Corona del Mar Takes Spotlight on $30-Million Homes

Corona del Mar continues its reign as one of the priciest neighborhoods in Southern California, with two of its homes currently topping the list of high-end Orange County properties priced at $30 million or more.

The famous bluff-top village is also home to the most expensive home on the list, a 4-bedroom, 3.5 bath property on Avocado Drive listed September last year for $38 million. With an impressive lot size of 2.37 acres--the largest in Corona del Mar, according to its MLS description--it is also among the biggest properties on the list. At its current price, a buyer would be paying a cool $9,033 per square foot of the property.

The home owes its high price partly for its historic value: it was built in 1936 and is the oldest home on the $30-million list. Listing descriptions suggest it was part of the Irvine Ranch, which means it has been part of the famous Irvine family estate for over 140 years.

Two other Newport Beach homes made the list, one on Ocean Boulevard, Corona del Mar and another on Harbor Island, Newport Bay. The two are priced $30 million and $32.6 million respectively. The latter was originally priced $38.5 million when it entered the market in May 2008, but has had to slash its price due to slow buyer activity.

The rest of the list is accounted for by Laguna Beach, another high-end city in O.C. It is also home to the most expensive property in terms of price per square foot: a $35-million home on Circle Drive which, with just over 2,000 square feet of living space, comes down to $17,250 per square foot.

 

Earlier in Newport Beach Real Estate News:
Newport Beach Home Prices Up Over Year
Newport Beach Among O.C.’s Slowest Markets
Newport Beach ZIP Sees Sales Spike as Prices Plunge