A sizable Shady Canyon mansion traded hands last month for $15.5 million.
The deal for the property, located at 20 Black Falcon, marked the fourth most expensive sale in the gated 800-home Irvine neighborhood, as well as for the city of Irvine as a whole.
The nearly 11,000-square-foot custom home is in a cul-de-sac. With no neighbor on the right nor directly to its left, the six-bedroom, 10-bathroom home offers lots of privacy, brokers note.
Though among the top deals in Irvine, listing agent Paul Draftarian of Luxe Real Estate believes the home could have fetched a higher price.
“In my opinion, Shady Canyon is one of the most underpriced communities,” Daftarian said, noting that homes in the area go for half as much as those in Newport Coast.
The buyers, however, would have been willing to pay more if the home had an ocean view, according to brokers.
Listing agents on the deal were Daftarian and Michael Balliet, who both helped 20 Black Falcon’s sellers find another home in Crystal Cove.
The property’s undisclosed buyer was represented by Qian Ming of JC Pacific Capital Inc.
Perched atop a hill, 20 Black Falcon touts panoramic views from Irvine’s Great Park to Palos Verdes.
“The front view of this property is nicer than most people’s backyard view,” Daftarian said in the marketing video for the home.
The seller paid $13 million for the home in 2022. About a year later, the then-owners listed the property for nearly $20 million.
Amenities in the recently renovated home—whose design combines Spanish and modern architecture—include rose gardens, fountains, a gym, a home theater, an outdoor kitchen and an infinity pool.
The price for 20 Black Falcon reflects the current sentiments of the luxury market.
“Buyers tell me that homes feel overpriced, while sellers say that homes are underpriced,” he said.
The other two Shady Canyon properties that have surpassed 20 Black Falcon’s latest valuation are 60 Golden Eagle and 76 Golden Eagle, the latter of which set a record for Irvine last year.
The 76 Golden Eagle estate traded hands last August for $25 million. The seller, Joni Rogers-Kante—who founded local cosmetics company SeneGence—parted with the 13,046-square-foot home to move back to her hometown Sapulpa, Okla.
The 60 Golden Eagle property, which sold last February, tied for Irvine’s single-family record at the time: $17 million. The sellers sold the home for the same amount they paid for it in 2019—a deal that, at the time, set a new price benchmark for the city.
Shady Canyon is the only neighborhood in Irvine that offers an inventory of custom homes for sale, with land lots that are far larger than the county’s average, meaning more space in between homes than other OC communities.
The guard-gated neighborhood’s high level of privacy, expansive lots and proximity to the coast as well as John Wayne Airport have lured several executives and athletes to the community.
Notable names with reported ties to Shady Canyon include Kingston Technologies Corp. co-founder David Sun, TGS Management founder C. Fred Taylor, bestselling author Dean Koontz, Alteryx Inc. (NYSE: AYX) Executive Chairman Dean Stoecker and Masimo Corp. (Nasdaq: MASI) co-founder and Chief Executive Joe Kiani.