Tuesday, February 21, 2012

Season for construction...

Today, two quick updates.

First, update on a new Spanish home going up on the Drive in Valmonte.  The homeowners purchased this tear down home in December 2010 for $839K.


(Source: Google Maps, MLS)


The homeowners then hired Doug Leach to design a Spanish home.  As of this weekend, here's the progress that's been made to date:

(Source: NJC)

As you can see from the photos, it's a fairly predictable facade, with two garage doors on the eastern side, a central tower, and a living room on the western side.  What is hard to tell from this photo is that the home is centered around a courtyard which is open to the west.  I'll try to get better photos next time.  Let's hope this home is finished in white with a nice, authentic red tile roof.


The other update is up in Lunada Bay, the sequel if you will, to the McMansiony home I wrote about it before (click here to read that post).  This home is a single level, home that sits on a very expansive lot.  I presume the home is only one story to preserve some of the view for the home behind it which is listed for sale at $3.8M.


(Source: NJC)

This home has the potential to turn out well - only time will tell.  I do not like how the front of the home sits right up on the street, with not so much as maybe a 15 foot setback.

Monday, February 6, 2012

Densification alert - Update - Part 2

So.... interesting development in relation to the Via Garfias property.  Turns out the buyer doesn't want to proceed with developing on both of the lots (See this earlier post).  Instead, they've listed the small 6,300sf lot for sale for $850K.  Just for the land.  Keep in mind that the seller bought BOTH lots (two lots totaling 12,000sf) for $1,040K.  So they're thinking they can sell just empty land, a small parcel at that, for $850K. If they were successful (which I highly doubt they will be at that price), their cost of the land they are developing will only be $240K - a steal in PVE (or any of the Peninsula/Beach Cities really).  Problem is I don't think that lot is worth anywhere near $850K.  At best, that very small lot is worth $600-650K.  If they're able to get that, then their own lot cost will be $440K - still a good deal, but not a total 'steal.'

Check out the listing here: http://www.redfin.com/CA/Palos-Verdes-Estates/1609-Via-Garfias-90274/home/7724512