There is an amazing ocean-front home in Del Mar, consisting of 5 outbuildings (totaling 10,700 SF) which include a main home, 2 guest houses, pool, tennis court, health spa, theater, and a greenhouse, that has been on the market since July 2005 that is in escrow and due to close soon, if rumor, and the Union Tribune, are accurate.

The price?

Well it was listed at $50 million, which will about double the previous record for the highest price sale (at least publicly known). San Diego real estate is not known for being inexpensive, but this number makes our expensive stuff seem a bargain. No, it's not quite the new Bel-Air listing of $125,000,000 announced recently, nor Donald Trump's palacio in Palm Beach (also at $125 million I think), nor the $155 million estate being built in Montana.

The Del Mar home (which I have not seen but have driven by) contains all the opulence, luxury and superb finishes and materials one would expect, with fabulous views (and rare 120-feet of ocean-frontage protected by complex sea walls) made even better with disappearing glass walls. The Del Mar housing market is one of the most expensive in the county, along with Coronado, Rancho Santa Fe, and La Jolla, but even this is pretty astounding.

Guess I will have to be careful with the monthly stats I always report. This sale will really throw off the average price in Del Mar for May, or whenever it closes. Wonder what that will do to neighbors' values?

 

UPDATE JUNE 20, 2007 - well, the record is official. The property on Ocean Front Avenue in Del Mar closed on 5/30/07 at a record price for San Diego at $48,150,000 for a 10,700 SF home (well,multiple buildings). Pretty amazing. That $4,500 per SF.  Hmmm, another billionaire in the area.

 

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16 Comments on San Diego Real Estate Record Soon to be Set in Del Mar

MAY
12
2007
1,101,566 Points 203 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Good Morning Jeff,

Up early reading the paper to, I see, LOL . I spoke with Scott and he sort of handled the questions. I could not get him to take off the mortgage broker ad, he simply requested a better picture of him.

Business is so slow I am going to Big Bear today. I will take pictures but will have to wait a few days before blogging them. Seems I am doing to many blogs ( exceeding 10 this week-no points for ranking ) and no love either, lol

Hope your business is improving and that all is well. It was great speaking with you this past week.

Sincerely,

William PS, How does one get the Chat with Me, thing to be on the side bar? Very cool. Does anyone use it?
11:47am • #1
601,567 Points 45 Featured Posts Outside Blog
Jeff, it's good that California (like Florida, which copied CA) has a cap on property taxes for homeowners. That could otherwise eat some of the neighbors alive.
12:37pm • #2
625,942 Points 121 Featured Posts Outside Blog

Jeff ~ It certainly is all about location, location, location! The size of the home(s) is not that much, relative to the price,it's got to be location!  Congrats to the sellers AND the neighbors!

kk 
2:25pm • #3
1,596,397 Points 437 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Thanks, William, I knew about this when it came on the market as well as when it went pending. It's rather understated, but the ocean front adds to the price, of course.

Hmm, maybe I should have joined you at Big Bear today! Have a great time. I enjoyed our conversation the other day.

Jeff
4:04pm • #4
1,596,397 Points 437 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

LOL, Sharon. How true. But then the collection of homes in that ocean-front enclave are all worth 7 and 8 figures. The ones who are reall fortunate are these owners who bought their homes years ago adn stll have the old tax rate.

Jeff
4:06pm • #5
1,596,397 Points 437 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

KK - yep, the 3 Ls are it, especially for ocean frontage. Even so, it's pretty amazing, as other, larger ocean frontage has sold for far less. Interesting that the buyer has another home right in that area - guess he is adding to the collection! But I suppose it is also like some fabulously-expensive art work - the price will be what someone is willing to pay.

Jeff
4:13pm • #6
131,216 Points 24 Featured Posts
Jeff- Will be interesting to see where the price ends up.. so far the most expensive sale in the beach cities has been just over $10,000,000 but as two tear downs just sold at at a tad over $8m and $9.5m I expect to see some significantly higher prices fairly soon..
4:25pm • #7
111,189 Points 26 Featured Posts Localism Sponsor Outside Blog
Only 50 million? (Hi Mr. Balloon Head LOL).  I think it must be the most beautiful home in California then! I say, call Bono from U2; he has the money and he deserves a place with such natural beauty and dignity! :-0  And I bet he'd make a great client!
7:15pm • #8
299,132 Points 49 Featured Posts Outside Blog
ahhhhh, I'd love one tenth of the usual commission on that puppy.
7:17pm • #9
1,596,397 Points 437 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

LOL, Carole. :) There are also some places in Rancho Sante Fe for sale that will be close records - one for $40M, one for $36 and bunch in the $20s. Incredible. What is amazing is that there are lots of folks who can buy that sort of thing and not think a thing of it. Great to hear from you - you have been hiding...good business I hope.

Maggie - you and me both. One heck of a tax hit but I'll take it!

Thanks for coming by!

Jeff

 
7:23pm • #10
1,388,809 Points 255 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Jeff, I would like to be the Loan Officer doing the loan on that property, then I could take the rest of the year to work on my blogs on ActiveRain :)
8:00pm • #11
1,596,397 Points 437 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Ha Ha, George. Wouldn't that be nice! But my guess is someone buying THIS property is paying cash.

Jeff
8:14pm • #12
MAY
21
2007

A few summers back we used to set up our volleyball court in front of the main House on the sand in Del Mar (29th street) and the owner (Nicholas) from Nicholas Applegate Capital Management used to have one of his workers steal our poles as he claimed it blocked his view of the ocean.  He would also keep our volleyballs if one just so happened to end up in his yard.  It's a crazy property and I can't believe there is a buyer!  Is it in Escrow?

 

Scott
Hi Jeff
1:02pm • #13
1,596,397 Points 437 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Scott - yep it is in escrow (there aqre 3 or 4 parcels and several of them have already closed, but not the one on the main house yet). Sounds like you have had some "interesting interactions" with the sellers. Hope all will improve. Thanks for stopping by and for your comments.

Jeff
1:23pm • #14
JUN
01
2007
297,993 Points 110 Featured Posts Outside Blog
I have a $6 million lending limit. I can't even lend on that property let alone buy it.  I'm depressed.
12:30am • #15
JUN
04
2007
1,596,397 Points 437 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Brian - LOL. Probably a cash deal anyhow. Now THAT'S depressing. :)

Jeff
9:58am • #16


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Jeff Dowler ~ Carlsbad Homes for Sale ~ 760-840-1360, Jeff Dowler (Solutions Real Estate (CA DRE Lic. # 01490977)) Ambassador_large

Jeff Dowler ~ Carlsbad Homes for Sale ~ 760-840-1360

Jeff Dowler

Carlsbad, CA

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