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.

We lost one...

So as most of you are keenly aware, the Moore house was demolished in Malaga Cove last week, after years of back and forth with various constituents.  The 1959 house, with all its spaceship-ness, was designed by the son of Frank Lloyd Wright, Lloyd Wright.

(Source: Curbed LA)


While I am generally a fan of preservation, this house has me torn.  On the one hand, its great to have a unique example of mid-century modern from a regionally acclaimed architect preserved for posterity.  On the other hand, this house should never have been built in Malaga Cove.  It is out of character with the vision the PV Project planners had for the area, and it is also not in keeping with the scale and feel of comparable homes in the area. 

That said, the home that is meant to take its place gives me great pause - for I fear it may go the way of the uber-McMansion.

The replacement home will span nearly 6,000sf and is penned by Ed Beall's firm.  Ed Beall is one of the better architects in the area.  That said, the above design is plagued with the features and artifcats of a classic Caliterranean McMansion - too many windows which are oversized, arches galore and an overall massing that is uninspired and boring.  I recall the comment from George Washington Smith that white space is just as important as other facade features, if not more so.  Why do McMansionists feel the need to fill every nook and cranny of a home with some ornate this or that?  Restraint!  Understatement! Subtlety!  These should be the guiding principles with which pen is put to paper.

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.