Sunday, May 17th, 2009 at 8:26 AM
Big Money
Yesterday we were discussing those high-end buyers – here’s a tour of the Del Mar beach area where the highest sale in county history ($48,150,000) happened in May, 2007. Buyers of the first and third houses shown paid all-cash, and house #2 had a $10,000,000 down payment:
Here’s how T’s looks from above – it runs from the 120 feet of sand frontage back to the tennis court, and includes every building with a tan roof:
Posted on Sunday, May 17th, 2009 at 8:26 AM in Jim TV | 22 Comments » | 
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More HUGE Dough in link below
http://finance.yahoo.com/real-estate/article/107090/Multimillion-Dollar-Home-Price-Cuts?mod=realestate-buy
doughboy | May 17th, 2009 at 9:54 amA fool and their money are soon parted.
arizonadude | May 17th, 2009 at 10:55 amDid anyone see this?
http://nctimes.com/articles/2009/05/17/business/z43a2d4c9addd7066882575b600727ba7.txt
Can you really rent a 820 sq ft house for $1350 in Oceanside? Seems a little pricey to me. Zilpy says $1000 for a 1100 sq ft 1 BD in Oceanside.
Myriad | May 17th, 2009 at 12:23 pmWhat are the opinions on the NC coast?
Coincides with my general impression that there are really three segments to the market…
* The low end where people mortgage to the maximum for their income and the property.
* The middle where people mortgage to the maximum for their income, but bring trade-up equity along as a large downpayment.
* The high end where people buy & finance however they want within their overall means.
Totally reinforces my belief that middle is toast for the foreseeable future.
tj and the bear | May 17th, 2009 at 12:31 pmDel Mar prices are ridiculous. Sure, I’d never be able to afford those beach front properties even at “normal” prices, but most Del Mar sellers seem to think they live in Malibu. It’s amazing to look on Redfin and compare list prices to last sale prices.
BTW, is that Steve Finley’s house in Del Mar that was recently dropped to $14 mil from $21 mil?
The Blur | May 17th, 2009 at 1:04 pmAfter taking my own advice and surfing through listings on Redfin, I see why there’s so little discussion on this blog about Del Mar: It’s not even worth talking about. Unless you’re a multi-millionaire and not worried about losing big dollars on a home, why would you even look?
The Blur | May 17th, 2009 at 1:27 pmSome of those purchases were probably paid back with TARP money.
Is any more proof needed? We have lost our mind.
Consultant | May 17th, 2009 at 3:03 pm
Consultant!
CA renter | May 17th, 2009 at 3:31 pmThe people in Del Mar think they live in Malibu? Heck, the people in Oxnard think they live in Del Mar.
That last. $7+m? How many in Oxnard do you want for $800k?
Jim the Realtor | May 17th, 2009 at 3:54 pmhttp://www.redfin.com/CA/Oxnard/132-Moorpark-Ave-93035/home/4527199
The house I closed on Friday (yeah!!!) is larger than that one, yet I paid less than 1% the cost. Now, there’s no ocean in Riverside, but still-gimmie a break-almost ten grand a square foot is beyond insane.
Geotpf | May 17th, 2009 at 5:18 pmI forgot to say I’m referring to the video poker house.
Geotpf | May 17th, 2009 at 5:19 pmIt’s a beach thing; if there’s sand and you own it, it seems as if it’s the best beach address in the world–to you.
shoppingaround | May 17th, 2009 at 6:47 pmDel Mar gets the beach and the horsey-set cache.
And don’t forget, some of that Ocean Front Dr. area has flooded–seriously. You can be ocean front from door-to-door in the blink of an eye!
I can think of many places at the beach I’d love to buy before I spent it here on a mini-house if I had $7M….
shoppingaround | May 17th, 2009 at 7:11 pmNothing wrong with spending a little dough if you are able to.
Chris | May 17th, 2009 at 9:28 pmOregon’s got the right idea, all beach below the high tide mark is public.
doug r | May 18th, 2009 at 6:31 amLet’s see if T. Boone places windmills on his beachfront.
LC Jim | May 18th, 2009 at 8:12 amActually all beaches in California, except for military, are public. The public can walk on the “wet sand”, below median high tide line. And the median high tide line is creeping inland.
Being a life long surfer and from the Malibu area, the beach at Del Mar really is the best sand that you can front.
Mozart | May 18th, 2009 at 8:14 amIn 2001 we lived in apartment in Oceanside while waiting for base housing (my husband was military). We paid $1,050 a month and I think it was about 925 sq ft. 2 bedroom/2 bath. Detached 1 car garage. We couldn’t put the washer/dryer in the apt, had to use the community laundry area. Where our laundry got stolen.
Erin | May 18th, 2009 at 8:28 amI don’t know what to make of this, but the city of Del Mar stated it doesn’t have enough money to join in the coastal city sand replenishment project to prevent sand erosion. Del Mar and San Diego are the only two cities that have chosen not to join the project in order to save money. Del Mar can’t come up with the money? Something is askew. Either the project is not going to help and Del Mar doesn’t want to waste money or they simply do not have the money. I know Solana Beach, La Jolla and Encinitas are dishing out the cabbage for this controversial project. Now, Arnold is talking about selling Del Mar fairgrounds to help the State bring in some cash? What are they going to build, more houses? What about the ‘drought’? Aren’t we overbuilt in this area?
3clicks from da Beach | May 18th, 2009 at 8:52 amIf houses are selling for $10,000 a square foot-no, they are not overbuilt in that area. That is, clearly demand is greater than supply.
Geotpf | May 18th, 2009 at 9:14 amI concur, I went off on a tangent and was generally speaking. We had a picnic at Powerhouse park in Del Mar over the weekend and I love that area. One thing is for sure though, I see many homes for sale and more vacant office space in the City of Del Mar – still a very nice area.
3clicks from da Beach | May 18th, 2009 at 9:29 amBoony bought in 2007 from Art Nicholas, who built the palace during the tech bubble. Sold it to move to Montana, now back in RSF.
So Not the Billionaire | May 20th, 2009 at 9:58 am