Hot Property | After a $50 million price cut, this vast Bel-Air property may still languish
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Hot Property | After a $50-million price cut, this vast Bel-Air property may still languish

An aerial photo of Senderos Canyon, which translates from Spanish to “Walking Trails Canyon.”

 

 (Sibylle Allgaier / Heliphoto)

Located in the exclusive enclave of Bel Air, the roughly 250 acre raw canyon encompasses 6% of Bel-Air’s total land area. 

 (Sibylle Allgaier / Heliphoto)

A rendering envisions what development of the vast trract might look like.

 (Encore Design Studio)

While some see unlimited possibilities in the development of the property,  others predict logistical problems that could take years to solve.

 (Encore Design Studio)

Object preview

“Two of the parcels are zoned equine-ready for horses,” broker Scott Tamkin said. “What kind of things can be done [on the property] needs to be explored, but it could be a country club with a riding ring and riding trails, it could be a vineyard. There are multiple opportunities.”

 

 (Encore Design Studio)

The tract of 258 undeveloped acres in one of L.A.'s toniest neighborhoods has been relisted for $75 million, or 40% less than in 2013.

 

 (Encore Design Studio)

There’s also potential for the property to be subdivided into smaller lots. “Could 20 single-family home parcels be built?” Tamkin asks. “There’s a real possibility that that could happen.”

 

 (Encore Design Studio)

The land, which comprises three separate assessed parcels, is completely un-entitled. That means there’s no power, plumbing, roads, sewers, or infrastructure of any kind, and whoever buys the property would need to get permission from the city before they could install that infrastructure.

 

 (Encore Design Studio)

Depending on a developers’ goals, Senderos Canyon’s $75-million price tag could either be prohibitive or a bargain. Taken in a vacuum without considering the land’s unique development costs, $3.4 million per acre is roughly on par with other undeveloped land in the area.

 

 (Encore Design Studio)
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