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2040 Ocean Way
Laguna Beach, CA 92651
John Stanaland with DOUGLAS ELLIMAN OF CALIFORNIA, INC., original listing - (949) 270-0440
$8,995,000
Conventional
Property
Bedroom
2
Bathroom
Full: 1, ½: 1, ¾: 1
Property Type
Conventional
Square ft
2826 Square Feet
Property Description
Commanding breathtaking panoramas of the Pacific Ocean from nearly every vantage point, this residence seamlessly integrates contemporary, sophisticated interiors with the quintessential outdoor coastal living. Recently reimagined with meticulous attention to detail, the floor plan spans just over 2,800 square feet, offering two bedrooms and two-and-a-half bathrooms. The richly layered finishes create an elevated living environment, with imported Turkish stone, reclaimed wood-plank flooring, handcrafted millwork, and bespoke lighting celebrating craftsmanship throughout. Accessed from the street level via a custom glass elevator, the principal living area features stunning ocean vistas, a main sitting section with a fireplace, and the home’s dining portion set against a picture window. A Dutch door connects this space with one of the numerous outdoor areas. Anchored by a stone-top island, the open-concept kitchen offers every high-end amenity, from bespoke cabinetry, a slab backsplash, and an integrated high-end appliance package inclusive of a professional-grade six burner Wolf range with double ovens and a griddle to a farmhouse sink. Clad in a muted palette, the rear living space on this floor is a quiet retreat that leads onto the backyard: a lush sanctuary with a pool, sitting area, and fountains - truly an oasis in the city. A secondary bedroom with an adjacent bathroom and a generously sized walk-in closet round out this level of the home. Perched atop the residence, the primary suite is a statement of its own. Offering textural depth, its wood-paneled ceiling melds with luxurious wallpaper and contemporary lines of the accordion doors, which span the entire ocean-facing wall of the room, leading onto the private terrace. The ensuite bathroom with double vanities and marble-sheathed shower completes the topmost floor. No surface of this home was untouched during its renovation, and notable highlights include custom lighting, a whole-house audio system, ample garage space, and high-grade, non-flammable material throughout. The combination of enlivened interiors, breathtaking views, and a prime location of this residence is simply irreproducible.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
2020
MLS Number
--
Location
Address
2040 Ocean Way
City
Laguna Beach
State
CA
Zip Code
92651
County
ORANGE (SOUTH)
Listing
Name
Phone
(949) 689-9047
Office Name
Office Phone
(949) 270-0440
Agent Name
John Stanaland
Agency Phone
(949) 270-0440

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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.