A 5,294-square-foot home in Monarch Bay traded hands last month for $32 million, in a near-record deal for Dana Point.
The six-bedroom, eight-bathroom home at 37 Monarch Bay Drive sold for all cash at its full asking price.
“The quality of the home, the view and location warranted a full price offer,” listing agent Chas. Aufhammer of Berkshire Hathaway HomeServices told the Business Journal.
The undisclosed seller does not own any other local real estate. The buyer, represented by Compass’ Todd Davis, hails from Los Angeles.
“It’s a brand-new property and, as one of 18 homes in Monarch Bay’s oceanfront row, it’s extremely rare,” Davis told the Business Journal.
It’s the fourth priciest home sale of the year for Orange County.
Home Background
The one-story home, which touts unobstructed, panoramic ocean views, underwent a four-year rebuild that finished earlier this year.
Remodeling is “constant” in Monarch Bay, according to Realty One Group West’s Suzi Dailey.
That’s because the community’s homes are on the older side, with many originally built in the 1960s.
Moreover, the neighborhood has attracted the ultrawealthy, who have the means to customize their homes to their liking.
Beach Club
The new owners of 37 Monarch Bay, like the rest of the community’s residents, will get access to the Monarch Bay Beach Club run by the nearby Waldorf Astoria Monarch Beach.
The club has boosted the neighborhood’s popularity among prospective buyers since the Waldorf Astoria three years ago struck a deal with Monarch Bay’s homeowner’s association.
The deal grants Monarch Bay residents automatic membership to the hotel’s beach club. Members of Monarch Bay Beach Club get access to the Waldorf Astoria’s bar, restaurant and beachside services.
“Beach attendants will set up your chair, umbrella and towels for you,” Compass’ Davis said. “If you want a meal with your margarita, there’s a service for that too.”
Coveted Community
Monarch Bay last year set the price record for Dana Point with the sale of 63 Monarch Bay Drive at $33 million.
That 7,700-square-foot, two-story home is now back on the market, listed with Davis for $42 million.
The 63 Monarch Bay home so far has drawn interest from business execs, athletes and talent from Hollywood, according to Davis.
Buyers of that caliber have increasingly flocked to Monarch Bay since pricing for the neighborhood sits about 20% less than similar LA communities like Santa Monica and Malibu, according to Davis.
‘Huge Transformation’
Monarch Bay was not always as highly valued as it is today.
The 212-home neighborhood three years ago underwent a “huge transformation” after its homes were bought out from their long-term land leases with the Moulton Co., whose namesake family is one of the county’s oldest landowners.
Since that deal, “real estate values have skyrocketed in Monarch Bay,” Dailey said.
It’s also made Dana Point a worthy contender against nearby beach cities.
“Dana Point has historically lagged behind Newport Beach and Laguna Beach,” Douglas Elliman’s John Stanaland told the Business Journal. “Monarch Bay has really brought up values in the city, along with The Strand.”
OC’s South Orange County has gained popularity among outside buyers over the past few years, brokers note.
Communities like Monarch Beach have increasingly drawn buyers from LA, San Francisco and, now, New York.
“OC is the premier destination for people who want to be in California,” Stanaland said.
“Even though the market is slower, we’re still seeing record sales.”
