So I just came across a new listing on the MLS in PVE. It is a 1954 built 2,367sf single level ranch that sits on a double lot - that is, two lots the original owner bought and joined together to build this home. The home, which sits on a 12,450sf lot, is listed at $1M, although sources tell me that the listing agent has received several offers over asking price.
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Source: JM)
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Source: Google Maps)
So as you can see, what I like about this home is that it is very wide! 120 feet wide in the front, tapering to approximately 102 in the rear. However, it is a very shallow lot - an average of 110 feet deep.
The home itself, as I'm told by realtor friends, needs a lot of work. Around $200-300K worth of updates and repairs. I worry that someone would buy this home, and then unjoin the lots to build two smaller homes on the two legal parcels underlying the current ranch home. Per PVE guidlines, each home would be limited by the following:
- Building lot coverage of no more than 30% of the lot (e.g. first floor plus garage)
- Total square footage (including garage) cannot exceed the LESSER of 1,750sf + 30% of the lot or 50% of the total lot area.
So with these guidelines in mind, assuming that the lots are roughly equal in size (6,225sf), we're limited to the following potential single family dwellings on each of the lot:
- First floor living space of 1,427sf (1,867sf building area, less 440sf for the two-car garage)
- Maximum living space of 2,672sf (3,112sf less 440sf garage)
That is the maximum allowed for the lots. Now using some common sense, based on the math above, 3,112sf less 1867sf for the first floor, leaves 1,245sf for the second floor - or roughly 67% coverage over the first floor. Given aesthetic guidelines on massing, it's hard to see the Art Jury or Planning Commission allowing someone to build a second story that's 2/3 the footprint of the house.
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Source: County of LA)
Next question: do the economics make sense? Let's see:
- Assumed land cost of $600K each ($1.2M divided by two lots)
- Architect fees of $50K
- City fees and permits: $50K
- Build cost of $778K (3,112 @ $250/sf )
That totals approximately $1.478M or $553 per finished square foot of living space. Again, if we factor realtor's 6% commissions, our breakeven selling price, on a square foot basis), would be $588/sf. A quick search of PVE MLS shows that houses built after 2000 (so last 10 years) are listed for sale between $513/sf and 842/sf. Recent sales (last 6 months) show a range of $509/sf to $899/sf (although the higher range is accounted for by larger lots and ocean views, which this property will not have).
So this would be risky for someone to take on. The homes themselves would be relatively small for someone looking to spend $1.5-2.0M.
What would I like to see? I would love it if someone built their dream estate on this parcel. I've even taken the liberty of drawing up a floorplan and some inspiration photos for what this estate might look like:
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Source: NJC)
The floorplan conforms to PVE guidelines (lot coverage, front, side and rear setbacks, etc). I've omitted my second floor designs, but you get the idea. This floorplan takes advantage of the wide but shallow lot. It keeps the formal entertaining space away from the 'lived in' part of the house, and it also maximizes views of the backyard and side courtyard. Also, using this L-shaped floorplan not only creates a lovely courtyard, it also creates the maximum usability for the back yard. Had I opted for the normal rectangle, the backyard would have been wider (100') but very shallow (30-40'). Here, the backyard is very usable - about 60' wide, and about 65' deep. In terms of the feel of the various spaces, here are some 'inspiration photos:'
Facade:
Rear facade:
Interiors:
Courtyard:
Here's to hoping the new owner does the lot justice! Fingers crossed!
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