zillow.com

A shovel-ready dream house!

355 Bellaire Street | Del Mar, 92014

Current owner: DMG | Listing price: $13,595,000 | Beds: 7 | Baths: 6.5 | House size: 6600

The median house price in San Diego County jumped to $865,000 in June, up $14,000 from just one month prior and a whopping $187,000 from a year ago. A report from back in March estimated that only 25% of San Diego families could afford that median home, but values were even lower then, and it’s likely that saying three in four local households have been priced out of the market would be overly optimistic today.

If you buy it, they will build it.

zillow.com

But for those on the right end of Covid’s “k-shaped recovery,” the markets have been providing returns so great that a person might consider spending $13.6 million on a house that technically doesn’t even exist.

Let’s turn to Zillow, where the listing for 355 Bellaire Street in Del Mar promises a “rare opportunity to purchase an architecturally significant home on one of Del Mar’s best parcels prior to construction.” Emphasis very much mine.

“Avoid the arduous and contentious entitlement process, years of wasted time seeking subjective city approvals, and the uncertainty that comes along with that process,” the listing remarks continue. A real estate investment group bought the site in 2018 for $3 million, and has spent the last few years designing and permitting a 6200-square-foot main residence with 400-square-foot guest house. Now, it’s ready to be built. The two structures, once constructed, will occupy a lot spanning roughly one-third of an acre about a quarter mile from Powerhouse Park and Beach. Let’s see what the plans look like.

From the architectural renderings, the exterior appears to be clad mostly in wood, a welcome change from the typical Southern California stucco that’s dominated the exterior finish market for the last 80 years or so. The layouts of the two homes, each with an attached garage, work to create a semi-enclosed grassy courtyard blocked off from the street and driveway by privacy fencing; that could serve as a nice space to lounge in the sun with a book.

The “thoughtfully curated interior” features a lot of white, but also a lot of wood. The exterior walls in many rooms are almost all glass, surely to take advantage of the “iconic whitewater ocean views” that the listing promises are available from most of the rooms on the home’s main upper level. The billiards room even features interior glass walls, an appealing touch that would also probably be very difficult to keep clean. A vaulted ceiling in the open-concept living/dining/kitchen area features a series of exposed beams that appear to be painted white. Perhaps the buyer could step in and insist that these retain their original wood color.

Additional features include a fitness room, sauna, steam room, wine room, two laundry rooms (one for each floor), and an elevator connecting the main floor to the partially-subterranean basement. The lower level also opens onto another yard that appears to include a spa and outdoor seating area with fire pit.

The Bellaire property was listed in early August with an asking price of $13,595,000. That includes a $7.3 million “buy it now” price for the lot and plans, plus a “turn key” construction cost of $6.3 million, subject of course to decisions the buyer may make when customizing the fit and finish of the interior and landscaping to suit their personal tastes.