New Padaro Lane Closed Escrow: 3339 Padaro Lane
3339 Padaro Lane has closed escrow for $12,500,000.
Available for the first time in over 40 years, 3339 Padaro Lane is a gated family compound on Padaro Lane’s coveted knoll. The main house consists of 2 bedrooms/2 baths, a Great Room with fireplace, vaulted ceilings and ocean front patio. French doors open onto a central courtyard, where a guest house known as the “Old Adobe” awaits.
A charming piece of California history, the Old Adobe, built in 1949 and thought to be the oldest adobe on Padaro Lane, is a 1 bedroom/1 bath home with Saltillo tile floors, vaulted ceilings, ocean views, a full kitchen and an added sleeping porch. A third cottage, at the rear of the property under an umbrella of shade trees, has a large deck with ocean views, open rafter ceilings in the living area, a kitchen and a full bath.
The first two cottages are on the main beachfront parcel, consisting of 0.56 acres with 62′ of beach frontage, while the third cottage is on a separate little 0.03 acre street-side parcel. However, it is uncertain that a lot line adjustment would be allowed in order to enlarge this separate street-side parcel to make it large enough to support a new structure.
All of the structures on this property are modest and it is likely most buyers would consider this to be a major project or total rebuild situation. Even so, 3339 Padaro Lane is situated on Padaro Lane’s extremely desirable knoll, with easy beach access, fabulous panoramic views and excellent privacy.
According to the listing agent, during the escrow it was determined that the old adobe is of historic merit and consequently will most likely be required to be preserved, impacting the future development of a portion of the property.
History of the Listing
3339 Padaro Lane was listed in January 2014 asking $15,600,000. Its asking price was reduced in mid-July to $13,900,000. It went into escrow at the beginning of August and closed escrow in October for $12,500,000.
