8 Comments

1. 

   W.C. Varones on March 13, 2010 at 8:06 pm

   I toured that place in mid ’09 but it didn’t meet my standards.

   They were looking for $7m+ at the time. It’s a big place but the views aren’t all that. The fact that they got $5m is a big plus for the neighborhood. There were a lot of listings in the high $1m – low $2m and higher that got pulled. A $5m tag on this bastidge should bring some sellers out again.

2. 

   Jim the Realtor on March 13, 2010 at 8:55 pm

   Both of the $5 million sales were all-cash.

3. 

   tj & the bear on March 13, 2010 at 9:35 pm

   That’s cool. IMHO anyone buying $5 million places shouldn’t be financing them.

4. 

   JP2 on March 13, 2010 at 11:51 pm

   “IMHO anyone buying $5 million places shouldn’t be financing them.”

   I’d like to hear why there is no circumstance that someone should finance a $5 million place.

5. 

   David Overfield on March 14, 2010 at 12:01 am

   Nice homes on this tour.

   I’d concur on the no financing above say $1 million. Paying cash would end foreclosures and volatile price swings.

6. 

   Joe on March 14, 2010 at 12:32 am

   It’s a nice house….but $5 million? I would buy something else in Old Del Mar…something a little more off the street. It just doesn’t seem like a $5 million dollar home.

   As for the house on the ocean…it’s a great house. But it looks strange that your next door neighbor’s house looks exactly the same. Building one house on those two lots would have been better…it could have been a spectacular home…and for $5 Million…only a one car garage?

   For $5 Million, I would be buying either on Neptune (with a sea wall!)…there are some nice ones on Neptune and it’s cheaper in Leucadia.

   I would probably buy in Rancho Santa Fe.

   These are in the $5 Million range in the ranch:

   Grand scale one-level living in one of the most convenient and private locations in the Covenant with stunning views. Beautiful distressed hardwood flooring throughout, wine country limestone, iPod stations in bedrooms and public rooms, welcoming outdoor entertaining areas with a built-in fireplace and BBQ, five star workout gym facility, guest casita, hand carved craftsman built-ins throughout, wine area in pantry, and an incredible chef’s kitchen. The timeless design and quality will have you staying for a while.

   http://www.dreamhomesmagazine.com/Home.cfm?id=144627

   This one take the cake…ocean view from the top of a hill in Rancho Santa Fe! Sign me up…and it’s less than $5 million.

   http://www.dreamhomesmagazine.com/Home.cfm?id=152115

   8,500 Square Feet…4.07 acres…4 Bedrooms/5 Baths & 2 half baths…

   Watch as the morning sun crests over the mountains and continues in its trajectory to the Ocean to spectacular sunsets! This classic Mediterranean has a modern flair with its huge spaces, a tremendous Great Room, wonderful arched hallways, a spectacular Master Retreat, multiple windows & doors for maximum views & its graceful flow of space. Privately hidden on this gated hill-top of wide-open sprawling grounds, its pool & cabana looking to the mountains, the gazebo towards the Ocean!

   Sorry…I just can’t see spending $5 Million on that Del Mar home when I can have a 8,000 sqft home in Rancho on over 4 acres with a one-of-a-kind, panoramic ocean view.

   I wish I had $5 million…

7. 

   The Blur on March 14, 2010 at 11:21 am

   “I’d like to hear why there is no circumstance that someone should finance a $5 million place.”

   If you’ve got $1 million to your name and want to use it as your down payment and then qualify to borrow the other $4 million based on income, it’s a bad idea.

   However, I’m sure there’s people out there with over $5 million cash who would rather borrow money cheap and put their capital to work elsewhere – hopefully returning better than what they’re borrowing at. Heck, you can get a collateralized loan for under 2% these days if you’re talking big dollars (rates are usually variable, though – based on LIBOR.)

8. 

   The Blur on March 14, 2010 at 2:37 pm

   Come to think of it, the lending scenario I mentioned above would probably look like a cash sale.

   Maybe the better question is whether or not it’s intelligent for an individual to borrow millions of dollars at 5%+ over 30 years. I’m gonna side with TJ and DO on this one.