This brand-new 8,969sf single-level home in Rancho Santa Fe just closed for $12,500,000:
Since 2017, there have been 15 RSF sales over $10,000,000, and this house accounts for three of them! It’s a remarkable record that is unlikely to be broken:
April 2017: $10,600,000
December 2017: $10,850,000
January 2021: $10,850,000
It’s also a reminder that the frenzy and rapid price increases are limited to the Under-$2,000,000 market.
Great to hear that Lilian Rice is getting a statue – and a remodel! Meet the participants at bottom:
This month, a life-size statue of the late Lilian J. Rice will arrive at the Rancho Santa Fe Historical Society in preparation for its ultimate destination at the town’s civic center envisioned by the architect back in the 1920s. It will officially be unveiled in May with much-deserved fanfare.
Meanwhile, down the street, an altogether different tribute is underway at a single-level Spanish Revival 3,900-square-foot residence built by Rice for a California-dreaming New Jersey family in 1926.
Come spring, it will get its own place in the sun thanks to a duo of San Diego design powerhouses. Del Mar interior designer Michelle Salz-Smith and Lisa Kriedeman, principal of Island Architects, are seizing a rare opportunity to expand and modernize the organic style pioneered by Rice nearly a century ago.Read Full Article Here
Michelle Salz-Smith creates her own form of minimal eclecticism, where raw materials, hand-forged objects, and distinctive shapes create one-of-a-kind homes in which people commune, contemplate, and connect: https://www.studio-surface.com/home
Tony Crisafi and Lisa Kriedeman are the highly accomplished principal architects creating residences of quiet luxury throughout Southern California, nationally and internationally for more than two decades. https://www.islandarch.com/
John Kingsmill Fine Plaster: kingsmillfineplasters.com
Pat’s 1502 Glassworks: 1502glassworks.com
Plain English: plainenglishdesign.co.uk
Blackman Cruz: blackmancruz.com
Roman and Williams Guild: rwguild.com
Rose Uniacke: roseuniacke.com
This house has a history – it was once the family compound for Alaska Airlines! It was foreclosed in 1994 when the lender received no bids and took it back for the balance owed of $6,372,931 – and they sold it for $3,350,000 six months later. It was then resold for $4,000,000 in 2001.
At the height of the market in 2007, the former owners of this property took out a mortgage for $8,500,000, but the lender foreclosed in 2014. They finally sold it for $2,437,500 a year ago, and those new owners just flipped it for $2,995,000 or $3,750,000 depending on the data source. This time it was marketed and sold as a vacant lot with approved plans.
This is what it looked like in 2017:
This sold for $10,600,000 in April, 2017, and sold again in December, 2017 for $10,850,000.
The 8,251sf home is now listed for $11,495,000 with Compass! Here’s a brief look from last time:
This is one of my all-time favorite videos because of the drone shots of the ranches:
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|
- Everywhere’s a million!
- Most areas had their median sales price rise more in the second half (2014-2019).
- The number of sales is very impressive, given the run-up in pricing (we had 2,781 sales in 2018).
- Pricing in the Ranch has averaged +1% per year, which proves we can live with flat pricing for 5-10 years.
- Encinitas is less like Carlsbad and more like its ritzy neighbors to the south. Maybe it’s the culture?
This just closed Monday for $3,250,000 – here’s my video from January, 2018:
A relatively-modest 2,758sf home on 2.07 acres closed for $2,350,000: