it is still fetching
$3000 or more per sq. ft. There has been multiple offers on this property since it hit the market and
confirms that this ridgeline from Tanager through Thrasher to Oriole Way is the most coveted area North of
Sunset in Los Angeles. I personally wrote an offer for $30 Million for one of my clients.
The house is very well built and has extraordinary finishes. The floor plan is questionable and the view is
considerably less desirable than 1410 Tanager.
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The above comparable properties are all on the most coveted crests in Los Angeles in which the subject
property at 1410 Tanager is also located. Leonardo Dicaprio, The Wallmart family, Keanu Reeves, Dr. Dre,
Matt Perry, Toby Maquire, Ted Waitt and Ashley Tabor, to name a few, own homes in this area.
In conclusion, the tear down house/lot at 1410 Tanager has the ability to build 10,000 square feet of living
space and is considered to be just as good if not a better street as Nightingale. The total for 9280, 9262 and
9258 Nightingale was $47M and this was just for the land. Tanager and Nightingale are pound for pound the
two best streets in the Hollywood Hills. Many prefer Tanager because it's a small private cul-de-sac with
minimal to no traffic.
Although the slope at 1410 Tanager may initially be seen as a construction impediment, efficient design and
proper interpretations of the Los Angeles zoning code shows that an exceptionally expansive home can be
built on this property because of its large lot. With a maximum bonus added square footage of 10,000
square feet with a sizable daylighted lower level. This house will be able to provide a large, comfortable
space for future inhabitants. See the photo of the proposed build for 1410 Tanager.
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1410 Tanager is what I call a sleeper MLS property being that it has been on and off the market for many
years. In my opinion, the owner chased the market in down times and decided against selling when the
market was ripe, therefore creating a negative stigma on this property because it had been marketed on and
off for far too many years, which makes me wonder if it could have been listed for purposes other than
actually selling. The aforementioned culminated in too many days and months on the market and created a
negative value effect that turned out to work in the current owner’s favor. With this property being located
on the most expensive cul-de-sac in the Hollywood Hills it would have sold for $10 M had it been marketed
and sold when the market is ripe and before it was over exposed.
1301 Collingwood had an asking price of $7.4M, sold for $12M (with approximately 10 offers) yet part of
the views is obstructed with roof tops unlike 1410 Tanager which has a 180 degree unobstructed view.
However, Collingwood is a big lot and can accommodate a large house with a great view. I would say it is the
perfect comp for 1410 Tanager.
A finished museum quality construction with A+ views in the Bird Streets will unequivocally trade for
$3,230.00 a square foot at a minimum and as high as $3,500.00 a square foot. This gives a finished home
value of $35M or a low of $32.5M.
1410 Tanager is worth a minimum of $10M for its land value alone. If the property was re-developed for a
high $600 a square foot, the return on investment is astronomical in the safest most risk adverse location to
build in the entire city of Los Angeles. There are currently no more trophy view lots like 1410 Tanager
available for sale and re-development.
Ben Bacal
Rodeo Realty Fine Estates
310-717-5522
[email protected]
www.benbacal.com
Rodeo Realty, Inc. and Ben Bacal do not guarantee the accuracy of square footage, lot size or other information concerning the property
provided by this bpo and other information obtained from public records or other sources, figures, return on investment and estimates and
proformas mentioned in this bpo report.
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