Developer JNY Investments is hitting the market with another spec mansion, this one in Pacific Palisades with a $34 million list price.
The spec home at 538 Chautauqua Boulevard debuts in a buyers’ market.
Median sale prices of homes in the Palisades were off 37 percent to $3.3 million in April compared to a year ago, according to Redfin data. Sales for that same month slipped 17 percent to 54 properties. Homes sat on the market for a median of 64 days in April, which was up 28 days compared to a year ago.
JNY paid $6.6 million for the property in 2020 to build the spec mansion, property records show.
Construction was completed earlier this year on the home, which marketing materials describe as designed with “California modernism” in mind. It sits near the Riviera Country Club, Will Rogers State Beach and Caruso’s Palisades Village shopping center.
The 15,681-square-foot home has six bedrooms and 12 bathrooms, with 12-foot ceilings on the main level. A bar, wine tasting room, home theater, gym and massage room among other amenities make up the lower level.
The Palisades listing was anticipated, as JNY Investments President Yaniv Nehemia sharied plans for it with The Real Deal in 2022, saying he aimed to sell it for $35 million.
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At the time, JNY had just placed on the market a 21,097-square-foot home in Encino’s Royal Oaks neighborhood, which Nehemia dubbed the “Bel-Air of the Valley” in describing it to TRD. The listing price was $25 million for the spec home at 15930 Woodvale Road. The home sold last February for $17.5 million.
As for the Pacific Palisades project, Jacqueline Chernov, David Berg, Kristin Alexander and F. Ron Smith of Compass hold the listing. The seller is Nehemia, according to property records.
The post Spec mansion to test Palisades market with $34M listing appeared first on The Real Deal.
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