Guestimates Needed: Price Differences on Lot Size

H

happycat

Member
There are two new houses both in the 1.3 mil range in Irvine, all things (location, sf., floorplan, view, etc.) are the same except for lot sizes.
 
One is 5000 sf with a 24 ft deep back yard.
The other is 4000 sf with a 11 ft deep back yard.

What would be a realistic price difference when it comes to resale?

30k? 50K? 80K? 100K? 

Thanks!
 
in theory, the same price differential that exists now would be the difefrential in resale.
 
happycat said:
There are two new houses both in the 1.3 mil range in Irvine, all things (location, sf., floorplan, view, etc.) are the same except for lot sizes.
 
One is 5000 sf with a 24 ft deep back yard.
The other is 4000 sf with a 11 ft deep back yard.

What would be a realistic price difference when it comes to resale?

30k? 50K? 80K? 100K? 

Thanks!
Click to expand...

It wasn't as much at Strada Orchard Hills as we expected when we were declining lots for months waiting for one with a ~20' setback. We paid roughly a $30K premium. It's difficult to know exactly, because part of the premium itemized in our purchase agreement includes location/view (end of cul-de-sac / orchard view).
 
With minimal hardscaping, the difference in value will be almost same as what you pay now for these two lots. However, the lot with 24 ft setback offers more options for landscaping and usability. So if you invest and make it more appealing, you would see a big difference in value.
 
i1 said:
Fwiw, sub developers pay the master developer around 100-125 psf for the lot averaged out over an entire tract.
Click to expand...

That would be $5 million per acre. I would hope that it includes improvements, and doesn't include cost for the land used for parks, roads, etc.
 
happycat said:
There are two new houses both in the 1.3 mil range in Irvine, all things (location, sf., floorplan, view, etc.) are the same except for lot sizes.
 
One is 5000 sf with a 24 ft deep back yard.
The other is 4000 sf with a 11 ft deep back yard.

What would be a realistic price difference when it comes to resale?

30k? 50K? 80K? 100K? 

Thanks!
Click to expand...

Product A - 5,000 SF at 70% FAR yields a 7142sf lot (71.42' x100') and has a 24' deep back yard. This is a 4.25unit per acre project. Construction cost at $90/SF the house hard cost is $$450,000. At $4m/ca each lot costs $941,176. The total raw cost is $1,391,176

Product B - 4,000 SF @ 70% FAR yields a 4971 SF lot (57.14 x (100'- 13')) has a 11' deep backyard. 6.1 units per acre. Construction cost at $90/SF the house hard cost is $360,000 AT $4m/AC each lot costs $655,737. The total raw cost is $1,015,737

The raw cost difference is $375,439



 
Thanks, good info!  Well, both houses are 3200 sf, the only difference is the lot sizes. The entire tract is in the 50x80 configuration. The 5000 sf lot is slight longer(50x100), but also got pushed forward a bit, so front set back is smaller to yield the deeper backyard. 
The difference should be just the land cost about 100k?
 
happycat said:
Thanks, good info!  Well, both houses are 3200 sf, the only difference is the lot sizes. The entire tract is in the 50x80 configuration. The 5000 sf lot is slight longer(50x100), but also got pushed forward a bit, so front set back is smaller to yield the deeper backyard. 
The difference should be just the land cost about 100k?
Click to expand...

That's actually good that most of the extra lot size goes toward a usable private backyard. I'd be willing to pay about 75K-100K for the extra yard size, I think, provided everything else is the same including what type of road it backs to (interior or thoroughfare road), and same north/south orientation and access to sunlight. I used to think a bigger setback in the front looked more impressive, but nowadays with all the water restrictions, I think its better to have less front yard setback that you have to water and maintain to the HOA specifications. Even better if there's no room for a front lawn or grass.

 
What's the ideal position of a house? With two story homes, there can be huge dead spots on the north side, making landscaping decisions more difficult. However, if you're into hardscaping the entire backyard, maybe you want the rear of the house facing north to benefit from the shade?
 
Perspective said:
What's the ideal position of a house? With two story homes, there can be huge dead spots on the north side, making landscaping decisions more difficult. However, if you're into hardscaping the entire backyard, maybe you want the rear of the house facing north to benefit from the shade?
Click to expand...

As you imply, it depends on how you intend to use the backyard, so there's no ideal position that fits everyone. A gardener might want a south facing yard with lots of sun. Someone who dislikes sun, or wants relax in the yard in relative shade in the afternoons might want a north or east facing yard to avoid afternoon sun heating up the kitchen and great room.
 
As a rule of thumb. It's always desirable to get the biggest rear yard regardless of sun orientation. If the yard is in shade hopefully the yard is big enough the house shadow does not cast entirely over the yard if it does its is propably too small and skip it.
 
California Room is to protect those Asian porcelain skin. Don't kid yourself. There is no such yard in Irvine that can have total sun and be out of the way of neighbors house shadow. Love your optimism!


nyc to oc said:
Perspective said:
What's the ideal position of a house? With two story homes, there can be huge dead spots on the north side, making landscaping decisions more difficult. However, if you're into hardscaping the entire backyard, maybe you want the rear of the house facing north to benefit from the shade?
Click to expand...

As you imply, it depends on how you intend to use the backyard, so there's no ideal position that fits everyone. A gardener might want a south facing yard with lots of sun. Someone who dislikes sun, or wants relax in the yard in relative shade in the afternoons might want a north or east facing yard to avoid afternoon sun heating up the kitchen and great room.
Click to expand...
 
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