«
»

Friday, July 30th, 2010 at 11:21 PM

Just Another Spec House

There are 28 houses for sale in Rancho Santa Fe, 92067 between $7 and $30 million.  There has only been one sale this year over $7 million, which was $7.8 million and you can see it here: http://www.previewfirst.com/mls/video/18745

Here’s one of the 28 for sale, and just what everyone needs – a 15,235sf new house on 5.44 acres in the Covenant…..with its own cabernet sauvignon vineyard: 

Posted on Friday, July 30th, 2010 at 11:21 PM in Jim TV, North County Coastal, REOs for sale | 15 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 15 Responses

  1. Wonder what WF’s holding cost is for electric, water and landscape? Hopefully they will quickly find someone with big bucks who does not mind living down in that canyon.

    GW | July 31st, 2010 at 12:22 am

  2. Hi Jim
    It may be a little off topic, but I wonder what happened actually to the trammel crow bluwater-crossing condo project near the poinsettia coaster station. Did they sell something & is pricing more reasonable ? An update would be cool (if it fits into your schedule of course :) )

    KBX | July 31st, 2010 at 2:50 am

  3. I had an idea what to do with the place, but that line of business isn’t legal in California.

    However, if it were in Nevada… ;)

    François Caron | July 31st, 2010 at 8:23 am

  4. Wells Fargo paid property taxes on this house of $114,576.58 last year. The Governator thanks you.

    GameAgent | July 31st, 2010 at 10:40 am

  5. A $15 million dollar spec house in RSF? How many possible buyers could there be in any given year; single digits maybe???

    It is a very nice looking home, so someone will probably get a deal.

    The home theater didn’t look that large, maybe it was the lighting.

    The owner will get a workout just walking around the place.

    David Overfield | July 31st, 2010 at 2:00 pm

  6. What a great property. Crazy to hear the story of its history.

    Hotel Santa Barbara | July 31st, 2010 at 4:12 pm

  7. I did a double take / rewind on the giant chess board… ???

    osidebuyer | July 31st, 2010 at 9:14 pm

  8. Very snazzy, but way too many stairs. You’d also need full-time cleaning and landscaping crews just to keep up with it! Holy smokes, that’s a lot of work!

    CA renter | August 1st, 2010 at 12:50 am

  9. Cost to built this monster is likely $5mm+ for construction/plans/landscape/sitework/permits (excluding interest and project overhead).

    Thus, if they get the price down into the +/-$6mm range someone will be doing nicely and willing to put up with the wierd levels/stairs.

    At $6mm you are getting the land for apx $1mm which is pretty good in the Covenant.

    clearfund | August 1st, 2010 at 10:39 am

  10. If I lived in that house, I’d never visit some of those rooms. I’d need a map to keep reminding me.

    Jeeman | August 1st, 2010 at 4:46 pm

  11. “It may be a little off topic, but I wonder what happened actually to the trammel crow bluwater-crossing condo project near the poinsettia coaster station. Did they sell something & is pricing more reasonable ?”

    I’ve been loosely following this project for several years. Toured a few of the units, signed up for opening and sales info., etc. Trammel Crow has basically mothballed the project regarding sales. I received an email from one of the real estate agents sitting open house many months ago that all sales has been suspended. A lower price strategy was never attempted, but in the course of talking to one of the agents they did say they would entertain offers, but I don’t believe anyone negotiated any low ball sales. I don’t think any units ever closed, or very few ever did and were perhaps limited to the townhome section elevated over the exclusive retail sales units. A brief google search produced results suggesting they have gone the rental route with units going from $1925 – 3175 monthly (without and with the ground floor retail space). Personally, I liked the general concept, but there were things they could have done much better – general site/unit orientation, parking, storage, outdoor private space, community space, general security, etc.

    Sol | August 1st, 2010 at 5:26 pm

  12. I am currntly at a new job were we have 3 people working out of one (large) house (until office space is finsihed being built out)

    But I can see how one (maybe a two man trading firm etc) could buy this sort of house and work from home. Have a couple employees come there to work.

    I imagine this is probably a pretty common set up (like what I am doing now). It actually works out pretty well.

    LM | August 1st, 2010 at 5:26 pm

  13. LM, are you in residential construction/remodeling?

    Jeeman | August 1st, 2010 at 9:03 pm

  14. Wow! Thanks for the tour. I agree that the kitchen seems small for such a large house. And even the outdoor kitchen with BBQ seems small for hosting a mid size party (i.e. 50 guests).

    FutureRSFbuyer | August 1st, 2010 at 9:42 pm

  15. Sol, thank you very much for the in depth info.
    To be honest I am really curious what their exit strategy will look like.

    KBX | August 2nd, 2010 at 12:50 am

Post a new comment