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<br />l8:7579 <br /> <br />I <br /> <br />William Hovanitz, 1160 W. Orange Grove Avenue, made an extensive pre- <br />sentation in part as follows; he felt he could speak with expertise <br />on real estate values and sale prices of homes; by virtue of his <br />building experience he had kept current on valuations. With regard to <br />the original tract (No. 30284) those homes sold for between $74,000 and <br />$79,000. That tract being adjacent to the property he is now seeking <br />to subdivide into four lots. He filed a letter from a local realtor <br />indicating the lots should bring a total of $l35,000. He exhibited <br />and filed diagrams showing lot sizes and sales price therefor. The <br />plan for the new development calls for three lots to face Michillinda <br />Avenue and one facing Green Oaks Avenue-all of lesser dimension than <br />the required 30,000 sq. ft. He felt that the intersection of Michillinda <br />and Orange Grove Avenues with its traffic was a major factor in not <br />holding to the 30,000 sq. ft" that the value of property on Michillinda <br />Avenue is far less than the value of comparable property in any interior <br />street in the Upper Rancho area; that it is a thoroughfare while directly <br />across the street is the City of Pasadena with its Sears Shopping Center. <br />He plans to construct homes at least equal to the size and value of those <br />on the east side of Michillinda and north of Hampton Road and greater in <br />value than those on the east of Michillinda south of Hampton Road; he <br />felt that Orange Grove Avenue would not be affected as the north side of <br />that street is in the City of Sierra Madre with relatively small lots with <br />homes in the neighborhood of from $20,000 to $40,000. One of his exhibits <br />indicated sale prices of homes sold during the last five years in the <br />Upper Rancho which information was obtained from actual escrow and multiple <br />listing data. Plans and landscaping proposed for the four lots were <br />discussed. Some discussion held on a sewer line. He concluded by stating <br />in part that there is no conceivable way the proposed development could <br />depreciate the area, economically or esthetically. <br /> <br />Mr. Levin then submitted a petition signed by l5 property owners in the <br />immediate area of the proposed division of property wherein it was stated <br />that the completion of the project would enhance property values; that <br />if it were not allowed to proceed property values would be seriously <br />affected by further deterioration of the land. It petitioned Council to <br />reverse the decision of the Planning Commission and approve the lot split <br />application. <br /> <br />All exhibits and the document of appeal are in the record of the City Clerk. <br /> <br />'Mr. Levin introduced George Ripper, 499 N. Scanlon Drive, Beverly Hills, <br />who stated in part that as an appraiser of residential properties he <br />recognized that Orange Grove and Michillinda Avenues are both busy <br />streets and if the proposed plan were allowed to go through it would <br />be an added area of development; that at the present time the subject <br />corner adds nothing to the neighborhood. <br /> <br />I <br /> <br />Mr. Levin prefaced his summation with a request which was granted for time <br />for a rebuttal following any presentation by the opposition. He then <br />s.tated in part: that an attempt has been made to show in the light of <br />characteristics of the property that the type of homes which can be con- <br />structed realistically will sell for approximately $70,000; that when ' <br />property directly across the street is selling for far less and with <br />frontage on a street with heavy traffic $l25,000 residences cannot be <br />constructed and sold; that as long as the homes to be bui lt are comparable <br />in ~ize to the homes adjacent to the subdivision, namely the Green Oaks <br />development and Michillinda Avenue, there would be no adverse effect on <br />the market value of surrounding properties; that it would not make economic <br />sense, to insist upon the application of the 30,000 sq. ft. requirement on <br />the subject property because no one would purchase a $l25,000 home at the <br />intersection of Michillinda and Orange Grove Avenues; that it Wl uld place <br />a hardship on the applicant if he were required to construct 30,000 sq. ft. <br />homes; that the only alternative for Mr. Hovanitz would be to combine <br />the lots into two. <br /> <br />2-l7-70 <br /> <br />- 3 - <br />