CORONA DEL MAR, CA-Industry sources unrelated to the deal tell GlobeSt.com that the asking price for each of the seven luxury homes in the soon-to-be-built Aerie development here is between $14 million and $16 million. Developer Richard Julian of Advanced Real Estate Services tells GlobeSt.com that only three of the seven homes are now available for purchase and that buyers will be closely screened for eligibility.
Julian says that the project should have a positive impact on the submarket, “first of all, because we're decreasing density—going from what is now 15 units down to seven—so there is no negative traffic impact.” He says that his firm is doing several things to upgrade and increase value to the area itself, such as augmenting power lines, fixing up the street out front and adding a significant amount of parking.
The project is expected to be completed within three years, and Julian expects demolition to begin by mid-summer. Each room within the homes will be quite large, he says.
“This will be our dream new home, and we have three other partners in it with us who want to buy that unit,” says Julian. “It's kind of a special deal, like a retirement community when we're done.”
The 10 years Julian spent in developing the project to this point are the reason for his devotion to it. “There are three units available, and we don't have full marketing campaign. We're looking for three more lucky homeowners” to buy into it, he adds.
As GlobeSt.com reported earlier today, the California Coastal Commission has given final approvals for the construction of Aerie, The project, including its docks, was unanimously approved, so ARES can move forward with construction.
The Aerie homes will sit on a pinnacle above Newport Harbor. Residents will enjoy a private beach, private boat docks and walking access into the Village of Corona Del Mar. Each home will enjoy panoramic views of Newport Harbor, Catalina Island, Palos Verdes Peninsula and the Pacific Ocean. This combination of amenities and views is not available anywhere on the coast.
Aerie's location at the entrance to the harbor provides clear water for swimming and recreation as well as immediate access for boaters. The private docks can berth yachts from 30 to 100 feet in length. The site is also close to high-end shopping and dining at Fashion Island, which is a short walk away.
Architect Brion Jeannette, who has designed world-famous homes including the Portabello Estate, Gucci Estate and the Laguna Beach Rock House, considers Aerie one of his “finest accomplishments,” according to ARES.
While prices on the homes have not yet been announced by the firm, comparable sales in the area have topped $3,000 per square foot. The units average approximately 3,000 to 6,500 square feet each.
As GlobeSt.com previously reported, in January 2012 Advanced Real Estate Services represented seller Straub Distribution Co. in an owner-occupant sale of a 60,000-square-foot industrial building in Tustin, CA, to H2 Chambers LLC for $7 million. The buyer was represented by Vince Kagawan of Pinnacle Real Estate.
Is there an unfulfilled need for luxury homes in this submarket? Give us your opinion in the box below.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
