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$4.7M Sale in Shady Canyon Sign of Improved Market

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The home at 22 Blue Grass in Irvine sold within 45 days for $4.7 million. That is down from its $4.9 million list price but more than the seller originally paid for the property in 2008, $4.5 million.

“The market is gaining momentum,” said Brian Thomas, an agent for Newport Beach-based Surterre Properties Inc. “It’s not a buyers’ market. It’s not a sellers’ market. It’s really a neutral market.”

A well-priced home will sell, Thomas said.

The 6,015-square-foot home in the Shady Canyon neighborhood has four bedrooms and five bathrooms.

Another Surterre agent, Michael Fawaz, represented the local buyer, a local business owner who looked at the home a couple of times before making an offer.

The master bedroom is on the main floor, along with an office and a guest bedroom, which was a feature the buyer wanted. Two additional bedrooms and a loft are upstairs.

The retired seller is building a house in Hawaii. He and his wife are splitting their time between Orange County and Hawaii. They’re now looking for a smaller “lock and go” home in Orange County.

Thomas has found them a home in Turtle Ridge in Irvine that they’re renting for now.

“It looked like a miniature version of their Shady Canyon home,” the agent said. “It was a perfect sideways move for them.”

One-Day Sale

An oceanfront duplex at 6001 Seashore Drive in Newport Beach was snapped up in a day.

The home, on a corner and off the boardwalk, had an offer the day after it was listed in July at $4.6 million. It closed in less than a month for $4.4 million.

Bill Schonlau, an agent with Coldwell Banker Previews International’s Newport Beach office, represented the seller.

The seller owns about a dozen homes and is selling his surplus properties, Schonlau said.

Rob Norquist, an agent with Newport Beach-based HÔM Sotheby’s International Realty, represented the buyer, who intends to remodel. The buyer, a local business owner, owns another nearby oceanfront property.

“In every respect it was the perfect property for this buyer,” Schonlau said.

The 4,000-square-foot home is one of the larger oceanfront homes in Newport Beach. It also has a five-car garage.

“It’s got some unique and very appealing aspects,” Schonlau said.

Schonlau has sold more than 50 oceanfront homes in Newport Beach, and also has owned seven personally. He’s been an agent with Coldwell Banker since 1998.

“They call me Mr. Oceanfront,” he said.

He has another oceanfront sale pending for this month.

Recent Sales

Six OC homes priced $4 million and above were sold as of mid-October, according to Redfin.com.

Ten were sold last month and 23 in August.

Recent transactions include:

• 7 Island Vista in Newport Coast sold for $5.7 million, down from $6.8 million in February. Joanne Perkins, an agent with Surterre Properties, represented the seller, and Lorraine Bader, an agent with Seven Gables Real Estate in Tustin, represented the buyer.

• The 6,900-square-foot home in Pelican Crest has four bedrooms and five bathrooms. It had been on the market on and off for about a year. It was originally listed in October 2011 for $7.1 million.

• 4807 Seashore Drive in Newport Beach sold for $5.3 million, down from $5.4 million in August.

Christopher Parr, an agent with Teles Properties Inc. in Newport Beach, represented the seller.

Kimberly Bibb, an agent with HÔM Sotheby’s International Realty, represented the buyer.

The 3,100-square-foot oceanfront home is brand new, construction finished in August. The home has four bedrooms and four bathrooms.

• 4639 Camden Drive in Corona del Mar sold for $4.5 million, down from $5.8 million in January.

Evan Corkett, an agent with Coldwell Banker Previews International, represented the seller, and Linda Fuller, an agent with Prudential California Realty, represented the buyer. The 3,477-square-foot ocean view home has four bedrooms and four bathrooms.

• 121 Milford Drive in Corona del Mar sold for $4.1 million, just off its $4.2 million list price in August.

Brian Ward, an agent with Irvine-based First Team Real Estate, represented the seller. Brian Thomas, an agent with Surterre, represented the buyer.

The 2,416-square-foot home in Cameo Shores has four bedrooms and two bathrooms.

New Listing

Recent luxury listings include 2832 Bayshore Drive, listed for $13.9 million.

Lee Ann Canaday, an agent with Re/Max Fine Homes Inc. in Newport Beach, is the listing agent for the 9,400-square-foot home, which fronts the bay in Newport Beach has six bedrooms and seven baths.

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