Value of Lot in South Slope?
Trying to figure out how much a vacant, flat 12×100 lot is worth in South Park Slope between 5th and 7th Aves. I realize this is a thin lot and can’t find easy ways to appraise it. Any ideas on how to go about finding a reasonable value? Or feel free to throw out a…
Trying to figure out how much a vacant, flat 12×100 lot is worth in South Park Slope between 5th and 7th Aves. I realize this is a thin lot and can’t find easy ways to appraise it. Any ideas on how to go about finding a reasonable value? Or feel free to throw out a number of your own! Gimme one of those widgets!
Wilso,
Thanks for the support. That’s exactly my point. Anyone buying this kind of lot needs to know exactly what the potential is. The process of designing such a tight space is challenging but can be a lot of fun if people are willing to be creative. It’s the challenging projects like this which keep it interesting.
I don’t think digging out a foundation would be more difficult than any other lot. If anything, it might even give you a little more flexibility as you can support one side with the other side.
As far as property value, you should take into consideration that according to zoning, only a single or two family home can be built here due to the size of the lot (18 foot wide, 1700 s.f. minimum). A two family is not really reasonable because the stairs will simply eat away too much square footage and width. So you will not be competing with developers but individuals looking to build a house. Check that, crazy individuals looking to build a house. So not much competition.
That being said, 12 feet is VERY narrow. Your looking at a 10′-6″ wide interior space – TOPS. Gotta get creative and make distribution of light the number one priority. I think this is the core of what Jim is trying to say. To say that Jim is missing the point is really missing the point. I would not even think about building on this narrow a lot without getting an architect involved and at least having a concept figured out first. I’m sure many architects (myself included) would love this opportunity and provide pre-closing services on the cheap for the chance of a great design.
What do people see as the risk in developing a 12ft. wide lot. That’s a pretty confined work space. How safe is it to dig out a foundation in such a narrow lot? I assume there are structures on both sides.
Rocky’s the one who posted the FL real estate thread w/ the calendar girl shot. Probably someone replied & he just responded on the wrong thread.
slopefarm,
Yes it is. Thank you very much. Just curious, may I ask how you saw it?
And yes, johnife, I realize that wasn’t exactly what the question was, but I wanted to provide a possible method for estimating not only the value of the land but the potential costs associated with building on it, as I would think that would be a factor in the decision to buy the lot. I assumed that was the intent of the question. Being an architect, I’m predisposed to the idea of buying land for the sole purpose of building one’s dream house on it.
And what’s up with Rocky?
Jim,
Is the house you did on 14th halfway up the block on the south side? Haven’t been inside but from the outside, what I can see of the parlor floor looks great.
I think JimHill is missing the point here; the OP was looking for an idea of the value of the land, not the cost of building a house on it. As Petebklyn correctly points out, the land value is usually related to the area of the building one is allowed to construct on it, whether directly on the lot, or by transferring the air rights to an adjacent lot. Let’s say that the zoning does allow a FAR of 2.0; then, as JimHill says, the lot (absent any other restrictions that may apply) gives you the right to build 2,400 SF. At the height of the “mutant asset bubble” the going rate per buildable SF was around $200. I think that these days you’re probably talking more like $120 – $140 per SF; let’s say $130. $130 x 2,400 = $312,000.
Architect here. I just looked at the zoning map for that area. Most of it is R6B, unless you’re within 100 feet of the avenue, in which case it’s R6A. R6B has an FAR of 2.0 and R6A is 3.0. Multiply that by the area, and there’s your buildable area, so R6B gives you 2400 sq ft, and R6A gives you 3600 sq ft.
Standard new construction will probably be more like $200 per sq ft minimum for habitable space and around $125 to $150 for non (cellar). So R6B: 2400 x 200 = $480K plus cellar and R6A: 3600 x 200 = $720K plus basement.
Whenever I do these numbers they strike me as very high, but that’s where they end up coming in.
Now, there’s another option. One that I mention to all my clients interested in new construction or additions. Pre-fab. In your case, it could be perfect. The size limitation is just under 16 feet wide by 64 feet long. Imagine being able to truck in a whole floor at a time. Imagine stacking those floors in just one or two days, going from foundation to 85% complete in less than one week.
One advantage of pre-fab is that we can build a completely custom designed home off-site, while the contractor is doing the foundation. The whole house could be built in as little as 6 weeks and be ready the day the foundations are complete and the rough utilities are run.
The other is of course cost. We spoke about $200 minimum costs. Cut that in half. That’s what custom manufactured homes cost.
I can tell you that as an architect, I would love the challenge and fun of designing a home to fit in a 12 foot wide lot. I’ve recently completed a major renovation of a 12 foot wide house on 14th between 5th and 6th aves. It turned out great. What was before a cramped, dark, awkward interior is now bright, open and beautiful.
If you’re interested in purchasing this lot, I think it would be a great opportunity for you to build a unique, exciting and affordable home for yourself. How often do you get a chance to do that?
Sorry if this sounds like a snake oil sales pitch, but I can’t help but get excited about what this could be. Feel free to call or email me directly to discuss this further.
Jim Hill, RA, LEED AP
jim(at)urban-pioneering.com
(917) 593-3038
You need to know how big a bldg you can build there. Usually on residential block – somewhere around 2.2sq ft for every sq foot of lot. So you have a 12×100 lot = 1200 sq ft. So maybe can build 2600 sq ft building.
Price is based on that. Maybe about $150 per buildable sq ft.. so $400k tops?
Would need to speak to architect on feasibility of bldg (extra costs ) on a narrow lot..could figure into equation –
.
Maybe could buy for $300k.