A nearly 10,000 square foot home with six bedrooms and nine bathrooms in Crystal Cove sold earlier this month for $22.5 million, or 13% below the listing price.
The two-story house with canyon and ocean views at 11 Coral Ridge changed hands rather quickly – about 34 days after it hit the market, according to the Homes.com listing.
The sale closed Sept. 12 and was the second-most expensive house sold in Newport Beach this month, according to Homes.com.
Two days prior, a Newport Coast house at 30 Pelican Crest Drive sold for $25.8 million. That 8,212-square-foot home, on the market for 170 days, featured five bedrooms and seven bathrooms, per Homes.com. That house was sold for only 4% below its listing price.
John Cain of Pacific Sotheby’s International represented both the buyer and seller at 11 Coral Ridge.
Cain said 11 Coral Ridge received multiple offers and sold quickly, partially due to its pricing but also because of one of the house’s physical characteristics: its height.
Most houses in the Crystal Cove area reach heights of 28 feet. But 11 Coral Ridge reaches a peak of 35 feet, allowing enviable ocean views from the second floor, with less obstruction.
Size Big Selling Point
The lot size of about 28,000 square feet was also a selling point, Cain added.
11 Coral Ridge is also behind a second set of security gates within Crystal Cove, giving the house an added layer of security and privacy.
“This is the most prestigious real estate in coastal Orange County,” Cain told the Business Journal.
Both the buyer and seller declined to be identified, he said.
The 9,906-square-foot house sits on a 0.64-acre lot and features a 534-bottle wine cellar, in-law/guest suite, game room, gym, pool, outdoor grill and home theater. The buyer also has access to the residents-only Canyon Club, which includes amenities such as a pool, spa, meeting room, restaurant, basketball court, tennis court and ocean views.
11 Coral Ridge was built in 2021 and originally sold for $15.5 million. The house was then sold for about $18.5 million a couple years later, according to Cain.
The Pacific Sotheby’s realtor, who represented each of the property’s transactions, said the buyer at the $18.5 million range was the seller on this month’s sale.
