Back from the dead... or at least a long slumber!

Sorry folks - work and life generally has kept me busy and some things like this blog have been casualties of late.  Anyhow, saw a new listing on the MLS this morning that got my blogging juices flowing.

This is 1316 Vuelta Place in PVE.  The MLS listing description describes it as "spectacular new construction" of a "custom built" house built, per the MLS build date, in 2013.  Yet upon a deeper dig, this home appears to have just sold in December 2012 for $1.275M (more than $1M less than the current asking price of $2.399M).

The home measures 2,860sf on a nice 0.4 acre lot in Montemalaga.  Curiously, public records show the home as a 2,555sf 1964 build.  The previous listing in 2012, which started at $1.345M and closed at $1.275M looks very very similar to the 'new construction' with some obvious facade tweaks.

The 2012 facade is obviously the original 1964 design.  The 2013 facade of the 'new construction' is really just an update, as far as I can tell, of the exterior of the home to albeit better, more interesting and architecturally accurate design.  The garage, front door, windows, and even the roof are in the same places as its 60s predecessor.  The new front boasts recessed windows, nicer plaster/stucco walls, wooden garage door (although I'm not a fan of the glaze) and nice accent lights.  I do wish the owner would have gone with a white exterior rather than the McMansiony cream color we've seen so much of lately.

The new listing boasts of modern conveniences in the home; however the 2012 listing also touted a remodeled kitchen among other interior improvements.  Given the work done to this house is mostly superficial, does that warrant a near doubling of the asking price?

No interior photos of the new house have been added to the MLS, so we'll see what other changes have been made.  Given that the last sale closed less than 3 months ago, I remain skeptical as to what updates and changes could have been made in such a short period of time (especially given the rather lengthy approvals process in PVE for aesthetics and structural changes).  We shall see.

Nearly done...

So here's the nearly complete home on PV Dr North.  To my eye, it looks like the home was painted slightly off-white.

(Source: NJC)

It actually doesn't look as bad as I thought it could.  My biggest complaint with the facade is the narrowness of the windows above the garage - makes it look far too busy.  Otherwise, the home fits in well with the landscaping.  I don't think anyone will miss the older, run-down ranch house it replaced.

A Spanish home goes up on the Drive

What a busy summer it's turning out to be!  Remember this post on a new build going up on PV Drive North in Valmonte?  Well it is coming along (relatively) nicely.  A quick recap:

Homeowners purchased the home (see below) in December of 2010 for $839K.  The home was a marketed as a teardown, a fixer in desperate need of TLC.

(Source: MLS)

(Source: Google Maps)

So the homeowners, a couple moving from the Los Verdes area of Rancho Palos Verdes, hired local architect Doug Leach to design for them a new home in the Spanish vernacular.  The plans were approved in May 2011 and several months later, work began.

(Source: Google Maps)

(Source: NJC)


As you can see from the photo above, the house was going to either be Spanish or Italian in style and it had a reverse C-shape layout, with a central courtyard.  In my earlier post, I had written that I hoped it would maintain some architectural integrity to either style.  If Spanish, that it would be white, with appropriate trim details.  If Italian, that it wouldn't go overboard with stonework and too much ornamentation.  Well folks, the home is nearly complete!  And it doesn't look terrible!

(Source: NJC)

You can see from the photo that the house has what some have called the 'Santa Barbara' style, mixing the white plaster-y stucco with the teal blue window trim and wrought iron accents.   It is still a few weeks from completion, so I'll reserve final judgment until then.  But so far, looks promising.  I do think the windows in the room above the garage are too narrow/large for the space - they should be shorter.  But again, let's see how this all shakes out in the end.

Notice that the front entry leads to a courtyard which is open to the west (see arrows below).

(Source: NJC)

Given the size of the lot, I suspect the courtyard comes at the expense of the backyard.  Oddly enough, if you look at the aerial photograph at the beginning of the post, the 1952 2,233sf ranch home that this Leach design replaces also had a small western-facing courtyard and a very small rear yard.

Stay tuned for more on this later.

Style matters - part 2.

In contrast to my last post, here's an example where good architecture and siting pays off.  Check out one of my favorite homes in Valmonte. The Moore Residence.

(Source: Google Maps, MLS)


Built in 2003, this Italian home spans 6,565sf on a tree-filled 0.4 acre lot.  The Moores bought the original home in 1999 for $760K, demolished it 4 years later, and erected this beautiful and simple Italian home.  The home was put on the market just one week ago, asking $3.499M and is already under contract.  If it sells at that asking price, it will be the highest price paid ever for a home in Valmonte!  In contrast to the Lunada Bay homes being built in questionable architectural styles that have languished for months on the market, this home, with its tastefully designed facade and elegant interior will soon be sold. 

