Why sell now?
According to Bill Baker, one of the listing agents from Deasy/Penner & Partners, Plumb actually listed the home years ago through her property manager. She didn’t receive any bites, though, and continued renting the property.
Baker believes the renderings of a newer, modern home that could potentially be built on the property provided in the listing helped nudge interested parties.
“What appeals to the buyer is a possible opportunity to rent it, or develop it with a big financial upside,” Baker said.
A little bit about Plumb’s first home
She purchased the beachfront home in 1969 for $55,300. When adjusted for 2016 figures, that price tag has the same buying power as $362,609.78 does today. The home was put on the market earlier this year for $4.15 million.
The home is located on Escondido Beach Road. The three-bedroom, 1.75-bathroom home is 850 square feet. Plumb commissioned Meis Architects to create renders of the house that were included in the sale. Meis Architects digitally transformed the house from its original 60s beachfront motif to a modern look complete with floor-to-ceiling windows and a pool.
Baker added that the lot to the south of Plumb’s home is currently unbuildable. He wasn’t sure the legal technicalities, per se, but added that most likely has something to do with the Coastal Commission.
“The purchaser has not indicated what he’s going to do with the property, but that house in that configuration would probably sell for somewhere around $12 million,” Baker said.
Currently, the home looks like what one would expect a 60s beachfront cottage to look like, with weathered panes surrounding the windows and relatively tight quarters in the humble home. However, the renders from Meis Architects showed the buyer options when it comes to updating the look. The renovation quadrupling the size of the home to 3,500 square feet.
Either way, Plumb made a wise investment 47 years ago. And although she’s retired the whole “Marcia! Marcia! Marcia!” schtick, it was probably sweet seeing that Escrow! Escrow! Escrow! close.