Karate Kid Apartment in Reseda Hits the Market for $4.75 Million
Thursday, March 26, 2015
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| Image courtesy Berkadia |
Fresh on the MLS is the listing for the infamous South Seas Apartment at 19223 Saticoy Street Reseda for $4.75 million that became a focal point for the SFV's classic film, The Karate Kid (1984). Filming locations were discussed on this blog including links to many other great sites that provided original content for filming locations. The listing description states:
The iconic South Seas apartments, once featured in the 1984 Karate Kid movie, is comprised of 37 units. The property is a two-story, garden-style building situated on . 75 acre of land near the northeast corner of Tampa Avenue and Saticoy Street.
Jared Cowan's LA Weekly article, How A Movie Shot In The San Fernando Valley Made Us All The Karate Kid published on June 17, 2014 providing an astounding review of the instrumental role the SFV played in film's plot. Cowan was fortunate to interview with the director, John G. Avildsen,, and location manager, Richard Davis Jr, regarding the choices for various locations in the film including South Seas described below:
Daniel's apartment building, the South Seas, near the corner of Tampa and Saticoy in Reseda, has become a mecca for movie enthusiasts, with fans posting photos online to commemorate their visit. Davis remembers that Avildsen liked the bleakness of the complex's exterior, which ultimately helped build empathy for Daniel.[Elizabeth] Shue agrees: "It's just a devastating feeling when you feel not good enough because of where you live and what your house looks like, and whether the paint is chipping and how embarrassed you'll be if someone comes over."Avildsen also loved the image of a half-empty pool of dirty water - the complex's pool was drained specifically for the film, symbolizing, Davis says, "the shabby California dream that [Daniel] wasn't buying just yet."
Property records show that the apartment measures 40 Beds/48 Baths on 21,305 sqft on a total lot size of 30,517 sqft built in 1963. There are 12 1 Bed studios, 10 1 Bed/1 Bath, 4 2 Bed/1 Bath, 5 2 Bed/1.5 Bath, and 6 2 Bed/2 Bath units. The property currently brings in $394,895 with $183,323 in net operating income at a gross rent multiplier of 11.63.
The property is currently owned by Sagamore Hill One LLC which appears to have acquired the property on March 8, 2001 for $1,570,000. The LLC links back to Scott G and Lisa M Miller of Pacific Palisades. The LLC purchased this property from Kaleb Sarraf who purchased from Janet Elerding on January 13, 1994 for $805K with an unknown date and price for the Elerding purchase. So tts possible Elerding was the owner when filming took place. Speaking of Elerding, she owns many properties and was once accused of rental deposit fraud in the O.C. back in 1990 as stated in a August 1, 1990 LA Times article.
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| Image courtesy Bing Maps |
On a related note, the empty field next door (shown above) which has surprisingly been undeveloped ever since the SFV started was recently acquired by WH Saticoy 16 LLC for $1,680,000 spanning 6 parcels on December 26, 2014. The LLC links back to Williams Homes based in Santa Clarita which simply means that its only a matter of time before this area is developed.
Another surprise during my research is that the previous owners of this land were the Harry Grossman and Jakobovits Trust who also owned that other massive open land on Winnetka and Parthenia that was sold to and is currently being developed by.....wait for it....Williams Homes that was discussed on this blog. For those that recall in the film, this is the location where Daniel LaRusso gets beat up by Johnny Lawrence and gang before Mr. Miyagi saves him and then safely takes him back home to the South Seas apartment.
Coincidentally, the other property available to purchase that was used in the film was Mr. Miyagi's home located in Canoga Park which unfortunately has been torn down in the late 80's so it would have been a "former site" purchase which was back on February 28, 2014 that sold for $446,000 which was discussed on this blog. The only other available property is the Encino mansion of Ali Mills which hasnt hit the market in a long time so maybe its due. It is currently owned by Farid and Gloria Nassif who possibly might have been around when filming took place. Imagine being able to purchase the Canoga Park, Reseda, and Encino property all around the same time.
I wonder if the sale of the property is related to the recent acquisition by Williams Homes of the nearby land. So who wants to start a fund and join me to raise $4,750,000 to get this landmark?
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