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La Jolla luxury high rise

With a view “encompassing the La Jolla hills, the village, and the famous cove”

Whatever your definition of elegance and sophistication, this penthouse redefines it.
  • Whatever your definition of elegance and sophistication, this penthouse redefines it.

Let’s have a peek at “the only luxury high rise in the village of La Jolla,” 939 Coast. Eponymously named for its oceanfront location along Coast Boulevard, the building is currently comprised of 153 units — though many, including top-floor units 21D and 21E, are the result of combining two or more smaller units.

The office and its nearly 10 million-dollar view

The office and its nearly 10 million-dollar view

“This fully remodeled double-unit penthouse redefines elegance and sophistication,” advertising materials promise. Situated at the southwest corner of the 21st floor, the unit spans more than 3600 square feet and “offers unparalleled views and the finest finishes throughout.”

An elevator leads directly to “your very own private floor entry, complete with exquisite foyer and double doors” opening into a home where “no expense was spared in the complete renovation of this spectacular unit.”

Newly-installed luxury touches include “Saffron Gold Limestone floors,” a sound and media system designed by home-automation specialist Crestron, “automatic self-timer sun shades for furniture and sun protection,” and solid mahogany doors two-and-a-half inches thick. These are just “a few of the countless premium features found throughout this unit.”

Other appointments include floor-to-ceiling windows on the unit’s exterior walls, built-in art display nooks and shelves, mirror-lined columns and gold-toned crown moulding.

And of course, the views themselves are a luxury, “encompassing the La Jolla hills, the village, and the famous cove” while offering residents “a picturesque, ever-changing backdrop perfect for entertaining or relaxing.”

Building amenities include a 24-hour doorman and concierge with valet parking in the two garage spaces that come with the condo. There’s also a “recently renovated pool patio with spa, built-in barbecue and fire pit, gym/sauna, billiards room, library, theater/party room, and two guest suites exclusively available to homeowners only. This building has it all, plus more.”

Those perks come at a cost, in the form of homeowners’ association dues in excess of $3000 per month, along with another $200 monthly in unspecified fees.

Access to such sky-high coastal living is limited ­— 939 Coast was originally constructed in 1966-1967, and in 1972 San Diego voters passed a measure capping the height of buildings in coastal neighborhoods (excepting downtown) at 30 feet, effectively ending high-rise development in the ensuing decades.

Public records indicate the current owner of the penthouse unit as the David Spencer Group LLC, a limited-liability corporation linked to David Nagelberg that operates a pizza restaurant in Del Mar. The property last sold for a reported $4.7 million in 2006, though its current tax roll valuation of just $3.6 million suggests Nagelberg successfully argued for a re-assessment during the real estate bust immediately following the purchase.

In early September, the unit was offered for sale with an asking price of $9.9 million, that remains unchanged to date and reflects the highest current ask for a condo anywhere in San Diego County.

939 Coast Boulevard, Units 21 D and E | La Jolla, 92037

Current Owner: David Spencer Group | Beds: 2 |Baths: 3 | List Price: $9,900,000

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Comments

I don't think it's a good idea to ever pay a premium for the view. After awhile, the view isn't that big a deal. And you don't even have to live in La Jolla to go enjoy a view sometime. This home is way overpriced, IMHO.

It's all relative. If someone wants it, and can afford it, and is willing to pay the price asked for it, then maybe to them it is not way overpriced. But these are things that, in a home at least, you probably don't understand, what with you not being a San Diego homeowner and all. Everyone is certainly entitled to their own opinion, to make up their own mind or even make up their own facts. But none of that really matters if they are not the one making a decision, inspite of the fact that you don't think it is a good idea.

Just my opinion,

Opinions vary.

One of the first things they teach in an appraisal class (granted, there are caveats): the value of something is what someone else is willing to pay for it.

If there's at least one person who thinks a view is worth money and is willing and able to spend money purchasing a view (there are many, many more than that), then a view is worth money.

OK, but it's highly unlikely anyone is going to fork over $9,900,000 for that penthouse.

There are others with comparable views/amenities in the Downtown area in the $3-4M range, but one could argue there are reasons some people prefer La Jolla to Downtown or vice versa.

High-end units often take longer to market because the buyer pool is smaller, but if this one lasts for more than a few months without activity, the seller may eventually tire of hearing progress reports that begin with "You are still the highest bidder on your property."

You don't mention whether the windows open, but if they do, there will be days when the occupant rues his/her/their expensive purchase.There is often a nauseating stench from protected sea creatures living on the sand and rocks across the street. Only during the brief tenure of Mayor Bob Filner was there ever an effort made to mitigate it.

Excellent polnt! That's probably not mentioned in the sales literature, or by anyone who shows the property. Reminds me of the famous movie line spoken by Robert Duvall: "I love the smell of napalm in the morning." Just change one word!

Structures depreciate, land appreciates. A condo in most places (excluding places like Manhattan NY) competes with houses which own the land underneath. The condo owner does not own the land underneath.

Also with 153 units, it commodifies on per square foot basis with various units in various stages of repair. As long as this unit sits unsold at 9.9 million or whatever, it hangs over the rest.

BTW, read your articles every chance I get. Some real (and droll) insights.

JMT

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