Irvine Cove

So, how’s this market….really? Let’s ask Conrad: “Irvine Cove is a very special community.  This is one of the most prestigious communities along the California Riviera.  Due to its size and exclusivity, sales are very rare here.  There has been only 5 sales in Irvine Cove since 2006.

 We are in a very unique position today where four properties are currently on the market ranging in price from $5M to $17M.

 There are only a handful of communities in all of Southern California that has been able to maintain relatively stable prices through this market turmoil.  Again, due to the size and exclusivity, the supply and demand curves of this market have not shifted to make a noticeable change in price.  

 Two homes sold in 2006, one for over $1,500 per square foot, the other home’s final sales data was kept confidential (however its list price was $29.9M at 8,833 sq. ft. is $3,385/ sq. ft.).  In 2010 we had a sale for about $1800 a square foot, and this year one over $1,300 a square foot.  So clearly, each home is a unique masterpiece, commanding its own price, and setting itself apart from other local market conditions.

 I’m excited about the opportunities I see in Irvine Cove.  This area is reserved for an elite group of people who can add the lifestyle factor into their equation of home purchasing.  There is a definite premium that must be paid to call Irvine Cove “home”.  But for those that can and do, they rarely relinquish ownership of such a prized piece of property.”

Irvine Cove is an exclusive guard gated area with 110 homes, located in the northernmost part of Laguna Beach, California. Not only is it home to some of the finest real estate on the “Gold Coast”, but it also offers residents a private, secluded beach. It includes sand volleyball courts and a playground and is perfect for people who surf, skin and scuba dive, skim board and body surf. Irvine cove also offers tennis courts and a private park.

The first property is located at 2450 Irvine Cove Crest. It is a 4 bedroom, 5 bath home. It is a private property entirely custom built with lush landscaping and cathedral vaulted ceilings. Amenities include: resort-like pool and spa, wet bar, music system, 4 fireplaces, and a master bedroom with Jacuzzi tub. It is listed at $4,995,000 and is 4,935 SqFt.

The second property is a 3 bedroom, 3 bath home located at 2538 Monaco Dr. It is mid-century style with breathtaking ocean and sunset views. Built on a quiet and secluded lot, it is situated close to the beach. This home is listed at $5,795,000 and is 2,600 SqFt.

The next home is located at 2466 Riviera Dr. It is a 3 bedroom, 3 bath elevated single story home. This estate boasts incredible Catalina Island and ocean views and has a private pool and spa. It is listed at $5,950,000.

The fourth property is located at 2555 Altamar Dr. This 5 bed, 7 bath home posses some glass walls, perfect for indoor/outdoor living. The gourmet kitchen is equipped with dual SubZero refrigerators and granite countertops. Amenities include: a health spa, studio/gym, 1,200 bottle wine room and a great room overlooking an infinity salt water pool. This home is 8,600 SqFt. and is listed at $16,989,000.

Currently, the average price on these Irvine Cove homes is $1,567.87/SqFt. One property sold in the last 90 days in Irvine Cove. The estate sold for $1,346.15/SqFt. after 92 days on market.

So what does that mean to me? If you purchase an Irvine Cove home at $5,000,000 with 20% down, an interest rate of 5.25% fixed for 30 years, with property tax 1.25% and a PMI of 0.5% and have an excellent credit rating here is what your estimate would look like:

Monthly Payments: $27,296

Totally Payments of $9,826,733

Total Interest Paid: $3,951,733

Total Tax Paid: $1,875,000