A bluff-top home at 32007 Coast Highway in Laguna Beach recently sold in an online auction for $4.1 million, down from $7.5 million in November 2011.
Joele Watson, an agent with Newport Beach-based Surterre Properties Inc., represented the seller, a trust.
Jim Watson, also of Surterre, represented the buyer, who’s been investing in properties in the local area.
Irvine-based Auction.com handled the auction.
The five-bedroom, three-bath home has a dramatic view of the ocean. There is a 900-square-foot private deck below the home, directly on the beach.
The home had been on the market for a few years before it was auctioned. About 250 people attended open houses, and almost 40 people registered as bidders in the 45-day lead-up to the auction.
The property sold within 48 hours and closed 30 days later.
Tom Iovenitti, executive vice president with Auction.com’s residential division, said the service markets the home locally, regionally and internationally, and handles the auction process. The real estate agents take over once the buyer is known.
Auction.com collects a 5% fee from the buyer.
Auction.com did 1,000 auctions last year, including homes, commercial and distressed properties.
Iovenitti said he expects auctions to be an attractive way to sell a luxury home, even as the market improves.
“I think it works better in a seller market,” he said.
Auction.com has a big auction set for April 26, involving the highest-priced listing in Orange County: the $37 million Villa del Lago estate at 1 Pelican Hill Road North in Newport Coast. Robert Giem, an agent with HÔM Sotheby’s International, is selling the property for the bank, which owns the property.
The 18,000-square-foot estate became bank-owned after it was caught up in the woes of Newport Beach real estate agent John McMonigle, who once was one of the primary investors in the home.
McMonigle lost the home in bankruptcy.
He closed his real estate company last year and works as an agent with Beverly Hills-based Teles Properties Inc.
The 12.5-acre spread includes a vineyard, a lake and horse stables. There’s no preset price on the property, and bidders can offer what they choose.
“It’s a unique, one-of-a-kind property, and I do believe we’ll have a considerable amount of interest,” Iovenitti said.
Hard to Miss
43 Linda Isle in Newport Beach is listed for $24.5 million.
The 8,088-square-foot harbor home, situated on a 10,400-square-foot lot, is hard to miss.
It sits further into the water than adjacent properties and boasts sufficient waterfront footage to dock a 130-foot-long yacht.
Jim Kline, an agent with Surterre Properties, is representing seller Orange County Investments LLC, a trust. The former owner died.
Linda Isle has about 100 homes and a 24-hour, seven-day-a-week guarded gate. All of the homes are custom-built and have private docks.
The island has a community clubhouse and tennis court. It used to be called Shark Island, before developer Irvine Company renamed it.
At least one other home is for sale on Linda Isle.
The home at 88 Linda Isle is priced at $13.8 million. Alison McCormick, an agent with Teles, is representing the seller.
One of the most recent sales on Linda Isle was in March of last year, when 78 Linda Isle sold for $6.2 million to a businessman from China and his wife. Renee West of Prudential California Realty represented the buyer and Jacqueline Thomas of Surterre the seller.
In all, OC has about 11 properties listed for more than $20 million, including Pacific Investment Management Co. cofounder Bill Gross’ land at 24 Harbor Island in Newport Beach, selling for $26.5 million. Kathryn White of HÔM Sotheby’s International is representing Gross.
There are three listings for more than $30 million.
March Start
The first closing for March was 4527 Fairfield Drive in the Cameo Shores neighborhood of Corona del Mar, according to Redfin.com.
The five-bedroom, four-bath home closed March 1 for $5.1 million, down from $6.4 million in January 2011. The price decreased to $5.9 million in April and in May was lowered to $5.7 million.
Staci Dancey, an agent with Surterre Properties, represented the seller. Coleen Brennan, of Prudential California Realty, represented the buyer.
