A single-story home in Newport Coast’s Crystal Cove community doesn’t come up for sale often, but when it does, it draws a lot of buyer interest.
John Cain, president and founder of the Cain Group at Pacific Sotheby’s International Realty, told the Business Journal that he received multiple offers for 56 Archipelago Drive after listing it in mid-January.
Within two weeks, the seller had accepted a contingent offer.
The 3-bedroom, 4-bath home also has an office and a bonus room that could serve as a fourth bedroom. It sold for $11.59 million.
The 3,631-square-foot home sits on a 10,180-square-foot lot in the guard-gated Crystal Cove neighborhood with views of the Pacific Ocean.
It sold for $3,191 per square foot, said Cain, who represented both buyer and seller.
Single Story Premium
Crystal Cove includes about 785 homes, Cain said.
About 600 of those are tract homes, with the rest being custom properties. Single-level homes make up less than 5% of Crystal Cove’s inventory, Cain said.
Cain explained that most homes in Crystal Cove were built as two-story houses because builders needed to maximize space on smaller lots.
“When builders get their allotment of lots, a lot of them simply aren’t large enough to accommodate a single-level home and still achieve the square footage buyers expect,” said Cain. “So they build vertically instead of horizontally.”
Because single-story homes are rare, buyers looking for that layout often have very few choices in the neighborhood.
“When they come up, there’s a very strong premium placed on them,” he said.
The property at 56 Archipelago is part of the Oceana tract, he said, a collection of homes developed by Standard Pacific and completed in 2003.
Standard Pacific used the home as a model, making it one of the most desirable lots in the community to showcase the development.
It was also purchased from the original buyer, who bought it from the builder, he said.
“If a builder is selecting a site for a model, it’s usually positioned somewhere that really highlights the community,” said Cain. “In this case, the lot was very private and the views were exceptional.”
Before listing, the home was refreshed so the buyer could move in without needing to renovate right away.
“It was very clean and turnkey,” Cain said. “Even though it was built in 2003, a buyer didn’t have to remodel right away.”
The buyer, Cain said, is local.
Crystal Cove
In recent years, Crystal Cove has become one of the most sought-after luxury communities along coastal Orange County.
The guard-gated neighborhood includes access to the Canyon Club, a private recreation center with a pool, fitness facilities and sports courts, plus nearby trails and Crystal Cove State Park.
Cain said demand for luxury homes in the area remains strong despite broader economic uncertainty.
“Coastal Orange County has really found its way onto the global stage for residential real estate,” he said. “We’re seeing demand coming from all over the world now.”
Still, he said, the fundamentals matter.
“Properly prepared homes that are marketed well and priced appropriately are still achieving great outcomes,” Cain said.
