{"id":46985,"date":"2025-07-07T21:35:13","date_gmt":"2025-07-07T21:35:13","guid":{"rendered":"https:\/\/www.europesays.com\/us\/46985\/"},"modified":"2025-07-07T21:35:13","modified_gmt":"2025-07-07T21:35:13","slug":"a-del-mar-mansion-just-slashed-its-asking-price-by-15-5-million-san-diego-union-tribune","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/46985\/","title":{"rendered":"A Del Mar mansion just slashed its asking price by $15.5 million \u2013 San Diego Union-Tribune"},"content":{"rendered":"

A sluggish luxury market<\/a> has led to a Del Mar mansion price drop its asking price by $15.5 million.<\/p>\n

The newly built mansion at 2920 Camino Del Mar went on sale in November<\/a> for $75 million but recently had its price changed to $59.5 million.<\/p>\n

A multi-million dollar haircut isn\u2019t unheard of for a final sale price, as luxury properties are often listed high but make concessions as it comes time to sign on the dotted line. Alicia Keys\u2019\u00a0 purchase of the Razor House<\/a> in La Jolla in summer 2019 for $20.8 million was a roughly $9 million discount from its original listing price.<\/p>\n

Yet a big price change before a sale could indicate continued unease over the economy from potential buyers, said Steven Thomas, of Reports on Housing. He said concern over the stock market, which has been volatile with changing tariff policies from the White House, is still an issue. However, he said the Del Mar mansion is still wildly expensive even in the luxury space.<\/p>\n

\u201cI know it sounds like a fire sale,\u201d Thomas said. \u201cBut it is still a $60 million house.\u201d<\/p>\n

He said only five homes have sold for more than $50 million in Southern California in the past 12 months. Three of the homes were in Beverly Hills and two were in the Bel Air area.<\/p>\n

Affluent buyers should benefit from the last week\u2019s passage of\u00a0President Trump\u2019s tax cuts. About 60% of the tax cuts are expected to go to the top 20% of earners, said the nonpartisan Tax Policy Center<\/a>. It also noted changes to the estate tax are likely to offset taxes on wealthier Americans: It made permanent an estate tax reduction, which allows heirs to pay no taxes on homes valued at less than $15 million. The cap was set to fall to $7 million next year, before the bill passed last week.<\/p>\n

Thomas said he wasn\u2019t convinced the changes would move the needle on the luxury market. He reasoned wealthier Americans already have a lot of money so they won\u2019t make big decisions based on a tax cut in the same way, say, a middle-class person might.<\/p>\n

\u201cYeah, they get a tax break. But they are sitting with so much money in the bank,\u201d Thomas said. \u201cIt\u2019s not like these people are desperate.\u201d<\/p>\n

San Diego County homes costing $6 million and up were taking an average 633 days to sell as of late May, according to Reports on Housing, up from 400 days last year. Homes from $4 million to $5.9 million were taking 308 days, up from 147 days last year. For comparison, properties listing close to the median home price \u2014 $750,000 to $1 million \u2014 were taking an average 77 days.<\/p>\n

The beachfront mansion at 2920 Camino Del Mar, if it sold for its current listing price, would break the record for biggest sale. Private-equity billionaire Egon Durban\u2019s $44.1 million purchase of 2940 Sandy Lane in Del Mar in October 2023<\/a> remains the biggest single residential sale in San Diego County history.<\/p>\n