A home in Dana Point’s Ritz Cove, an exclusive Monarch Beach neighborhood, traded hands in September for $14.5 million.
The 5,502-square-foot property, at 22 Ritz Cove Drive, marked the second luxe sale for the 70-home neighborhood this year.
It’s also the second-priciest sale for Ritz Cove, following the $17.5 million record sale of neighboring home 21 Ritz Cove, which sold in July.
The five-bedroom, five-bathroom oceanfront home boasts views of the 396-room Ritz-Carlton Laguna Niguel, which is “gorgeously set atop the hill” south of Ritz Cove, listing agent Katin Reinhardt of The Oppenheim Group told the Business Journal.
The seller, an unidentified tech entrepreneur, bought 22 Ritz Cove from Costco Wholesale Corp. (Nasdaq: COST) co-founder and former CEO James Sinegal for $9.4 million almost a decade ago.
The home’s newest owner, who is another entrepreneur, hails from out of state.
Reinhardt and Jason Oppenheim, co-founder of The Oppenheim Group and star of Netflix series “Selling the OC,” co-listed the property. Realty One Group West’s Suzi Dailey represented the buyer.
Model Home
The 22 Ritz Cove Drive property is one of a handful of homes in the guard-gated neighborhood that offers direct beach access by stairs.
“Not many homes come for sale on Ritz Cove’s oceanfront first row,” Reinhardt said. “And when they do, people tend to jump on them fairly quickly.”
The estate hit the market in May with an asking price of $15.9 million. The $14.5 million sale closed about four months later.
Developers used the property, built in the 1990s, as a model for the rest of Ritz Cove’s homes, Reinhardt said. The home has since undergone multiple remodels headed by both Sinegal and the seller. The buyer is likely to follow that trend, according to Reinhardt.
Older Properties
Ritz Cove has flown under the radar in comparison to its coastal community counterparts.
“Once they see the neighborhood, though, they quickly realize that it has everything they’re looking for,” he said.
Ritz Cove’s privacy, security and proximity to the beach have drawn a host of celebrities and athletes, including Earvin “Magic” Johnson.
The neighborhood counted three active listings as of last week, including a 0.3-acre vacant lot for $8.9 million. The remaining two listings include $16.5 million for 51 Ritz Cove Drive and $8.7 million for 87 Ritz Cove Drive.
The Strand
The nearby Strand development has been getting more attention from prospective buyers.
“Developers there are building these stunning homes and they’re all brand new,” Reinhardt said.
The 118-home neighborhood in August saw the second-priciest trade on record for the city, when waterfront 51 Strand Beach Drive sold for over $32 million. Dana Point’s current record is $33 million.
Like 22 Ritz Cove Drive, 51 Strand Beach Drive is in the community’s front row of development.
