$12-Million Contemporary Hits The Market In La Jolla As Supply Tightens

Perched atop La Jolla’s Mount Soledad, one of the highest points in the seaside community, this updated contemporary residence pairs a wealth of flexible living space with commanding ocean views considered by some to be among the best in the area.

It’s a rare combination of size, location and coastal scenery that is commanding a premium in a highly competitive La Jolla market, according to Linda Daniels, a luxury real estate agent with Willis Allen Real Estate.

“This is in the upper Country Club area — it’s very desirable,” said Daniels, who shares the listing for the $12-million home with fellow agent Marta Schrimpf. “Properties with views of the north coast are very coveted.”

Owned by a pair of creative types, the Mediterranean-vibe contemporary home has been exquisitely updated and enhanced with an emphasis on outdoor living and entertaining. Beyond some 8,700 square feet of interior living space is a network of outdoor spaces that create a world all in its own.

“There’s a cozy fireplace, an outdoor kitchen with a bar, a dining area and a great yard for children,” Daniels said. “All of the outdoor entertainment areas overlook the blue Pacific and views of the north shore.” 

Other perks of the property include an eye-catching dual-level, a vanishing-edge swimming pool that doubles as a lap pool. An outdoor meditation room opens to an expansive lawn, and as separate attached structure holds a gym with a sauna and steam room. A large outdoor kitchen and bar area has enough space to handle a party-sized crowd. 

Inside, the interior unfolds as a series of open spaces that seamlessly connect. A 20-foot-high entry topped by an artistic chandelier kicks off the multi-level floor plan before opening to a voluminous living room lined with windows. A decadent chef’s kitchen is positioned above the family room area, and a nearby wet bar/wine cellar is cleverly carved out of what was previously enclosed corner.

“You step down into the living room and then out through these wonderful doors, and you don’t ever want to leave,” Daniels said.

The home has five en-suite bedrooms that each have a private balcony. A dedicated office and a movie theater complete the floor plan. 

Today’s luxury buyer in La Jolla

According to Daniels, an influx of residents from outside of California continues to fuel the high-end market in La Jolla. The real estate agent noted that she’s currently working with a client from Pennsylvania who sold their house in Philadelphia “lock, stock and barrel” and are renting until they find something in the area.

“My team had about 20 transactions last year, about $60 million in transactions that we closed, and a lot of them were out-of-area buyers,” Daniels said. “Many of them have come from parts of Northern California and Washington State as well as the East Coast.”

Daniels said most out-of-town buyers are looking for what has become a premium during the ongoing health pandemic — more space. “They want more square footage, a place to quarantine, and there’s an uptick in sales for the larger homes with land.”

Inventory scarcity creates seller’s market

Over the first few weeks of January, Daniels said there were roughly 37 homes under contract and 13 properties sold, including two sales of $13 million or more.

Daniels explained that the flurry of activity to start the year is primarily due to a lack of inventory. 

“In a normal market, we would have anywhere from 180-220 homes on the market,” she said. “Right now, we only have [about 100] single-family residences on the market, which is not a lot,” she said.

Among those 100 or so homes available, 16 are priced at $10 million or more. 

“Because we have no inventory, I think it’s going to remain a seller’s market for a while, which is going to result in an increase in prices,” Daniels said. “The luxury market is remaining strong.”

Willis Allen Real Estate is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.