There are four adjacent lots for sale on Casanova between Ocean and 4th avenue shown in the diagram below. Lots 19, 21, and 23 have historic cabins that cannot be torn down, but may be updated. In order to preserve the integrity of the Casanova lots, 17 must be sold with 19, and 21 must be sold with 23. This will make more sense as we delve further into what the project entails. Another possibility would be for an investor to purchase all four lots. Lots 17 and 19 are listed for a total of $1,950,000 due to lot 17’s smaller size, and lots 21 and 23 can be purchased for $2,100,000. These prices, if you look at comparable lot sales in Carmel-by-the-Sea, reflect the current market value.
Note that lot 17 is 3500 square feet, 500 square feet smaller than its neighbors 19, 21, and 23. There is a small shaded square on the top right side of lot 23 – this is just a storage room and is not historic.
Casanova Lots 17 and 19 | Carmel-by-the-Sea Investment Property
The west end of Lot 19 has a historic cabin that will be used as a guest house. A large main house will be built between lots 17 and 19 on the Eastern end of the lots with a 2 car garage. A large patio with ocean views will sit just above the elevation of the guest house to create a great orientation.
Casanova Lots 21 and 23 | Carmel-by-the-Sea Investment Property
We hired architect, Thomas Bateman Hood, to create conceptual sketches for this project. The existing structure on lot 21 is a historic cabin, and lot 23 has a similar size historic cabin. Thomas’s design would utilize the current structure on 21 as the main house, and expand upon it to create a large 2,600 square foot main house plus renovated guest house and two car garage.
Bird’s Eye View
Keeping the Trees in Mind
In Carmel, we love our trees. Thomas worked with an arborist to identify the trees that must stay, and he worked around those trees when he formulated these sketches.
The seller has acquired 72 credits of Mal Paso Water to be distributed amongst the four lots. This is enough water for 3 bathrooms for each of the projects. More information on Mal Paso Water Entitlement can be found here.
Historic Nature of the Properties
The three historic cabins form a unique triangle that must be preserved as indicated by the Carmel Historic Review. For this reason, the best possible approach for this project would be to sell the lots in two’s, or all four, then build two large homes and update the historic cottages as guest units.
Location, Location, Location!
As they say in Carmel, it is all about the location! We have a Carmel-by-the-Sea investment property perfect for those looking for an innovative project. Many Carmel buyers love the Golden Rectangle (Santa Lucia, Dolores, South of Ocean, and Scenic). However, homes North of Ocean Ave, particularly Northwest Carmel, are quietly becoming the preferred location due to the privacy, value, and ocean views. Once completed, these homes will have nice views of the Pacific.
Investing in a Performance Home
If you keep up on our blogs, you might know how passionate we are about the sustainable home building movement. Rob Nicely of Carmel Building and Design specializes in building performance homes, and he is very familiar with the Casanova lots. Rob would be a great contractor for this project if you are looking to set a new standard for the way Carmel homes are constructed. More on sustainable home building can be found here.
Here are links to the listings. Let us know if you have any questions or if you would like to schedule a showing.