News Summary
Corona del Mar’s real estate market is making headlines with a recent sale of a stunning home for $20 million. Located on Bayadere Terrace, this 5,741 square foot property features top-notch amenities and breathtaking ocean views. Meanwhile, market trends indicate a growing shift towards unique properties as luxury living continues to thrive in the area. New developments, including the transformation of Bayside Park into a residential complex, are also on the horizon, reflecting the dynamic changes in this coastal paradise.
Exciting Times in Corona del Mar’s Real Estate Market!
Corona del Mar is buzzing with real estate excitement! Just recently, the coastal paradise saw a jaw-dropping home sell for $20 million, marking it as one of the most extravagant residential sales in Orange County this year. Located on the coveted Bayadere Terrace, the stunning property spans 5,741 square feet and is set on 0.44 acres. It’s got everything a luxury homebuyer could dream of, from breathtaking ocean views to high-end amenities. Talk about living the good life!
Inside the Spectacular $20 Million Home
This incredible single-level home was originally built in 1958 and showcases a meticulous design that has stood the test of time. With a large lot of 19,100 square feet, it offers plenty of room for entertaining guests or simply enjoying the good life. The final sale price came in at 9% below the original listing of $22 million, but that didn’t stop it from being a standout sale of the year.
What makes the home even more special is its on-site amenities! Imagine relaxing at your personal dry bar, getting in a workout at the home gym, or grilling up a feast outdoors by the pool. The three-car garage certainly adds a touch of convenience, making it a real gem in Corona del Mar.
Market Trends and Broker Growth
While this magnificent sale might steal the spotlight, it’s just one piece of the broader trend in Corona del Mar’s luxury residential market. More and more buyers are drifting toward unique properties, leaving older homes behind—likely because homeowners are holding onto properties that have low mortgage rates of around 2% to 3% for that extra financial security.
On the brokerage front, IS Luxury is expanding into the coastal region, opening its first office in California at 800 Newport Center Drive. This move brings along a passionate team of 11 agents led by a local real estate veteran, who plans to focus on high-end coastal properties in and around Corona del Mar, Crystal Cove, and Laguna Beach. Their venture showcases a growing interest in luxury living along the California coast!
New Developments on the Horizon
Many similar proposals are making waves in Newport Beach, with recent applications for converting office buildings into residential towers. Think of it: turning a Chase Bank building into a high-rise with 120 apartments and transforming an office near City Hall into a stunning 76-unit building. The area is clearly evolving!
Celebrating Local Success
Amidst all this excitement, the Hanley Investment Group Real Estate Advisors is announcing its 20th anniversary and has formalized a new partnership agreement to ensure long-term growth. They’ve even opened a new office in San Diego, which is just part of their expansive plans!
As we look ahead, the luxury market continues to soar, with many properties selling in the $2 million to $6 million range and record-breaking sales like the $26 million home at 2201 Bayside Drive. Plus, who could forget about the upcoming listing expected to command a jaw-dropping $40 million for a stunning property at 1119 Dolphin Terrace?
With all these developments and incredible sales, it’s clear that Corona del Mar’s real estate market is alive and thriving! Whether you’re looking to buy, sell, or simply dream, this coastal haven has your back.
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Additional Resources
- OC Business Journal: 144-Unit Apartment Project
- Wikipedia: Corona del Mar
- Newport Beach Independent: Hanley Investment Group 20th Anniversary
- Google Search: Corona del Mar real estate
- OC Register: Corona del Mar Mansion Seeks $49.5M
- Encyclopedia Britannica: California
