This Decrepit Los Angeles House Went on Sale for $475,000

By Leah Hennessy

This “flipper’s fantasy” is nothing short of a nightmare for any prospective homeowner. The decrepit Los Angeles house, located in the Northridge area of the city, had a price tag of $475,000 despite the unlivable conditions. The listing on Coldwell Banker stated that this “is truly the worst home in the best neighborhood.” It was ultimately sold for $375,000.

The single-family home at 16652 Itasca St. features three full bedrooms, two full bathrooms, and what looks to be a flourishing garden in the shower. The owner requested a cash-only sale, asking $370 per square foot.

“This home needs a complete rehab,” the Coldwell listing said. “The pictures say everything except for the fact that this home is located at the back of a cul-de-sac in a wonderful well-maintained neighborhood.”

Other homes on the same block, without garages overgrown with vines and cracked living room floors, go for about $500,000. Many celebrities and professional athletes live in the exclusive LA neighborhood.

Even though the home looks more like the set of a horror movie than a cozy abode, the property did sell in early 2016 for just $100,000 less than the original asking price. The realtor of the home believes that with major remodeling it could easily be worth $600,000 in the future.

Extensive repairs need to be undertaken, but according to real-estate investor Ben Keisari, the house built in 1956 does not need to be completely torn down. However, he told CBS LA that he personally would tear the place to its frames and start over.

As the old adage goes, the three most important aspects of realty really are location, location, and location. Because of affluent zip codes, even the most deteriorated shacks can be worth close to half-a-million dollars.