Killing Three Birds With One Stone
What do you do with a dated, functionally obsolete* 1950’s rambler a stone’s throw from increasingly swanky Cedar Lake?
In the case of 2425 France Avenue South in St. Louis Park, pop the roof and add a second story.
Such an addition, done well, accomplishes three things:
One. Cashes in on the expensive surrounding neighborhood.
When you can buy real estate for just over $200/square foot** in a neighborhood that supports $400, the smart thing to do is . . . create more.
Even if the upper story costs $300/square foot — the upper range for an addition that doesn’t include a Kitchen — the buyer (builder?) comes out ahead.
That’s why many of the lots with older ramblers near Cedar Lake a decade ago now sport two-story new homes.
Two. Corrects functional obsolescence.
One of the reasons the home initially sat when it came on the market last June at $519,900 (I showed it to two clients) was that the Owner’s Suite was undersized and underwhelming.
Meanwhile, bedrooms #2 and #3 were nice-sized, but covered in dated paneling.
The Buyer’s solution, post-closing?
Demote the existing Owner’s Suite into a very luxe, “en suite” second Bedroom; convert existing Bedroom #2 into Bedroom #3; and use the current Bedroom #3 as a home office – which it looked like, anyways.
I haven’t seen the new upstairs Owner’s Suite, but I’m going to guess it’s state-of-the-art in size, finishes, oversize windows, high ceilings, etc. with an equally deluxe Bath.
Three. Architectural flair.
Too many homes with popped roofs look like a modern second story landed, Dorothy-like, on a completely dissimilar first story.
Not in this case: note the several sets of new, vertical windows, including the pair immediately over the front entrance.
The effect is to integrate the two floors, and ensure that the stairwell to the new upper level is open and light-filled.
Ballpark price for the newly-minted two-story?
I’d peg it close to $1 million — especially if the new owner also updated the Kitchen (I’m building in a 10% or so discount for the busier France Ave. location).
See also, “One Less Rambler Near the Lakes.”
*”Functionally obsolete” in real estate refers to something that still works, but is hopelessly out-of-fashion. A good example is a ’50’s rambler with four small Bedrooms and one hall bath.
**Net of seller-paid points, the Buyer paid just over $450k for the 2,100 square foot (foundation size) home last August.