There's a lot to love about this home.  The facade is simple, understated, restrained.  It masks the true size of this nearly 7,000sf home.    It's nestled by the trees and surrounded by lush greenery.

(Source: MLS)


Even the courtyards are cozy and make you feel at home.  Fingers crossed that this beauty sets the record for Valmonte!  It would be yet another example of how, I'll say it again, style matters!

Style matters.

Today, we learn a quick lesson: style matters.  Size doesn't.  And what better example of that than our famed Lunada Bay McMansion (See this post).  Remember this home, which I wrote extensively about, was listed initially for $3.8M>  It was then reduced to $2.9M, then de-listed, then relisted at $3.3M, then reduced to $3.0M, then reduced again to $2.949, and yesterday, reduced again to $2.799M.

(Source: MLS)


If we do some quick math, assuming this property sells for asking, after the 6% realtor fees, Mulligan and Co. will net $2.63M.  Recall from my previous entries that Mulligan bought the vacant lot for $1.5M in September 2010.  Netting out the land cost, this leaves Mulligan with approximately $1.13M.  The house, which spans 5,576sf, cost in the neighborhood of $1.1-1.2M to build (based on average construction costs in the South Bay of $200/ft).  Thus, my guess is that the developer just wants to unload it as quickly as possible so he can free up capital for the house he's building right in front of it.  That house is below:

(Source: NJC)

So what is the lesson learned here? That style matters.  Building a massive tasteless home,where the siting of the house is off, makes absolutely no sense.  Had Mulligan focused more on the architecture of the home, the siting of the home and spent the incremental dollars to make the house feel more authentic and timeless, this home would have sold long ago at much more than the $500/sf it is currently listed at.  What never ceases to amaze me is how little importance developers place on architecture.  It matters guys. A lot. 

In an equally unsurprising update, Mulligan's other Lunada Bay listing on Chelsea Rd was recently taken off the market, site unsold.  Could have been leased, but more than likely it will re-debut again in a couple of weeks ahead of the summer.

A dose of reality

Remember that McMansion I wrote about earlier which was listed for $3.8M?  Well, it looks like Mulligan & Co. have reset its expectations on what something of questionable architectural quality can fetch in the current market.  The home, just off Paseo del Mar in Lunada Bay, has been re-listed with a much more reasonable asking price of $2.9M (listing can be found here) - a price chop of $800K or 20%!  If you recall from my prevous post, I had estimated that the profit margin on the house, given its size, land cost, and some fairly aggressive assumptions on construction costs, was between $200K-900K at the $3.8M price.    At the new price, its hard to envision a scenario where the developer would actually make a meaningful profit on this development.  Very interesting.  I can't help but wonder if they had spent more time (and money) working out the actual design and aesthetics of the home, if they would have been able to attract a higher value (and actual offers) for the property.  A lesson learned: design matters.

(Source: MLS)

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.

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

Spotted!

Off topic...but worth a post! Saw the rare, brand new electric sports car in Valmonte this weekend - the 2012 Fisker Karma made by California-based Fisker Automotive

(Source: NJC)

(Source: NJC)

The car has just started production and a few celebs like Ashton Kutcher, Leo DiCaprio, Colin Powell and Al Gore have already received theirs.  It's a "electric vehicle with extended range" meaning it can go 50 miles on electric battery power only, and has a gas engine to give it another 250 miles of range (the engine turns a generator to create electricity that powers the wheels).  The car is GORGEOUS and amazing up close. Want one? It'll cost you $120K and you'll have to wait a few months.

Densification alert - Update - Part 1

Happy Holidays to everyone!  In the true spirit of giving, one HoPV reader has kindly sent me some more information about the plans for one of the double-wide lot teardown candidates (click here and earlier post here) I wrote about.  Well, as I had feared, indeed the owner of these lots has elected to split them back into their two very small constituent lots, totaling roughly 6,200sf each (with 60-foot frontages).

(Source: Google Maps)


On the larger of the two lots, 1609 Via Garfias (which totals approx 6,500sf), a 2,880sf home with a two-car garage is proposed.  The home has 5 (!) bedrooms and 3.5 baths.

