When it comes to falling real estate prices, California has suffered as much as any area in the United States. News agencies report a drop in home prices of up to 40% in some markets. Let's consider La Jolla, California, a wonderful location for anyone in the San Diego market. La Jolla is one of the most desirable areas around San Diego so obviously there is interest in that market. Here is a mansion that overlooks the beach that is listed for a whopping $33,000,000 in La Jolla Shores.
Its specifications are:
- Bedrooms: 6
- Baths: 9 Full; 2 Half
- Size: 9,309 sq. feet.
- Lot Size: 24,766 sq. feet
- Year Built: 1929
This equates to a price per square foot of $3,545. Sounds like a bargain to me. I plan to contact Fannie Mae and see if I can't get a $32,700,000 mortgage. That seems reasonable with all the bailout action right? Maybe I should be bailed out in these tough economic times. I mean, look at those views – they are breathtaking. Residence address: 1900 Spindrift, La Jolla, CA 92037.
