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60 Ritz Cove
Dana Point, CA 92629
Suzi Dailey with Realty ONE Group West, original listing - (949) 297-2020
$13,200,000
Conventional
Property
Bedroom
5
Bathroom
Full: 5, ½: 1
Property Type
Conventional
Square ft
6100 Square Feet
Property Description
Experience unparalleled luxury in this ocean view home located in prestigious Ritz Cove. Every corner of this residence exudes elegance, with outstanding architectural details and meticulous trim work throughout. From intricately designed ceilings and doorways to beautifully crafted archways and murals, no detail has been overlooked. Step into a grand two-story foyer that sets the tone for the rest of the home. Beyond the foyer, a stunning pool glitters against the backdrop of the ocean, offering incredible views from both floors. Enjoy leisurely strolls to the beach, just a block away.  A water feature winds around the home, greeting you at the front door and continuing in the back yard, which is filled with flowering bushes and fruit trees. The home is equipped with a brand new HVAC system, a fabulous entertainment TV system and features opulent cabinetry, spacious closets, and a paneled wood office. An elevator provides easy access to three levels, from the garage to the first and second floor.  The primary suite boasts breathtaking whitewater views of nearby Monarch Beach. Over half a million dollars has been invested in casework alone, underscoring the quality and craftsmanship of this exceptional property.  Cove lighting provides beautiful ambiance for entertaining, and a walk-in Wine Room with a glass and iron door is just off the family room area which hosts an incredible curved bar. Situated at the end of a quiet, single-loaded cul-de-sac, this luxurious residence offers both privacy and tranquility. Rarely does a home of this construction and detail come to market. Guard-gated Ritz Cove is nestled between the luxurious Ritz Carlton and Waldorf Astoria resort hotels, in a spectacular guard-gated enclave of just 101 homes. Don’t miss the opportunity to own this extraordinary property.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
2003
MLS Number
--
Location
Address
60 RITZ COVE
City
Dana Point
State
CA
Zip Code
92629
County
ORANGE (SOUTH)
Listing
Name
Phone
(949) 315-5255
Office Name
Office Phone
(949) 297-2020
Agent Name
Suzi Dailey
Agency Phone
(949) 297-2020

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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.