Inside the $23.5 million home that might break a local California record

The $23.5 million modern Pacific mansion in Southern California is set to officially hit the market May 14, bringing the most expensive home ever for sale in the town of Encinitas, California – a coastal community about 26 miles away. North San Diego.

The asking price for the eight-figure home is more than double what it sold less than six years ago.

“Combined with the high demand for luxury housing that we’ve seen over the past few years in San Diego and such a rare offering, we think it’s priced where it should be,” kelly howard compass, One of the Joint Listing Agents on the property.

The trick-or-treat home located at 532 Neptune Ave has been called. Crescent House Named for one of its most luxurious amenities: a crescent-shaped infinity-edge pool surrounding a round concrete terrace.

The home actually broke the local price record when it traded in 2016 for $11.1 million after just 28 days on the market. That sale remains the highest ever achieved in Encinitas history, according to multiple listing service records provided by Howard, who also represented the record-breaking sale listing.

“We are confident this house will break its own record,” he said.

If the glass, concrete, and titanium structure reminds you of the oceanfront mansion of billionaire Tony Stark in Marvel’s “Iron Man,” it may be because The work of architect Wallace Cunningham.

Cunningham also designed ultra-modern barber shop, which is located less than 20 miles to the south, in La Jolla. Some believe that the sophisticated design is one of the realistic inspirations for the fictional Malibu House in Stark, which was Created by an illustrator and brought to life using computer-generated images.

“Nothing comes close to Crescent House, except maybe the Razor House,” Howard said.

Designed by the award-winning architect, both homes feature dramatic curves, stunning ledges, and massive panes of glass that provide stunning views of the Pacific Ocean.

Meanwhile, Crescent House was featured in Architectural Digest in 2005 and in the first episode of Season 3 of HBO’s “Westworld”.

The mansion spans over 6,300 square feet, on two levels, with four bedrooms, four full bathrooms, and two semi-baths according to the listing. Almost every room benefits from its view of the sky and the ocean with floor-to-ceiling windows.

A stunning staircase curves up to the second level, designed by the architect to look like a giant dinosaur skeleton with stainless steel vertebrae and ribs.

Cunningham told Architectural Digest that the house was built to give “the feeling of being on a ship at sea”. This is evident in the living area, where, at certain angles, the house appears to be floating above the ocean.

Behind the glass walls there are terraces that bring you closer to the sea.

The current owners live in Florida full time and, after six years holding on to the home, are ready to sell.

If the couple scores asking price, the sale would fetch a square foot price of more than $3,700, nearly four times the $928 average for luxury homes sold in the county, according to Elliman’s quarterly report. The report defines luxury homes as those that fall within the top 10% of the market.

“The San Diego luxury market has seen a serious increase in prices since the last sale of the Crescent home,” registry agent Howard said.

Howard believes that increased market demand, as well as proportional design and what he says is above-average lot size for a bluff-top street, all work to the sellers’ advantage and will help drive a premium for the property.

Howard said the owners have also made some upgrades, including commissioning the original architect to add two modern fire features and outfit the mansion with smart home infrastructure.

Howard told CNBC that new coastal building regulations make it impossible to replicate a home like this on this site, which would justify an 112% price increase from 2016, he said.

Historical sales data suggest that it’s not as crazy a jump in value as it might seem.

Back in October 2016, the last time the Crescent House sold, the average sale price in Encinitas was just over $1.2 million, according to data I collected. Greater San Diego Association of Realtors. Last month, that number topped $2.4 million, marking a similar doubling in less than six years.

It has yet to be seen if the home can fetch its full asking price, but demand is more than nine times the average home price in Encinitas, and it’s not always easy to find a buyer willing to pay a record price.

“A discerning buyer who connects with it and understands it will be willing to pay for it,” Howard said.