What a record year for home sales in Laguna Beach this year. With a strong economy and comes record sales for ocean front properties with 3 home sales over $30 million dollars this year. The 3 sales occurred in the communities of Irvine Cove and Victoria Beach. The three properties are not new to the market as they have been on the market at previous times but what makes this unique is that all 3 homes sold in the same calendar year for record prices, all with commanding ocean front views. 2018 was a great year for real estate in Laguna Beach and here is a quick recap of the most expensive homes sold in Laguna Beach.
Two of the three sales occurred in the Irvine Cove community. First, 2471 Riviera Drive sold for $35,820,000 after being on the market for 55 days. The four bedroom and 5,500 square foot house was originally listed at $34,999,000 and sold for above asking price. This is not the first time this home has been on the market as it was listed in 2014 for $36 million and then lowered down to $29,500,000 when it went off the market on 2015. The location of the home was a prime ocean front lot with a rare direct access to the sandy beach that can only be achieved with 5 homes in Irvine Cove. It was reported to have 123 linear feet of beach frontage with a lot that was slightly over 16,000 square feet. The interior is what you would expect from a Spanish architectural home with wood beam vaulted ceilings and paver tile flooring that were balanced against white walls with endless views of the Pacific Ocean. The close of escrow date occurred on 08/07/2018 and the second highest sale ever in Laguna Beach right behind the Twin Points home that sold for $45,000,000 in 2016.
The next highest sale also occurred in the Irvine Cove neighborhood and located just down the street from the first sale at 2585 Riviera Drive. The four bedroom, 9,517 square foot home located in the exclusive Abalone Point area of Irvine Cove was sold before it even come on the market with a final sales price of $32,700,000. it was reported to be originally listed at $38,900,000 and then negotiated down to the lower number. This was also not the first time this home has been o nth market as it was originally listed in 2013 for $65,000,000. We reported on this home back then as being the most expensive home on the market in Laguna Beach. According to our multiple listing service the home did not sell and can back on the market every year at slightly reduced listing prices from $65 million. For example, it was on the market in 2017 for $55 million so to sell the home in 2018 for $32.7 million is really a significant reduction as it closed escrow on 09/12/2018.
The third highest sale occurred at 2475 S Coast, Laguna Beach which recorded for $32,000,000 and closed escrow on 07/24/2018. Commonly known as the Rockledge by the Sea home, the four bedroom, 10,000 estimated square foot home had a lot to offer with a reported 190 feet of ocean frontage with direct access to a private cove and small sandy beach. I have shown this home when it was on the market before and it is truly an amazing home and considered a true trophy home here in Laguna Beach. When the home sold in 2018 it had a much different look and feel that it did before it went on the market. It was originally last sold in 2015 for $17,500,000. According to the multiple listing details report the home went over a 2 year renovation and transformed the home into a sleek Modern home with high end finishes and clean lines. It's not reported on how much money was spent on the renovation but that's a pretty good profit for owning the home for a three year period. One of the reasons for it's unique distinction is being located on a nearly acre of land (41,800 square foot lot) with an amazing pool, spa, fitness center, wine display room and an 8 person elevator. For additional information please contact any of our Laguna Beach Real Estate agents at 949-355-1622 today.