A look inside this $ 32.5 million mansion in southern California

Blue Heron’s cliff house has three levels in the La Jolla neighborhood of San Diego.

Blue heron

This newly built cliff mansion overlooking the Pacific Ocean in southern California is priced at an impressive $ 32.5 million. It’s one of the most expensive homes for sale in San Diego County, and that price tag competes to break the local record in the quaint community of La Jolla Beach.

Perhaps more interesting than the record-breaking price is that the house was designed and built by the Las Vegas-based builder Blue Heron, who designs and builds luxury mansions almost exclusively in the Mojave Desert.

“I would definitely consider them to be luxury real estate experts and authorities throughout Las Vegas,” said Blue Heron founder Tyler Jones, a fourth-generation Vegas native.

According to Jones, building in the ocean is more like building in the desert. In both environments, Blue Heron’s design is focused on blurring the boundaries between indoor and outdoor living.

“The Mojave Desert is a great place for that,” he said. “But you probably know, La Jolla, San Diego, it’s really a better place to do that.”

Over the past 18 years, Blue Heron has built hundreds of homes – each (except two in La Jolla) in Las Vegas, according to the CEO. Today, the starting price of one of the company’s cheapest desert houses is about $ 1 million, but the average sale price of one of the company’s newly built desert mansions is about $ 8 million. Last year, Blue Heron made headlines when one of its Sin City mansions broke the record when it sold Anthony Hsieh, the billionaire founder of LoanDepot, for $ 25 million.

The 15,000-square-foot mansion in Las Vegas, designed and built by Blue Heron, sold for a record $ 25 million.

Blue heron

About 300 miles from its main business in Vegas, the new coastal mansion in Blue Heron has four levels with a wide deck and an unlimited pool on the Pacific shore.

A glass bridge floats over a living room downstairs and takes visitors to the second floor of the house. The nearly 8,900-square-foot home has five bedrooms, eight bathrooms and three kitchens.

A stone and glass bridge appears to be floating on the seat and fire on the ground floor.

Blue heron

The mansion now known as the House is the second residence Blue Heron has built outside of Vegas. The first, also a specialty house based in La Jolla, was on the market for about nine months before selling for $ 20 million last year. The median for a single-family home in La Jolla was $ 3.6 million in the second quarter of this year, according to data provided by real estate brokerage firm Compass.

So why pay attention to a builder who has made a big bet on luxury real estate in Vegas to break the local record on the shores of the Pacific Ocean?

Blue Heron’s Ora House is located on a cliff overlooking the ocean.

Blue heron

Jones said he has a bad spot for La Jolla, and is full of childhood memories of a vacation with his family in the beach town. That’s one of the reasons he looked around in 2016 when he bought a $ 4.7 million oceanfront home on 5228 Chelsea Street. It was what the developers call a “rip”. Blue Heron was more interested in the site than the house where it was located. The company demolished the old house and over the course of six years developed a new $ 32.5 million house in its place.

This price puts the house at the top of the top market in La Jolla. Since 2018, the community has recorded 11 sales of $ 20 million or more, according to title records. One of the biggest commercials was in 2018, when singer-songwriter Alicia Keys and her husband, the record producer Swizz Beatz, spent $ 20.8 million on the seaside residence known as The Razor House.

The façade of Razor House blends glass and concrete to give it sharp lines and stunning curves.

Gary Kasl – Douglas Elliman Realty

But La Jolla’s highest selling price was reached in 2019, when the oceanfront mansion located at 8466 El Paseo Grande sold for $ 24.7 million, according to public records.

And while Blue Heron’s Ora House is the most expensive home for sale in La Jolla, priced at $ 3,660 a square foot, it’s actually a relative bargain compared to the $ 4,000-square-foot price of El Paseo Grande for sale.

“People love life in San Diego,” said Compass real estate broker Brett Dickinson, who was involved in six $ 20 million and more neighborhood transactions. Dickinson is a listing agent for Ora House with Deborah Greenspan of Sotheby’s. Dickinson told CNBC that the attraction to the area is fueled by a technology boom that is migrating from the north to the south of the state.

One of the five bedrooms in Ora House with an ocean view.

Blue heron

Jones said CNBC Ora House’s large-scale price is partly a function of the cost of developing it on the California coast, which requires more time, more effort and a lot of money because development is hampered by tough regulations.

“It’s not worth it for a smaller dollar project,” he said.

Rooftop bar and living room

Blue heron

But much has changed since Blue Heron bought the site in 2016, and the company’s beachfront home is suffering from a triple headwind: rising interest rates, plunging capital markets and rising inflation.

Dickinson told CNBC there are serious factors, but he alleviates the limited housing inventory in La Jolla. According to the agent, the number of homes for sale in the district is typically between 150 and 200 units, but only 89 homes are listed this month. The market is even tighter when you focus on high-end ocean inventory.

“The inventory is very low,” he said. “And building coastal property is a six- to eight-year process.”

It’s probably one of the reasons the Vegas-based developer is confident that La Jolla’s odds are piling up in his favor.

“We are very confident that we can offer this extraordinary experience that will speak to people,” Jones said. “And I think we’re going to find people with high net worth who are willing to pay for that.”

In Vegas they say the house always wins, but only time will tell if that is true in La Jolla.

A look inside this $ 32.5 million mansion in southern California

Source link A look inside this $ 32.5 million mansion in southern California

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