Property News: Three Estate-Sized Parcels Arrive In Southern California’s Hottest Markets
As home buyers continue to show an appetite for new construction in markets all across California, large plots of land capable of developing luxury estates in cities like Los Angeles, Santa Barbara and La Jolla have perhaps never been more valuable.
Although rare, such sites occasionally hit the market, giving moguls and other deep-pocketed buyers the chance to make their California dream compound a reality.
Check out these three new estate parcels in some of California’s most desirable cities:
Vista Oceano Compound, Summerland
Comprised of 11 acres of lemon orchard, the site on Vista Oceano Lane is a breathtaking, buildable plot set amongst the hills of Summerland with sweeping views of the ocean and the surrounding mountains.
Summerland, a small seaside town, is perhaps lesser known than its more prominent neighbor, Santa Barbara. Still, the two share the same stunning stretch of coastline where fertile hills covered in vineyards meet beaches comparable only to the Mediterranean.
Also, next door is Montecito, known as a celebrity enclave due to residents such as Oprah Winfrey, Ellen DeGeneres and Rob Lowe.
While the development plans have yet to be submitted to any government agency, renderings show the potential for an exceptional estate development that offers both refuge and proximity to natural beauty and the sophistication of Santa Barbara.
North Roxbury Manor Project, Beverly Hills
High-end estate properties are nothing new in Beverly Hills. The area is famously home to some of the most sought-after real estate globally—with a price tag to match. Last year saw 12 sales in Beverly Hills go for over $20 million.
What is less common, however, are opportunities to shepherd a new construction project, which perhaps is why rare properties, like the one that found at 911 N. Roxbury Dr., are beginning to hit the market.
Sitting on a little half an acre of land on one of Los Angeles’ most distinguished streets, this vacant lot comes with plans and approved entitlements for an approximately 25,000 square foot contemporary manor.
Spread over two stories and a full basement, the manor is decked out with amenities abound. Floor plans include a spa room outfitted with hot tub, sauna and massage area, a wine cellar and an underground garage capable of fitting nine cars—and that’s just what is found in the basement.
Designs for outdoor spaces include terraces, an infinity pool and a large, circular drive.
With the combination of considerable size on a premier location, high-end luxury amenities as well as being a brand new construction, the manor on Roxbury Drive is sure to be one of the most desirable properties in Beverly Hills.
Foxhill Estate, La Jolla
The iconic Foxhill Estate, La Jolla’s largest continuous residential property, is now on the market.
Perched at the top of the Country Club neighborhood overlooking the Village and beyond the Pacific Ocean, Foxhill Estates spans four lots totaling approximately 32 acres, each of varying size and character.
Already established on the property is an over 20,000 square foot main house whose 7.24-acre grounds include a gym, tennis court and pool, as well as walking trails, greenhouse and manicured rose gardens.
The remaining three sites are undeveloped but are currently in advanced planning and permitting stages, making over 25 acres potential sites for new construction to be sold off or added to the already sizable estate.
Such a rare opportunity to own and develop on premier La Jolla acreage doesn’t come cheap—the property is currently priced at $55,000,000.