A couple days ago, we went into the home and gave you our brief take on it. A reader commented about the numbers ($18mm purchase price, $8mm renovation) not adding up, so we’ve done some digging. Our friends at Property Shark will be providing some information shortly, but for now we can tell you the last sales price was less than $18,000,000, and the exact numbers for the renovation are still being put together, but $8mm is a good ball-park, and the seller is definitely not going to take the buyer to the cleaners. She will probably lose a little bit of money on the deal.
Judging by the amount of foundation and structural work that was done to this home perched on the cliff, we can see that $8mm might not be a stretch.
–Property Shark details for 300 Sea Cliff
–Property Shark details for 308 Sea Cliff
–Property Shark Map
I feel the $8 million price tag is spot on. I’ve used the same contractor on a similar property and if you want perfect finishes for a high-end home, you should expect to pay $500 $1000 psft. Obviously, you can remodel for much less, but using high-end contractors like Plath, Ryan, Van Acker, etc isn’t the way to go if you want your house done on the cheap.
Those maps are cool- it looks like the neighbors sold in the last 4 years.
#308 for almost $6 million, #320 for 3 million in late 2003 and #270 for 5.6 million in 2002.
So the $8 million renovation was more than any home sale nearby. Of course its a corner property and a much bigger lot.
As a finish carpenter for the uber rich for years, I’ve worked on many fabulous homes in my career, but 300 Sea Cliff was an incredible project to be involved in. Not only are the finishes near perfect (perfect is unachievable), the work we did before the finish stage was neccessary, extensive and all top notch, done by the best craftsmen in the business. Plath does it right! So $8 million seems pretty reasonable, This level of workmanship is not easy to achieve and does not come cheap. Anyway the interor is fabulous! I’m fortunate to have been so involved in it, but at the end of the day it’s all about location, location, location.
[editor’s comment:] Jimbo, we conquer. Great home, and we understand there are some “very interested” buyers inquiring. Good work. Now let’s see if Mark can get it sold.