After spending 71 days on the market, a brand-new house built in Crystal Cove has sold for $33.3 million.
The first owners at 6 Waves End are moving into a 13,787-square-foot estate that features seven bedrooms and 11 bathrooms on 0.68 acres inside a gated Crystal Cove enclave.
Billy Chen of Irvine-based Land Co. Development Inc. sold the house on behalf of the developer, with Baron Bershaw of Compass serving as the buyer’s agent.
The house sold on Dec. 20 for $2,418 per square foot and 7% below list price, according to Homes.com.
The Homes.com listing shows 6 Waves End as offering panoramic ocean views and an eight-car garage.
6 Waves End is a three-floor house designed as an Italian villa.
Some of the house’s amenities include an elevator, wet bar, dual staircase, French doors, projection room, home theater, recreation room, library with fireplace, game room, gym and finished basement.
Other features include maid/guest quarters, in-law or guest suite, heated infinity pool and an outdoor grill.
“The unique three-story Italian villa design is reminiscent of the true essence of multi-tiered Italianate villas with an isolated second story bonus room above the kitchen with panoramic open space and ocean views,” per the Homes.com listing.
The Crystal Cove neighborhood where 6 Waves End is located is connected to the El Morro open space trail system and a gated pathway to the beach.
Land Co. Development Inc.
Chen founded Land Co. Development in 2007 as a real estate firm specializing in due diligence, entitlements and construction management for land buyers and sellers.
6 Waves End is one of five custom homes Land Co. Development built in Crystal Cove. The real estate company’s portfolio also includes two beachfront custom houses at The Strand in Dana Point and land entitlement projects in Glendora. Land Co. Development is also working on a startup tech homebuilding company.
Chen, a graduate of USC and University of California, Irvine, served as the vice president of development at Fieldstone Communities from 2004 to 2007 and a project manager at Centex Homes, K. Hovnanian Homes and Pacific Heritage Development between 1995 and 2004.
The Luxury Home Market Outlook
Coldwell Banker, in a report issued this month, expressed broad optimism about the national luxury home market for 2025.
“Growth in the luxury housing sector continues to defy broader market trends, outpacing the traditional real estate market,” per the Coldwell Banker’s The Trend Report 2025. “Annual luxury home prices for single-family homes grew by 7.6% – twice the rate of the traditional market at 3%.”
The report added luxury home buyers could expect lower mortgage rates, higher inventory and improved market conditions in 2025.
“A more level playing field for buyers and sellers is anticipated for 2025. The sales ratio percentage moved from a seller’s market at 22.3% in 2023 to a balanced market at 19.4% in 2024 for luxury single homes,” per the Coldwell Banker report.