 (Source: TT)

(Source: TT)

As you can see from above, the home is Spanish in style.  There are a few things I like about the home.  First, the layout is unique - its not like the usual quasi-symmetric new build facades you see like the Doug Leach Lunada Bay I wrote about before.  Similarly, the fact that there is a little courtyard on the right side provides additional space for convening and gathering - a plus.  But unfortunately, that's where my accolades for the home end.  Let's start with the garage - the walls around the door look a bit on the skinny side.  The garage door itself? Not a fan of the panels - but lets at least hope they're actually made of wood and not the brown-painted plastic variety.  Do they really need a set of stairs leading from master to the courtyard?   I like the idea if it were an interior courtyard, but for an exterior one that leads to the outside? I'm on the fence.  On the windows, the scale is right but the proportions and placement look a bit off.  The top of the windows abut the molding and my guess is they're not properly recessed.  The entry tower, while I love the idea, looks undersized relative to the two other masses and garage.

First floor:

Second floor:

I like the uniqueness of the first floor layout.  Its different.  Unpredictable in some ways.  The living room is cozy, the foyer is equally snug.  It's nice walking into a house and not being able to see straight through to the backyard.  It's equally nice to not face the stairs upon entry (and bad feng shui!).  I'm not crazy about the placement of the guest bedroom door - it's directly in front of the entry.  The family/dining room and kitchen area are superb, though.  I really like the sizing and layout.  On the second floor, the rooms are small.  12x12 is hardly ample space for a luxury custom home bedroom.  Also, to have only one shared bathroom to accomodate THREE small bedrooms, obviously this architect doesn't have kids!  

All in all, the numbers don't lie.  2,900 square feet is not enough space to fit 5 decent bedrooms, 3.5 bathrooms, a formal living room, a dining area and full size family room and kitchen.  Its just too small for the size.  To add to that the lot is only 108 feet deep or so, with the home itself taking 70 feet of that plus 20 feet for a driveway.  That only leaves 18 feet for the backyard!!!

Like I said before, the buyer of the lot should have put a nice sized 4,500sf home on the double lot rather than crowd it with two undersized homes.  PV is not the place for densified living!  That's what the beach cities are for!!!

More on the second home to be built here later.  Stay tuned.

Cape Cod estate in Valmonte

So I hinted at this home in an earlier post - it is one of my favorites in Valmonte.  It is large, well situated on the lot, and has loads of character: the Westley Residence.

(Source: Google Maps)

(Source: NJC)


Designed by Doug Leach and built in 2007/8, the 5,600 square foot home sits on a double lot that spans 18,270 square feet!  The original single-level ranch home and lot were purchased in 2004 for $1.8M by a Yale PhD/cell and molecular biologist and her husband, a real estate developer (himself, a Cornell & Harvard grad).

 (Source: Bing Maps)

(Source: Google Maps)

As you'll notice, the new home is sited in nearly the identical spot as the home it replaced - even the garage is in the same spot!  The lot itself, at nearly half an acre, is among the largest in Valmonte.  It actually spans two legal lots, each roughly 64x143.

(Source: LA County Assessor)

There's a ton to love about the home.  The wrap-around porch.  The color and texture of the exterior shingles.  The landscaping. The alternating roofline and mix of windows.  The size and substantial-ness of the porch columns.  The color combo.  All in, a very comfortable family home. 

The rear elevation is equally attractive and the back yard landscaping is elegant yet simple.  In fact, I think it looks as though it has some neat features like a NanaWall, which opens up the family room into a stone patio.

 (Source: Google Maps)

If I were to nitpick, here are a few things I would highlight: the windows in the garage door (which are actually a no-no in PVE and violate the Art Jury's guidelines).  I think having windows in a garage door detracts from the house - cheapens it, perhaps.  A paneled or solid white garage door would be better (an easy fix too!).

(Source: Google Maps)

(Source: NJC)


The front setback - well, here I'm on the fence.  On the one hand, the 30-foot front setback (or technically, "side" setback since its a corner lot) makes the home seem more comfortable, informal and welcoming.  At the same time, a deeper setback of maybe 50 feet would make the home seem a bit more formal, grand even,  in keeping with both the size of the home and the lot size.  Obviously something like this is a bit too much  (80-foot front setback)

 (Source: NJC)

All in all, a very well executed home.  Funny enough, I came across another home in neighboring Redondo Beach and Torrance that both have some similar features and a comparable design.  Curious: what do you all think of its Redondo Beach and Torrance doppelgangers (not sure who the architect is here)?

Redondo Beach:

(Source: NJC)

PV:

(Source: Google Maps)

Torrance:

(Source: NJC)


Which one do you think is more attractive?

