Corona Del Mar Home Sells At $12 Million Cut

After seven months on the market and several price cuts, a cliff-top home in scenic Corona del Mar sold last month with a total cut of $12 million, according to a report from online real estate portal Redfin.com.

According to the seller's agent, the home was listed in back in January at just below $30 million. It had to slash its price a couple of times to draw in buyers, but only gained attention when it dipped to $19.9 million. It finally sold for $18 million in late July.

Listing agent Jason Morrison, working for Windermere Real Estate, says the fact that buyers only showed interest when the price went below $20 million proves that the luxury market is still highly price-driven.

Morrison said the home would attract foreign buyers, so he targeted the overseas market by advertising in publications like the Wall Street Journal. He also created a website to show the home in more detail, where it was described as similar to a cruise ship.

However, over two-thirds of the offers came from businessmen and CEOs from Southern California, and the home eventually went to a California couple specifically looking for Orange County homes.

The property sits on an irregular 12,000-square foot lot on Ocean Boulevard in Corona del Mar, Newport Beach. The home, offering 7,000 square feet of living space, was specifically designed by architect Brion Jeannette of Newport Beach to fit its cliff location and take advantage of the views.

Morrison points out that even at $12 million less, the home still sold for around $2,500 per square foot, saying it's a good sign that the luxury market is still thriving.

 

Earlier in Newport Beach Real Estate News:
Newport Wins Award for Best Beaches
Newport Beach Home On Private Island Hits Market for $28 Million
Old Newport Beach Building To Be Transformed