Our New Listing in La Jolla

Here’s our new listing of a luxurious 2,679sf single-story home with view in gated Windemere at the top of Mt. Soledad in La Jolla! Extensively upgraded kitchen that combines nicely with family room for full size great room with views, plus a private outdoor experience in back.

2841 Caminito Merion, La Jolla

3br/3ba, 2,679sf

YB: 1977

LP = $1,750,000

https://www.zillow.com/homedetails/2841-Caminito-Merion-La-Jolla-CA-92037/16852581_zpid/

Median Sales Prices by Area

It’s been ten years since the bottom of the market.

Let’s see how the annual median-sales-prices of detached-homes have changed:

Town or Area
Zip Code
2009
2014
2019
10yr % chg
Cardiff
92007
$785,000
$1,180,000
$1,408,000
+79%
NW Carlsbad
92008
$587,000
$740,000
$999,500
+70%
SE Carlsbad
92009
$690,000
$825,000
$1,085,000
+56%
NE Carlsbad
92010
$528,750
$650,000
$830,000
+57%
SW Carlsbad
92011
$696,500
$850,000
$1,113,050
+60%
Carmel Valley
92130
$855,000
$1,090,000
$1,345,000
+57%
Del Mar
92014
$1,350,000
$1,625,000
$2,000,000
+48%
Encinitas
92024
$720,000
$955,000
$1,409,000
+96%
La Jolla
92037
$1,450,000
$1,640,000
$2,100,000
+45%
RSF
92067
$2,325,000
$2,476,596
$2,550,000
+10%
Solana Beach
92075
$1,075,000
$1,326,000
$1,462,500
+36%
NSDCC MSP
All Above
$815,000
$1,013,000
$1,325,000
+63%
NSDCC Sales
All Above
2,204
2,813
2,801
+27%

Takeaways?

  1. Everywhere’s a million!
  2. Most areas had their median sales price rise more in the second half (2014-2019).
  3. The number of sales is very impressive, given the run-up in pricing (we had 2,781 sales in 2018).
  4. Pricing in the Ranch has averaged +1% per year, which proves we can live with flat pricing for 5-10 years.
  5. Encinitas is less like Carlsbad and more like its ritzy neighbors to the south. Maybe it’s the culture?

https://encinitasca.gov/Home/City-Calendar/ctl/ViewEvent/mid/774/OccuranceId/3336

Papa Doug

You may have seen the Wall Street Journal’s feature on Papa Doug’s listing that he’s hoping to sell for $10 million more than he paid in 2015.  The Reader picked up a few more details – an excerpt:

Manchester finally managed to untie the knot with first wife Betsy, whom he married in January 1965, in 2013. During the couple’s contentious four-year-long divorce proceedings, Betsy unrolled a bevy of anecdotes about her husband’s over-the-top lifestyle.

“As an example of the standard of living that DOUG and I enjoyed during our long marriage, in 2007, we threw a birthday party for DOUG at the Manchester Grand Hyatt,” wrote Betsy.

“There were over 220 guests, and the party alone cost more than $200,000. We then flew to Costa Rica on a private Gulfstream IV jet and went on a week-long cruise in Costa Rica aboard a chartered 165-foot private yacht. After the cruise, we returned home on the Gulfstream IV jet.

“The Costa Rica trip cost in excess of $350,000.”

Manchester married Geniya the weekend before Christmas 2013 in similar style, causing one neighbor to complain on Twitter, “Did Papa Doug Manchester have to disturb all of Carmel Valley with his marriage fireworks last night? My dog barking like crazy.”

Then followed a merry-go-round of high-society party life and eight-figure residential real estate deals, including the purchase in 2015 of the historic Fairholme estate in Newport, Rhode Island for $15 million, which he flipped for a reported $16.1 million in February of 2016

Also, in 2015, Manchester picked up Foxhill, the sprawling La Jolla estate of the late Union-Tribune publisher Helen Copley, from the estate of her son David for about $27 million. He subsequently sunk additional millions into the property for extra bedrooms and other accouterments to accommodate his wife and the couple’s three young children.

Now, with his latest try at homespun marital bliss history, per the court filings, Manchester, father of a total of eight children and grandfather of thirteen, has placed the real estate on the market in two parcels, asking $37 million for both.

“Mr. Manchester’s spokeswoman said he is selling to ‘ downsize,’ reports the Wall Street Journal, which also offers a description of what it calls “an elaborate French chateau-style estate” equipped with “its own four-hole golf course.”

“The estate is about 27,000 square feet and has historic flair, with four-poster beds, gilded detailing, original moldings, wood paneling, chandeliers and stained-glass windows,” according to the account.

“A billiards room is outfitted with plaid carpeting; lampshades have fringe details topped with gold fox ornaments. One of the bedrooms has blue coffered ceilings, blue patterned carpeting, and gold-and-blue curtains with ornate tassels.”

Link to Full Article Link to Zillow Listing

Shulman Exhibition

Architectural photographer Julius Shulman (1910 – 2009) shot over 200 projects in San Diego.

His clients were architects, publishers, construction companies, and developers, and included notable San Diego architects Lloyd Ruocco, Sim Bruce Richards, Henry Hester, and Frederick Liebhardt. Shulman’s work, spanning seven decades, documented the region’s evolving 20th century architectural landscape, and he played an instrumental role in sharing California’s unique post-War modernism with a wide audience.

This exhibition presents selected photographs from Julius Shulman’s projects in La Jolla, represented in both vintage and contemporary prints, and ephemera that contextualize this historically significant work.

Date And Time

Fri, September 27, 2019

5:00 PM – 7:00 PM PDT

Location

La Jolla Historical Society

780 Prospect Street

La Jolla , CA 92037

Free Show – Register Here

Razor House Sold Again

Josh came down from Beverly Hills to round-trip the Razor house, which had sold for $14,097,000 in 2011. It closed yesterday for $20,800,000.

The previous sale did have some hair on it:

Public documents show what the new owner paid is lower than liens on the home, which totaled about $22.7 million. Burns, who expressed interest in the home about seven months ago, initially offered more than $16 million but in October dropped it to $13.9 million. He won out with his new bid after negotiations that resulted in concessions from some of the lienholders.

Here’s a sample of Burns’ negotiating skills in an Oct. 20 letter addressing Leslie Gladstone, the trustee in the Cooksey bankruptcy case:

“This new offer is lower than my first offer because the lack of other qualified buyer offers over the last months of heavy advertising proved that my past offer was above the Fair Market Value of the property,” he said.

Burns continued to say: “The First Mortgage Holder (Bank of America) will need to ultimately decide if it wishes to own this property, or if they would like to achieve their maximum recovery now and be free of the expense and liability of owning a property that has been the white elephant for four years.”

A court record dated Dec. 7 shows Gladstone agreed with Burns’ argument on the distressed home.

“This immediate relief is appropriate because Bank of America will foreclose on the Property if the sale does not close prior to December 31, 2011,” said Jeffry A. Davis, attorney for Gladstone.

The property, the work of renowned San Diego architectural designer Wallace E. Cunningham, is unfinished and has never been occupied. The new owner plans to work with Cunningham to complete the design.

The seller did install a kitchen, and staged it nicely – and included the photo above which helped disclose a possible annoyance with the property/location – you get the paragliders flying by:

Here is the Visa commercial that featured the home:

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