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115 Kings Place
Newport Beach, CA 92663
$8,495,000
Conventional
Property
Bedroom
6
Bathroom
8
Property Type
Conventional
Square ft
7567
Property Description
Poised at the end of an elevated cul-de-sac in Newport Beach’s highly coveted Cliffhaven enclave, this newly upgraded custom residence offers panoramic Newport Harbor, turning-basin, Pacific Ocean, Fashion Island, city-light and mountain views. Unparalleled curb appeal makes a grand first impression and is embellished with mature and manicured landscaping that complements the estate’s New England Shingle-inspired architecture. Sprawling grounds on the oversized homesite reveal sunny patios, stone terraces and a courtyard with spa, built-in BBQ, and a fire pit with built-in seating. Approximately 7,567 square feet, the two-level residence presents six ensuite bedrooms and is intelligently designed to maximize views by placing main living areas on the top level. Centered around a graceful spiral staircase, the first level showcases a foyer with classic Dutch entry door, a stunning wood-paneled executive office with coffered ceiling, a bright and spacious fireplace-warmed great room with kitchenette and wet bar, a wine cellar, and three bedrooms including a secondary primary suite with double doors, a fireplace, walk-in closet and soaking tub. Many spaces on this level open to the private courtyard. Crowned by skylight, the spiral staircase is joined by two additional staircases and an elevator that provide passage to the upper level, where memorable formal and casual gatherings are sure to be remembered by all who attend. The living and dining rooms are generously sized, and the family room and kitchen area is illuminated by large view-enriched windows. Anchored by a massive marble-topped island, the new chef-caliber kitchen displays white cabinetry, a built-in desk, two sinks, and top appliances including a Wolf range and a built-in refrigerator. The butler’s pantry boasts a Miele coffee station, a warming drawer and a beverage refrigerator. Sequestered behind double doors in its own second-floor wing, the primary suite features a fireplace, soaking tub, sit-down vanity, two water closets, and an oversized cedar-lined dual-entry walk-in closet with safe and washer/dryer set. Enjoy fireside gatherings on the roof-top deck, where 360-degree views are without equal. Lutron lighting, a multi-camera security system, handcrafted millwork, stone fireplaces, newly finished hardwood flooring, new luxury carpet, fresh paint, and an oversized tandem 4-car garage with golf cart stall and private entry lend added appeal.
Property Information
Lot Size
8,890 sqft square ft
Property Type
Residential
Year Built
2005
MLS Number
NP24044174
Location
Address
115 Kings Place
City
Newport Beach
State
CA
Zip Code
92663
County
ORANGE (SOUTH)
Listing
Provider
Coldwell Banker Residential Brokerage, original listing
Name
Coldwell Banker Residential Brokerage
Phone
(800) 500-4053
Office Name
Coldwell Banker Realty
Office Phone
(949) 644-1600
Agent Name
Tim Smith

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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.