Neptune spec house in Wall Street Journal

Wall Street Journal:

A rare waterfront spec home in Encinitas, Calif., is coming on the market for $28.75 million, far more than the priciest sale to date in this affluent city north of San Diego, according to Ernie Carswell of Douglas Elliman, who has the listing with colleague James Likens.

The current record was set last month, when Crescent House sold for $16.25 million, Carswell said. In Del Mar, a city about 5 miles south, homes have sold for over $40 million.

Spec homes on the coast in the area are rare, said Carswell, due to restrictions and an often-lengthy approval process. Building the four-bedroom, roughly 7,100-square-foot blufftop home has been a decadeslong saga for developer Peter Keserovich, who said he purchased the lot for roughly $600,000 around 1997. It took him until about 2008 to get approval from the city, he said, and the recession at the time delayed financing for the project, so he waited until 2014 to begin construction. He spent about $20 million building the house, which was completed last year, said Keserovich.

It looks like they're talking about 1230 Neptune.