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 firstname.lastname@example.org, I also want to know which year your house was built.
Today Sotheby's International Realty
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.
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.
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.
Good luck! Owen Halliday, Sereno Group