The closed RECENT comparables for properties in this specific neighborhood is $1.8 million for about 6000 ft.² of lot. There is nothing on the market available in this area that is active under $1.9 million and go up to $2.6 million. The subject property at 521 Lombard Ave. is in a superior location closer to the beach than these other active and sold listings. The land value alone is $2.1 to $2.4 million. You can build a 4500 square-foot home minimum on this lot streamline with building and safety and the coastal commission expediting plans and permits. The new construction resale will be $1600-$1800 per square foot. (ARV $7.65mm). Deliverable at $2 million.
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