2 Acres of Land Sold in Sherman Oaks
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| Image courtesy Google Maps |
The San Fernando Valley Business Journal came out with an article stating that IMT Captial has purchased more than 2 acres in Sherman Oaks for $4.28 million. This property is located on Magnolia just west of Van Nuys. This property is split into two parcels with a 2 Bed/3 Bath home on 2,653 sqft on a total lot size of 57,429 sqft at 14615 Magnolia Blvd built in 1932. The second parcel is a duplex with 8 Beds/4 Baths on 3,340 sqft on a total lot size of 45,944 sqft at 14561 Magnolia Blvd built in 1949.
Both parcels combined total 102,000 sqft or 2.3 acres which were owned by Ruth H Morrison who may be the original owner based on 2010 property taxes which totaled $8K. Gotta love Prop 13. However I cannot confirm this so dont quote me.
Unfortunately, this sale represents the loss of one of the last reminders of the Pre-WWII era in the San Fernando Valley prior to tract homes dominating the landscape. Most residents lived on 1 - 5 acre ranch homes similar to this one where farming/agriculture was the top industrie. So for this property to remain undeveloped for this long is amazing and will be sad to see it leave based on IMT's other acquisitions in the Valley.
IMT Capital also purchased the former Northridge Hospital on Sherman Way for $15 million in September 2011 which was owned by The King's University, a Pentecostal seminary and college. IMT Capital will be converting that site into an apartment building.
However, some land still exists in the Valley but you have to search hard to find. One example is a 3.3 acre plot at 17051 Sherman Way and Amestoy in nearby Van Nuys built in 1928. This property even had a barn as shown in the image below, it doesnt get anymore real than that.
Quickly going through the history of this property. Back in 2006, it appears that the original owners (cannot confirm) sold at the perfect time for $4,550,000 which was the peak of the real estate market. In December 2009, it was sold again for $1,950,000 in a short sale which I am guessing that the owners could not keep up with the loan payment since no apartments were built afterwards to help service the loan. Between these two transactions, this land was completely razed as shown in the second image below which looks primed for McMansion development. Currently, it is available for purchase at $4.5 million which if sold presents a nice profit for the current owner and seems reasonable based on the Magnolia sale listed above. Is IMT Capital eyeing this property too?
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| Image courtesy Bing Maps |
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| Image courtesy Google Maps |
At this time, there are only a handful of available land and true ranch properties (>1 acre) still available which allow us to visualize the San Fernando Valley of the past.
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Marty Mcfly
Anything and everything about the San Fernando Valley. This blog will take you back in time when the valley was covered with dirt and orange groves to a leader in the space race to its current status as America's suburb. Come along and join me on this adventure, I guarantee you have been influenced/impacted by the San Fernando Valley in one form or another even if you have never visited or heard of the SFV.
They are also building apartments on the northwest corner of Magnolia and Kester. This wonderful old home, with orange trees and land will be sorely missed. We don't need more housing, we need to preserve open space. Why the City allows this continued wanton building is beyond me. Development is driving us out.
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