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Ocean-View 5-Bedroom in White Sails Sells for $4.4M

A seller who recently bought a foreclosed home in San Juan Capistrano also sold his former home at 14 Gondoliers Bluff in Newport Beach for $4.4 million, down from $4.7 million.

The Newport Beach home is a Taylor Woodrow-constructed house in the White Sails development in Crystal Cove.

Rick Langevin, an agent with Newport Beach-based Surterre Properties Inc., represented the seller. Kathryn White, an agent with Newport Beach-based HÔM Sotheby’s International Realty, represented the buyer.

A comparable home in Crystal Cove would have sold for about $5.2 million prior to the burst of the housing bubble, Langevin said.

Comparable homes have been selling for about $4.1 million in the past couple of years.

The seller put his Gondoliers home on the market three months ago.

About the same time he purchased the bank-owned home at the private, gated Marbella Country Club in San Juan Capistrano, where there are about 350 homes.

More on the Marbella home purchase later.

The buyer of the five-bedroom, four-bathroom Gondoliers home was living in a smaller home in Crystal Cove. The nearly 5,000-square-foot home gives the buyer double the space of his former home.

The buyer’s former home in Crystal Cove sold for about $2 million.

“We’re seeing some pretty darn good activity,” Langevin said.

The Gondoliers home previously had been in escrow to a buyer who works at Newport Beach-based bond fund manager Pacific Investment Management Co. But the buyer learned of being relocated overseas, and the deal fell through.

The Gondoliers home had about three offers once it was back on the market. Several buyers from China looked at the home.

Langevin said he’s seen more Chinese buyers than last summer. Some of those buyers didn’t like the number four in the Gondoliers address, Langevin said, as it can be viewed as unlucky in Chinese culture.

The home also had some feng-shui issues, he said. Feng shui considers the design, layout and orientation of the home.

Langevin closed another home in Crystal Cove for $2.8 million the day after the Gondoliers sale. A buyer from Shanghai acquired it as a second home.

Some of the buyers from China are investing, while others seem interested in putting down roots, he said.

Marbella Deal

The seller of the Gondoliers home purchased the foreclosed estate at Marbella for $4.7 million, representing a roughly 69% reduction from its 2010 list price of $15 million.

Steve deVre, an agent with the Monarch Beach office of Prudential California Realty, represented the bank-owned property. Langevin represented the buyer.

The former owners of the 13,000-square-foot Italian Renaissance estate spent $2 million to build an eight-car garage that doubles as a ballroom. The home was featured in cable TV’s HGTV’s Million Dollar Rooms.

The garage and ballroom features a 35-foot hand-painted mural and a marble tile floor. It has a mini kitchen and guest bathrooms.

The home has seven bedrooms, 10 bathrooms, a chapel and a theater.

Other Sales

Seven homes priced $4 million and above have sold this month, as of Sept. 15.

The summer buying season appears to be winding down, heading into the fall and the new school year. August was the best month of the year with 20 closings.

The highest sale price in September was 3 Montage Way in Laguna Beach, which closed for $20 million on Sept. 13, down from its $32.5 million price tag in January 2011. The home is the highest-priced sale of the year to date.

John Stanaland, an agent with HÔM Sotheby’s International Realty, represented the buyer and seller.

The 7,800-square-foot home is a front-row, ocean-view home at the Montage Residences, a residential compound at the 30-acre Montage Laguna Beach resort.

The Montage residences have 13 homes and 14 condominiums.

Access to the resort services—which include concierge, room and other services—costs about $7,300 a year.

A residential manager attends to the homeowners’ needs.

Most of the homes at the Montage were custom-built by Laguna Beach-based Seacrest Developers Inc.

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