zoomlen, Home Owner in 94022

Hi...How much more added value does a 4200 sq ft home on a 2.87 acre lot vs a 1 acre? Great hill views, one mile from 280. NOT splittable. 5B/3 1/2.

Asked by zoomlen, 94022 Sun Nov 10, 2013

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11
Having larger usable lot makes a big difference these days. Nowadays most buyers would rather have an older house on a large lot than a newer house on a tiny lot.
0 votes Thank Flag Link Fri Apr 11, 2014
Hello Zoomlen,

How much more added value does a 4200 sq ft home on a 2.87 acre lot vs a 1 acre?
Now I can not tell you exactly how much because I did not see the land, but I can tell you it is big difference.

The large land is especially much more valuableI to my chinese buyers. Since you have 2.87 acre lot and one acre level lot, I current have three buyers who are looking for the house with large land in Los Altos Hills and Palo Alto. At present, I have a listing that is old house with 80,000 sq ft land in Los Altos Hills and another listing that is also old house with 32,000 sq ft in Los Altos. Please contact me at 408-667-2527 or sophiasong.lg@gmail.com, I also want to know which year your house was built.

Sophia Song
Today Sotheby's International Realty
0 votes Thank Flag Link Mon Nov 11, 2013
The bottom line Zoomlen, if the land is usable, specifically in Los Altos Hills, it appreciates nicely with time. The stricture is decaying with time and depreciates.
0 votes Thank Flag Link Sun Nov 10, 2013
Space for future improvement does need to be "usable" - though you can certainly stilt some improvements when flat space isn't available. Buffer space doesn't need to do anything but buffer effectively.
0 votes Thank Flag Link Sun Nov 10, 2013
Hi ......thank you for your answer..........Does 'useable' acreage add value, such as room for pool, playing structure, tennis court and/or plenty of vineyard space?......Also, doesn't acreage have value in "buffering" oneself from the visual and noise of neighboring homes?
0 votes Thank Flag Link Sun Nov 10, 2013
It really depends on the location and what you or the potential buyer wants to do with the property. In short, it adds about 3 horses to your property.
Web Reference: http://talisrealestate.com
0 votes Thank Flag Link Sun Nov 10, 2013
That's pretty funny!.......So, can't we advertise that the property is 'perfect' for some REALLY expensive horses?!
Flag Sun Nov 10, 2013
Acreage adds a lot to a home's value - if it provides a specific function.
The most desirable function is separation from neighbors or roadways to provide insulation from noise and light.
Another is the ability to add more improvements in the future, e.g. expansion of the existing structure, guest home, workshop, additional garage, swimming pool or tennis court. You can't add the value of those potential improvements to the property today, but the potential to add them (if zoning/permitting allows) does add some value.
Home buying - at least in the luxury market segment - is often about buying dreams. Sellers can maximize their sale price if they combine a marketing message that includes what exists today with what could exist in the future. Show a path to making the buyer's dream come true.
0 votes Thank Flag Link Sun Nov 10, 2013
Thank you for your answer John.....In the 'old' days, our home was considered a 'mansion' on the knoll; Now it's just a charming little chateau, but can be added to with perhaps an additional 2500 sq feet, along with a pool, tennis court or vineyard.....I guess that meets your "specific function" desirability.......
We have lots of privacy and quiet and no ugly electrical lines in sight......
Flag Sun Nov 10, 2013
zoomlen:

I meant to write in my first sentence that you should ask questions of the agencies and jurisdictions to determine whether the larger acreage makes a difference. Somehow, my first sentences got truncated into one. The short list of ideas for questions I gave in my answer is a starting point for you.

Mitchell Pearce
mitchell@handsonrealtor.com
408-639-0211.
0 votes Thank Flag Link Sun Nov 10, 2013
Acreage adds very little to a homes value.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Sun Nov 10, 2013
Zoomlen:

I think you should ask the county, if it is in unincorporated or the city it is in if it is in an incorporated area. For instance, in Santa Clara County, 2 acres allows a second dwelling of 1,200 square feet. Less than 2 acres allows a smaller building. So that, plus whether the topography will support a place for the second dwelling, plus whether there is a spot for a tennis court, pool, or horse corral, vineyard, garden, play structure, barn, studio, etc. determine the value of the additional acreage. 2ndly, you need to determine if there are any development show stoppers such as endangered or protected species on the property, the politics in the area to determine if each agency will go out of its way to prevent further development or encourage it etc.

Each jurisdiction has different rules. If you are not sure of the questions to ask, and of which jurisdiction and agency, I'll be happy to meet with you and go over the development process, which agencies, given the topography, vegetation, and location you'll need to deal with. The most important issue is not what you questions you ask, but how you ask them and to whom when it comes to getting what you would want to do with the property green lighted. Please give me a call at 408-639-0211. If you start talking about your plans and give the location on Trulia, you'll be so inundated with calls and emails that you'll wish you hadn't.

Mitchell Pearce
408-639-0211
mitchell@handsonrealtor.com
0 votes Thank Flag Link Sun Nov 10, 2013
Hi Mitchell.......Thank you for the warning!......To add some info, I attampted about 13 years ago, or so, to split one acre off, and failed.........I was about .2 acreas short! As I recall, the MFA is about 6,800 and the MDA about 16,000......Our home looks like a little chateau with wonderful hill views......
Flag Sun Nov 10, 2013
It adds some value but not as much as you'd hope. It really depends on how usable/level the land is. EG: could you put a tennis court or play structure? Could someone add a small vineyard? If it is mainly unusable scrub and oak, then not much value add at all.
Good luck! Owen Halliday, Sereno Group
0 votes Thank Flag Link Sun Nov 10, 2013
Zoomlen: I know your house! Sounds like you might be thinking about selling again. If you are interested, contact me off line and I'll share some more feedback. Owen
Owen
Flag Sun Nov 10, 2013
Hi Owen.....The home sits on a flat one acre on a knoll, then slopes down about a 20% grade in the back where a tennis court and/or a small vineyard would look very nice.....The lawn surrounds the entire home with a nice play area available. We're one block to Palo Alto Golf Course, too......Also, enough room for a small pool on lawn area or could be places looking down at pool/tennis court/ vineyard............
Flag Sun Nov 10, 2013
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