An oceanview property on nearly an acre at 103 Shorecliff Road in Corona del Mar recently sold for $15 million.
The property, with an original home built in 1959, sold for one the highest prices in the Shore Cliffs neighborhood, said Bob Coluccio, an agent with HÔM Sotheby’s International Realty, who represented the seller.
Timothy Tamura, an agent with Corona del Mar-based Rogers Realty Inc., represented the buyer.
It’s the second time the property was sold in more than 50 years.
This property is one of Orange County’s premier, front-row oceanfront parcels, Coluccio said.
The home, which sits on the bluff, has 119 square feet of oceanfront.
“The property is one of the most beautiful lots on the southern coast,” Coluccio said.
The seller, a longtime client of Coluccio’s, owned the property for eight years but hadn’t been using it much. The seller has another residence in Newport Beach.
The seller, after seeing a few strong sales in the neighborhood, decided it was a good time to put it on the market.
Right away, the home had two offers from local buyers. It was listed for $16.9 million and closed within three weeks for $15 million.
The local buyer recently sold a business.
The buyer is going to tear down the home and build a new one, Coluccio said.
$4M Closing
Coluccio and Ball also recently represented the seller at 401 Snug Harbor Road in Newport Beach, which closed for $4 million.
The 6,800-square-foot home was sold for close to its list price of $4.5 million. The home attracted a few buyers and closed within three months.
It was one of the highest closings in the neighborhood, Coluccio said.
Marilyn Read, an agent with Coldwell Banker Previews International’s Newport Beach office, represented the buyer.
The five-bedroom, six-bath home doesn’t have a view.
But it’s in the sought-out neighborhood of Cliff Haven, which sits on a bluff and is near Ensign Intermediate School and Newport Harbor High School.
The buyers were a local people, who have adult children and own a local business.
The electrical systems in the home are iPad-controlled. The home’s technology bells and whistles appealed to the buyer.
“It has all the tech stuff going on,” Coluccio said.
The home is a “soft contemporary” design, with an underground media room and bar. Natural lighting was factored into the design.
The home was still under construction when it was listed.
The seller had been building the home for himself. He enjoys designing homes.
“He has a great eye,” the agent said.
The seller worked with Costa Mesa architect Christopher Brandon, who is a young, upcoming architect, Coluccio said.
The seller owns a few businesses, and designing homes is his hobby, Coluccio said.
Coluccio and his partner Pamela Ball have closed more than $23 million in sales this year.
The Shorecliff and the Snug Harbor sales signal the luxury home market is on the upswing amid “pent-up buyer demand,” Coluccio said.
Certain neighborhoods have low inventories, and the low supply has combined with lower prices to attract buyers.
“Eventually, pricing will follow,” Coluccio said. “It’s still a buyer’s market.”
Pricey Listing
Private equity investor Frank Cutler’s 5,415-square-foot waterfront home at 12 Bay Island in Newport Beach is selling for $21.9 million.
Robert Giem, an agent with Newport Beach-based HÔM Sotheby’s International Realty, is the listing agent. The listing is shared with Mauricio Umansky of The Agency, according to The Wall Street Journal, which recently featured the home.
Cutler’s home has been listed since 2011 and once was priced at $27.9 million. He purchased the home in 1999, but didn’t disclose the purchase price.
Cutler reportedly spent $9 million to remodel the Bay Island home and is selling the home because he wants to travel more. Bay Island, established in the early 1900s as a duck hunting club, is a 6-acre gated island off Balboa Peninsula, connected by a foot bridge. The island has 23 homes and no car access.
Islanders park their cars in a parking garage on the peninsula and drive golf carts over the bridge to their homes. The island has a community tennis court and garden.
One of island’s most famous residents was Polish-American Shakespearean actress Helena Modjeska, who died on the island in 1909. Modjeska Canyon was named after her.
