La Jolla, Calif.—Construction is complete on Paseo La Jolla, a 24-unit townhome property in La Jolla. The property also just opened a new two-bedroom model home and a sales center.
About half of the units have been sold, according to developer Zephyr Partners, a southern California residential specialist who also develops detached housing. Priced from the low $700,000s to just over $1 million, the Paseo La Jolla units range in size from 1,000 square feet to over 1,600-square feet with one-, two- and three-bedroom floor plans.
Most of the residences sport private rooftop terraces that offer views of La Jolla and the Pacific. Each unit includes nine-foot ceilings in the living and dining rooms and master suites, kitchens with granite counter tops, and an attached two-car garage. The two-bedroom plus den, three-bath model features a color palette of sand, ocean blue and cream hues, a nod to La Jolla’s beachfront location.
Adjacent to the homes is an unusual feature: redesigned walls, per a contest created by Dance Chapin, co-CEO of Zephyr Partners. He joined forces with the New School of Architecture & Design in San Diego, and devised a contest in which students were invited to camouflage walls facing Paseo La Jolla with designs.
The property comes on the market at a time when inventories of local for-sale residential housing are being squeezed. According to Redfin’s Real-Time Home Price Tracker, for-sale inventory in San Diego County was down a whopping 56.7 percent in December 2012 compared with the same month a year earlier, while at the same time sales have been edging up.