Just on the other side of the Peacock Veil yesterday, not all that far from Adele Chang's gated Anokia wonderland on Baldwin, there was a rather nasty looking demo happening. I thought I would give you a little before and after look at what went down.
Here is what was to be found at 640 Arbolada Drive up until yesterday.
And this is what happened to it 24 hours ago.
Welcome to a real estate war zone.
We managed to dig up some statistics for you. Just so you have an idea of how the dollars might have played out here. They do tell the tale, you know. They always do.
640 Arbolada Drive was sold for a neat $1,900,000. Which is some fairly high falutin' and fancy spending for what became a close to $2 million dollar tear down. This was a 3,048 square foot one story home on .489 of an acre.
Under the proposed and current rules governing such things in Arcadia right now, here is how things break down. So to speak.
This .489 of an acre demo site equals 21,300.84 square feet. Under the new proposed regulations, the new owners (or developer) would be able to build a two story house of up to 5,600 feet, or one story of sprawling glory up to 5850 feet.
However, under the EXISTING conditions, this potential monument to wretched nouveau riche excess could go as large as 14,000 square feet. You can only imagine what that would sell for when it hits the market.
That is probably what was approved by the City of Arcadia. The plans are likely available from the Planning Department there if anyone in the neighborhood wants to check up on us and see if we are right.
Pretty sure we are.