KEY STATS

Location: Valmonte PVE
Style: Cape Cod
Year built:  2007/2008
Architect: Doug Leach
Square footage: 5,600f
Lot size: 18,270 (127x143)

I'm on Facebook!

I've finally joined the billions on Facebook.  Feel free to Friend me!

http://www.facebook.com/profile.php?id=100003219497096

Also, saw in the news that PVE and RPV were recently named one of the best places to live by quality of life.  Here's a link to the Daily Breeze article (Note that it is a ranking of cities with at least 10,000 residents - sorry, Rolling Hills (pop ~2,000)  and Rolling Hills Estates (pop ~8,500)!)

Also, for those wanting to see the actual data, check that out here: The Business Journal/On Numbers Report

Top Southern California Cities By Quality of Life
1. San Marino
2. Coto de Caza
3. Palos Verdes Estates
4. La Canada Flintridge
5. Calabasas
6. Manhattan Beach
7. Malibu
8. North Tustin
9. Coronado
10. Newport Beach
11. Irvine
12. Laguna Beach
13. Sierra Madre
14. Rancho Palos Verdes
15. Agoura Hills
16. Aliso Viejo
17. Rancho Santa Margarita
18. Hermosa Beach
19. Yorba Linda
20. Beverly Hills
21. Claremont
22. Solana Beach
23. Laguna Niguel
24. Carlsbad
25. Encinitas

Top California Cities By Quality of Life
1.  Hillsborough
2. San Marino
3.  Blackhawk (Danville)
4. Coto de Caza
5. Palos Verdes Estates
6. Piedmont
7. Orinda
8. Alamo
9. Los Altos
10. Saratoga
11. Tamalpais-Homestead Valley
12. La Canada Flintridge
13. Palo Alto
14. Granite Bay
15. Calabasas
16. Manhattan Beach
17. El Dorado Hills
18. Danville
19. Lafayette
20. Mill Valley

Congrats also to fellow South Bay cities Manhattan Beach and Hermosa Beach.

The season for tear downs and build ups

So my post today is half update and half rant...

First, does everyone remember this post about a double-wide lot for sale in upper Lunada/Montemalaga?  Well that home finally sold for $1.04M not too long ago.  The 120-foot wide lot is undergoing the planning process in the city of PVE at the moment, and it looks like the architects hired for the job are Cauthen Design (http://www.cauthendesign.com/). 

From the website and the planning documents, Cauthen is run from a home in Huntington Beach.  If you look at some of the houses they've done, they look all very McMansion-y and Mock-terranean-ish.  See Exhibits A, B and C below.

 (Source: Cauthen Design)

 (Source: Cauthen Design)

 (Source: Cauthen Design)

The last photo there is not as offensive - actually, it's not half bad.  The first two, however, look like tract homes from Riverside or Ladera Ranch - yet both are actually homes here on the Peninsula!  Let's keep our fingers crossed and hope that whatever "Fias Homes LLC" has decided to build is tasteful and takes full advantage of the wide lot. 

Now onto another new home about to go up.  This one is in Valmonte and actually replaces a mid-century home that was designed by a regionally famous architect.

(Source: MLS)

This Valmonte home was actually purchased by Rick Tomaro, brother of architect Louie Tomaro and who is responsible for Tomaro Design's Construction Services division.  He and his wife currently reside in an RPV home which they have just listed for sale at just under $1M (see below).  That home, built in 1962, was remodeled by Tomaro to reflect modern living while retaining most of its 1962 quasi-Crafstmen style.

(Source: Google Maps)

So it looks like the Tomaros are moving on up from RPV to PVE, from a 1,972sf home on a 9,147sf lot to what I can only imagine will be a brand new 4,000sf home on a generous 10,800sf lot in the heart of Valmonte.  The Tomaros bought the Valmonte property in September for $905K.  It was originally listed at $829K as a short sale (the previous owners bought the home in 2007 for $1.15M).  It is worth noting that the Valmonte home has some architectural heritage and its a shame that this undercared for mid-century home will be lost.  Rick Tomaro has hired his brother Louie to design a new home for this property.

The 1,312sf  1950-build home sits on a corner lot, which measures 100 feet wide by approximately 108 feet deep.

(Source: Google Maps)


Let's hope here too that Tomaro works his magic and designs something tasteful - either a traditional/Cape Cod style home or a subtle Italian home.  Tomaro has very limited experience with the Spanish style, so its unlikely that this home will employ that school of architecture.  My guess, based on their previous home in RPV, is that he opts for something more tastefully American.  Maybe something like the below:

Or this:

Both are tastefully done, new construction Cape Cod/Traditional style homes in Valmonte.