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177 Shorecliff Road
Corona Del Mar, CA 92625
$49,500,000
Conventional
Property
Bedroom
5
Bathroom
10
Property Type
Conventional
Square ft
11165
Property Description
Located on an expansive oceanfront parcel of nearly three-quarters of an acre in the private community of Shorecliffs, this extraordinary residence includes more than 11,000 square feet of living area on three levels. Enveloped by mature seaside gardens, and graced with a private oceanfront pool, this home is among the largest of both oceanfront homes and oceanfront sites in Orange County. Never to be replicated, the house was built from the ground up in 2008 and recently underwent a two-year renovation. The result is a thoughtfully updated interior that features tasteful modern moments integrated into a design that is still warm and inviting. Overall, the house is now light, open and takes full advantage of the breathtaking ocean and cove views. Set above the only private sandy beach in Shorecliffs, the views range from cove below, to Arch Rock, across to the channel entrance, and finally to Catalina Island on the horizon. From first light in the morning through to sunset, the views are simply stunning. The house itself, never to be approved again under current limitations, provides all the spaces of a proper home – something you will almost never find on the open market here. There is a nearly full-floor master suite with an expansive private oceanfront terrace, sitting room, as well as his and hers baths and dressing areas. Four additional bedroom suites (one in the form of a guest house) complete the private spaces. A formal living room and dining room are complemented by several oceanfront terraces and a private fireside courtyard, a large family room, an impressive home theater, a well-appointed kitchen with breakfast room, a rooftop terrace, a handsome paneled study, and a seaside entertaining level with a gym, bar, and a bonus opening to a large oceanfront terrace with pool. An elevator and an eight-car garage complete the offering. There is also a private pathway to the beach with direct sand access. Set back from the street for maximum privacy, there is little anyone can see of the home from the front exterior. However, once one comes inside a series of impressive spaces unfold as they lead from the three-story entry hall to the oceanfront bluff upon which the home rests. Shorecliffs is situated near to the southern edge of Corona del Mar, though this location enjoys easy walkability to the village and miles of beaches, as well as immediate and unfettered access to the village and all the prized amenities of this area.
Property Information
Lot Size
31,850 sqft square ft
Property Type
Residential
Year Built
2008
MLS Number
NP24013215
Location
Address
177 Shorecliff Road
City
Corona del Mar
State
CA
Zip Code
92625
County
ORANGE (SOUTH)
Listing
Provider
Name
Compass
Phone
(949) 438-4340
Office Name
Compass
Office Phone
(949) 438-4340
Agent Name
Robert Giem

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.