$9M land sale for new home in Cameo Shores sets local marks

$9M Land Sale Sets Corona del Mar Mark

A quarter-acre lot in Corona del Mar has traded hands for $9 million, in a record sale of its kind for the seaside Newport Beach neighborhood.

It’s the priciest deal on record for a lot in Corona del Mar, and the fifth priciest for the region, according to online real estate platform Zillow.

Developable residential land in coastal OC markets is few and far between, buoying pricing amidst current market pressures.

The parcel at 4539 Camden Drive in the Cameo Shores community is in the second row with an ocean view and is fully landscaped.

At 11,325 square feet, the lot is about 50% larger than that of the prior record lot sale.

Tara Foster Shapiro of EQTY Forbes Global Properties had the listing; Michael Balliet and Paul Daftarian of Luxe Real Estate represented the undisclosed buyer.

Lot Listings

It was 1 of 4 lots listed for sale as of late November, leaving just three lots in Corona del Mar on the market, ranging from $3.5 million to $6.5 million according to brokerage data.

The priciest listing is for a 3,485-squarefoot lot at 2516 Ocean Blvd., near China Cove Beach The $6.5 million listing is touted as a build-to-suit opportunity with plans for “a Napa Valley Contemporary inspired home by CJ Light and Associates Architecture,” according to brokerage materials.

Wayne Smith of Corona del Mar Properties has the listing. A nearly $3.5 million listing about a mile away at 604 Narcissus Ave. spans 3,524 square feet and comes with plans for a new home in the Flower Streets community. Smith also has that listing.

In Corona Highlands, a 9,213-squarefoot lot is also on the market, for $3.8 million. Rob Montgomery of Arbor Real Estate has the listing.

Prior to last month’s sale in Cameo Shores, the sales record for a lot in Corona del Mar was for 2808 Ocean Blvd., a 7,405-square-foot lot adjacent to Lookout Point. It sold for $6.3 million.

Dana Point

The recent lot sale trails two others this year in price, including a $9.2 million sale at 23 Montage Way in Laguna Beach, and a $17.2 million sale of a lot in Dana Point.

The latter sale, which closed in June, is the priciest lot sale on record for Orange County. The 10,149-square-foot lot at 3 Strand Beach Drive is a front-row parcel at the Strand at Headlands.

Records indicate the property last sold in 2017 for $11.9 million.

By comparison, the top home sale to occur in the Strand was last year’s $23.6 million sale of 33 Strand Beach.