A 10,642-square-foot front-row lot at 6 Ritz Cove—not far from Dana Point’s Ritz Carlton resort, and a pitching wedge from the oceanfront holes at the Monarch Beach Golf Links—sold earlier this month for nearly $14.3 million.
The price bests by nearly $1.8 million the previous homesite sale record, set last year in another part of Dana Point at the nearby The Strand community.
The price for the quarter-acre land parcel is also nearly three times the prior record for a vacant lot sale in Ritz Cove.
“Nothing has ever traded above $5 million in Ritz Cove,” notes Jacqueline Thompson of Surterre Properties.
Notable buyers in the community over the years include Magic Johnson and Hall of Fame pitcher Randy Johnson.
Thompson brokered the deal on behalf of the undisclosed seller, one of the original owners in the 100-lot community that dates back to the 1980s.
“This sale reaffirms how desirable and prestigious coastal Orange County is, and plays into the continued desirability for prime land in the region,” Thompson said.
High PSF
Strong buyer demand is what prompted the owners to sell the lot, Thompson said.
“The owners live elsewhere in Orange County and always had the intention to build a new home in Ritz Cove, but decided to sell if they could get the price they wanted.”
There are now just three vacant lots left in Ritz Cove, including two third-row homes currently under escrow for $4.4 million and $4.5 million.
6 Ritz Cove sold for about $1,340 per square foot to an undisclosed buyer that already owns property in Orange County, and intends to begin construction soon on a new custom home.
“This buyer had the opportunity and means to live anywhere in the world, yet like many of my clients they chose to remain in Orange County,” Thompson said.
Prior Record
Prior to 6 Ritz Cove, the priciest vacant lot to trade in OC was 41 Strand Beach, a 10,215-square-foot parcel that sold in September for $12.5 million.
The front-row lot at the 119-lot Strand at Headlands community sold for approximately $1,220 per square foot; Tim Smith of Coldwell Banker Realty brokered both sides to that deal.
Arlen Raubach of Compass currently has the priciest lot listing in The Strand.
The front-row, 10,150-square-foot lot at 3 Strand Beach Drive recently hit the market for $15.3 million.
The seller owns that lot and the one adjacent at 1 Strand. They originally listed both lots together for a sky-high $35 million but ultimately decided to retain one of the lots and secure a buyer for the second.
Strand Activity
The Strand is among several coastal OC markets that have enjoyed a busy year in the wake of the pandemic, seeing a new price record set last month.
A five-bedroom, eight-bath home at 33 Strand Beach sold for $23.6 million, among tops for Dana Point luxe deals.
Fredrik Eklund of Bravo’s Million Dollar Listing had the listing for the 8,900-square-foot home in the front row of The Strand, the Sanford Edward-developed luxury gated community that kicked off development in 2006.
Raubach notes he’s personally seen this stronger-than-average activity, having sold three homes priced above $11 million in the upper level of the Strand since October.
He has two additional sales for the lower Strand in escrow, both priced above $20 million, and recently listed a “show-stopping” home in the community at 17 Beach View Ave. for $17.3 million.
“The home is about to complete construction, and it’s truly one of the most significant properties ever seen in the second row of The Strand,” Raubach said. “The owners spent a lot of money developing the home, and I expect it will sell quickly.”
