Typical these days – lots of lookers, and about $4, will get you a cup of coffee. This 10,022sf house was foreclosed, and listed by Union Bank for $2,599,000, which was about half of the former owner’s previous list price. The dump on price created a stir, but how many buyers are there for a super-custom contemporary? The bank has requested cash offers only, and at least two have been submitted:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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It even had the space station hum, and the intruder alert going off every 30 seconds. That house is going to sell over list. I’d guess about $3M.
We keep our horses at that ranch behind the Space Station, Carmel Valley Ranch…which has been there for 70 years or so, maybe more. I watched when this was being built. Everyone thinks it is so ugly at “the ranch” and the contrast between that and the horse ranch behind it is quite shocking. My Mom & I were wondering why anyone would put up a 10,000 sqft home right next to a horse ranch. And I’m here to say that this horse place has quite a few horses.
It is so needlessly big. They should have done what the guy across the street did….one story, 4,000 sqft something…good looking. The interior on this one is kind of cool, but those bathrooms get a little old quickly. All that tile?
That freeway noise kills it though and that ocean view isn’t much to write home about.
I think the first of the two half baths is actually the laundry room, although I could be wrong. Also, I think that for most banks to loan money on a house, it has to be at least technically move in ready-which means it needs a stove, which is missing here.
It also seems a lot smaller than 10,000 square feet, unless there were some rooms you didn’t show.
I wouldn’t mind the place if I had two point whatever million burning a hole in my pocket. Very modern, but not ugly.
Jim, nice hustle up those stairs. Thanks for the space station tour. I think it looks sort of like a Nike outlet. Marvin the Martian’s house perhaps?
Nothing at all warm and inviting. Other than being “modern,” it lacked any architectural details that make most custom homes really stand out. It’s just **big,** and not much else.
Kinda reminded me of an Ikea store. Glad you made it out!
This space station is better than those all typical faux mediterranean taco crap we have here in OC.
I love those floors. I also like the multi-level bathroom counters for reasons I can’t pin down. I’ve reached the point in my life where I am dying for utterly maintenance free and those floors sure scream that.
Thanks for the tour, Jim!
I am a HUGE fan of modern, but this place does very little for me–it is much too cold. I did like the pool and the view–great location!
I don’t think I could get wife buy in on something like that. But if modern is what you’re looking for this is a nice solution. Everything you want in a house. Seems like the kind of place two guys would settle down in.
Did you ever find the other bedrooms? I counted 5 in the main house: 1 down and 4 up, probably 1 for the guest house, but that leaves 2 unaccounted for. I agree it sure doesn’t seem like 10,000 sq. ft.
not financiable because its not ‘move in ready’???
It’s been documented on this blog that lending/loans raised the value of the asset. Therefore, why would a bank with over $3mm invested in a note (now REO) not spend another $50k to make the place ‘move in ready/financiable’?
I dare say that if you can finance that place at even 50% LTV you’d get another $500k vs. all cash. (You can debate my $500k guess, yet that isn’t the point of the post.) The point is $50k spent will move it faster, open up bidding to more parties, and likely return a higher net return given the large $$$ on this particular asset.
On lower priced homes (i.e. JTR’s roach coach) you don’t get the opportunity for the large multiple return on the fix up costs/efforts. However, on assets like this, much more room on the upside.
The place has a pronounced industrial look, and I can’t stand it. Mostly grey, with very little green.
I imagine a potential buyer could be a VC guy down the road or a football player. Would have to be a single guy no doubt- party house and easy to hose off after the wild parties.
Or Roadrunner sports could move in there.
Jim I am no longer in SD, where is this house in relation to the road that they are going to build- it will lead from the 56 unfinished exit up the hill to the mesa- right? Will it run right next to this house? 4 laner?
Definitely got the decor! Someone will pony up the cash for this one. All you need are a few antenna on top for reception.
Too often `modern`is code for some architects` ego trip.
My 3 year old grandson would have a field day running through these rooms.
I too like modern homes. But not this one. They built a house but not a home.
My guess, law enforcement buys it to use as a safe house.
I think the unaccounted for bedrooms were at 4:07 in the video where I was about to walk down the hall but turned around.
spend another $50k to make the place ‘move in ready/financiable’?
$500 spent on a stove, and I think it would be financiable.
where is this house
It’s at the very beginning of Del Mar Mesa, just up the hill from Carmel Country Rd exit.
Very funny HAL, now open the door. HAL?
Sorry, but to me, this is an unstocked Old Navy store. It is not “Jetsons.”
This is Jetsons…
BTW, thank you very kindly for going to the trouble of letting us get a look around inside.
You are welcome.
Two offers are in already, which usually means they’ll get close to list, or over.
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Thanks for the tour Jim. To those that think the place is too modern/cold/ etc, don’t forget there’s no furniture to “soften” the overall feel of the place.
The contractor who built the house was contacted about repairing, and he quoted $300,000 to bring it back to it’s original glory.
Thanks for the tour. I’m quite surprised at how bland the interior architecture is. The outside brags, but the inside snores. If you’re going to spend that much why not MLS 100014000. I suppose because this one has 10,000 sq ft — the “Costco bulk discount” approach to housing.
The thing that really turned me off was the floors. Just…ew. Who thought it was a good idea to run that all the way through the house? Just one or two well placed circles would have set up a signature, no need to scrawl it all through the house until it looks messy and tired.
I thought I would die laughing when Jim showed the ranch across the street. Obviously there are a couple of buyers at least who love the house AND like the aroma of horses.
Looks like the space station is a perfect set-up for Heaven’s Gate Part Deux to occur.
I went to see this house – it was packed. Thought I saw someone writing an offer. Saw it was in contract, now see on web that it fell out of contract. Does anyone know what is going on and why it fell out of contract- what the status is? I smelled a musty smell in the house – wonder if it was the horses you mentioned? Also smelled something not right in the wine cellar? Possible roof leak indicators over the center island in the kitchen. Curious what the story is.