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316 Orchid Avenue, Corona Del Mar, California 92625, Corona Del Mar, 92625 - 2 bed, 1 bath

316 Orchid Avenue, Corona Del Mar, California 92625 home-pic-0
ACTIVE$5,495,000
316 Orchid Avenue, Corona Del Mar, California 92625
2Beds
1Bath
965Sqft
5,310Lot
Year Built
1941
Close
-
List price
$5.5M
Original List price
$5.5M
Price/Sqft
$5,694
HOA
-
Days on market
-
Sold On
-
MLS number
OC24253293
Home ConditionTear down
Features
Good View: Ocean, Peek-A-Boo
Patio
ViewOcean, Peek-A-Boo

About this home

We found 3 Cons,5 Pros. Rank: price - $5.50M(58th), sqft - 965(5th), beds - 2(14th), baths - 1(5th).

Welcome to a rare opportunity to own and develop on an oversized lot located on the ocean side of Pacific Coast Hwy in the coveted 300 block of Corona del Mar’s Flower Streets. Spanning 45 feet in width and 118 feet in depth, this 5,310-square-foot property invites you to create your dream home in one of Southern California's most desirable neighborhoods. Just steps from the ocean, this exceptional location offers the perfect blend of coastal serenity and upscale living, with breathtaking ocean views, top-rated schools, premier golf courses, luxury shopping, renowned dining, and the prestigious Fashion Island all within reach. Design a sanctuary that reflects your style and enjoy a lifetime of cherished memories in this coastal haven.

Nearby schools

9/10
Harbor View Elementary School
Public,•PK-6•0.7mi
7/10
Abraham Lincoln Elementary School
Public,•K-6•1.3mi
9/10
Roy O. Andersen Elementary School
Public,•K-6•2.0mi
9/10
Newport Coast Elementary School
Public,•PK-6•2.7mi
9/10
Corona Del Mar High School
Public,•7-12•2.9mi

Price History

Date
Event
Price
12/26/24
Listing
$5,495,000
Condition Rating
Tear down
The property was built in 1941, making it over 80 years old. The listing description explicitly states it's a 'rare opportunity to own and develop on an oversized lot' and invites buyers to 'create your dream home,' strongly implying the value is in the land and the existing structure is intended for demolition or extensive redevelopment. The images show a small, modest, and dated house that does not appear to have undergone significant recent renovations. Given the age and the emphasis on development potential, the current structure is considered a tear-down, with the property's value based solely on the prime land.
Pros & Cons

Pros

Exceptional Coastal Location: Prime ocean-side lot situated in the highly coveted 300 block of Corona del Mar’s Flower Streets, offering unparalleled proximity just steps from the ocean.
Significant Development Potential: Oversized 5,310 sqft lot (45 feet wide by 118 feet deep) presents a rare opportunity to design and build a custom dream home in a prestigious and sought-after area.
Breathtaking Ocean Views: The property boasts 'breathtaking ocean views,' a premium and highly desirable feature that significantly enhances its value and appeal.
Upscale Lifestyle & Amenities: Located within reach of top-rated schools, premier golf courses, luxury shopping (Fashion Island), and renowned dining, offering an elite coastal lifestyle.
Exclusive & Desirable Neighborhood: Positioned in one of Southern California's most desirable and exclusive coastal communities, ensuring strong long-term appreciation and prestige.

Cons

Outdated Existing Structure: The current 1941-built, 965 sqft, 2-bed, 1-bath home is likely considered a tear-down, requiring complete redevelopment rather than renovation.
Substantial Additional Investment Required: The high list price primarily reflects land value, necessitating significant further capital for construction, permits, and architectural fees to realize the property's full potential.
Long Development Timeline: Building a custom home on this lot will involve a lengthy process of design, permitting, and construction, which may not suit buyers seeking immediate occupancy.

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