Prized La Jolla Home Sells In A Flash For $7.63 Million

If you blinked, you likely missed it.

A coveted property in the seaside neighborhood of La Jolla has flown off the market nearly as quickly as it arrived, selling for $7.625 million.

Located a few blocks from the beach in the La Jolla Village area, the modern live-work residence on Coast Boulevard South hit the market in late January for $6.998 million and drew multiple offers before selling two weeks later for $627,000 over the asking price, records show. Drew and Tim Nelson of Willis Allen Real Estate held the listing.

Designed and built by noted local architect Homer Delawie, known for designing such San Diego landmarks as the Plaza de Balboa and Balboa Clark, the multi-level residence was the longtime home and workplace of late contemporary artist Faiya Fredman.

Spanning three levels with an underground garage, the place consists of two units: two residential stories for living and a studio level with street access. The main residence occupies the top floor and features a skylight-topped entry, white-walled living spaces and glass expanses that frame ocean views. 

Gallery walls and wide-plank wood floors are a common theme throughout the main residence, which has three bedrooms and 2.5 bathrooms. In the kitchen and living area, oversized sliding glass doors open the living space to an ocean-view terrace.

One floor down, an apartment level adds another two bedrooms and two bathrooms. Including the lower-level studio, the live-work residence has about 5,600 square feet of living space.

In addition to pedigree and proximity to both the ocean and La Jolla Village, interest in the property was likely boosted by high demand and record low inventory. Tim Nelson noted that the La Jolla market is in a severe drought when it comes to active listings, with available stock hovering at about half of what you might see in a regular, balanced market.

In general, Southern California housing markets have exploded with interest since the early onset of the coronavirus pandemic, with homebuyers scrambling to find properties with enough space and amenities to support new work-from-home and school-from-home lifestyles.

“Because of COVID-19, you have condo buyers wanting to move to detached homes and homebuyers wanting the beach to be their backyards,” Nelson said. “It’s created an insatiable demand for La Jolla’s detached listings.

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

This post first appeared on Forbes.com. To see the original, click here.