Irvine Cove might be Orange County’s most prestigious beachfront neighborhood.
The community, tucked away behind gates along the bluffs of North Laguna Beach, isn’t the most active, though, when it comes to home sales.
That’s due to the nature of the high-profile residents who live there, and their reluctance to leave.
The 109-home gated community of Irvine Cove is “rarefied air,” said area expert Kathryn White, a lead agent for Compass in Orange County.
“Irvine Cove has always drawn a premium, boosted by its location in North Laguna, the exclusivity of the neighborhood, and its position on one of the most pristine private beaches in all of California,” said White.
If you want to be a part of Irvine Cove, you’ll likely have to spend nearly $7 million for the most affordable home, and $44 million for the priciest.
Recent Sales
The community, also known for its share of larger-than-average lot sizes, is divided by Pacific Coast Highway, with the oceanfront homes typically trading at a much higher price than those east of the highway.
Together with her son, Andre, White closed $35.6 million in deals last year in Irvine Cove.
This year, the duo has closed $27 million across three area properties since July.
Late last month, she represented the sale of a nearly 12,000-square-foot vacant lot for $4 million, and a 4,900-square-foot home on a 22,000-square-foot lot that sold for about $10 million.
The two properties were offloaded by the same seller, a longtime Irvine Cove resident, to the same buyer.
The new owner, whose identity hasn’t been disclosed, is said to have plans to build two new custom homes on the lots, located on each side of the highway.
Compass’ Rob Giem represented the buyer in both deals.
The individual has approvals for a new 6,210-square-foot home, designed by renowned architect Chris Light, to replace the existing home at 2566 Monaco Drive.
No Place Like Home
Four sales totaling about $34.5 million have traded in Irvine Cove so far this year, following five sales last year, according to brokerage data. That’s more than normal, market watchers note.
“There are only so many homes in the community, and they don’t trade that often because there is no other place in Orange County that has what Irvine Cove has to offer,” said Jeff Blasingame, an associate at McKown Weinstein Associates.
“People sell their Irvine Cove home when they are moving out of state, or when great opportunities come online that bring buyers out of the woodwork,” Blasingame said. “Due to the demand for Irvine Cove, the market is somewhat insulated, and property values aren’t likely to decrease.”
Residents are split between permanent and part-time homeowners, Blasingame said.
Owners have included the Irvine family themselves, with community connections that trace back to the 1800s. The family still owns a beach cabana in Irvine Cove, on a private enclave adjacent to the main semi-private beach.
Other well-known Irvine Cove residents include entrepreneurs, financiers and executives, in a mix of OC natives and international buyers, all interested in the community’s “exclusivity, privacy and beauty.”
$7M Low End
Only five properties are currently for sale in Irvine Cove.
Trey Dewey, a broker at Pacific Sotheby’s International Realty, has the most affordable listing in the area by a $1 million margin, a 6,103-square-foot home recently put on the market for close to $7 million.
The five-bedroom home at 2550 Irvine Cove was custom built in 1990, and is turnkey for those not looking for the hassle of a major rebuild or renovation.
In a slower-than-typical real estate cycle, buyers “aren’t looking for projects,” Dewey said.
“We have been experiencing a bit of a sales plateau in Orange County partially driven by limitations on tax deductions, but Irvine Cove definitely seems to be holding its own.”
On the other side of the spectrum, Giem has the listing for 2431 Riviera Drive, which is currently on the market for $44 million. It’s the priciest listing in the city.
Named “Villa Dei Tramonti,” the 10,000-square-foot Mediterranean Revival-style property has six bedrooms, eight bathrooms, and is the only beachfront property on the market in Irvine Cove.
