401 Jasmine Avenue 3/4, Corona Del Mar, California 92625, Corona Del Mar, 92625 - 6 bed, 5 bath
ACTIVE$4,135,000
401 Jasmine Avenue 3/4, Corona Del Mar, California 92625
6Beds
5Baths
2,653Sqft
3,463Lot
Year Built
1964
Close
-
List price
$4.13M
Original List price
$4.5M
Price/Sqft
$1,559
HOA
-
Days on market
-
Sold On
-
MLS number
OC25024727
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $4.13M(39th), sqft - 2653(58th), beds - 6(95th), baths - 5(81th).
EXCITING DEVELOPMENT OPPORTUNITY ON THE CORNER OF JASMINE AND BAYSIDE. JUST STEPS AWAY FROM THE BEACH, CORONA DEL MAR VILLAGE RESTAURANTS AND SHOPPING. PROPERTY COMES WITH PLANS THAT ARE BEING COMPLETED FOR YOUR APPROXL. 4,000 SF DREAM HOME. THE PROPERTY CAN BE LEASED OUT AS YOU WAIT FOR FINAL PLANS TO BE COMPLETED. LOT SIZE IS 22 FEET x 118 FEET.
Price History
Date
Event
Price
08/10/25
Price Change
$4,135,000
02/05/25
Listing
$4,500,000
Condition Rating
Tear down
Despite recently updated bathrooms, the property's description explicitly markets it as an 'EXCITING DEVELOPMENT OPPORTUNITY' with 'PLANS THAT ARE BEING COMPLETED FOR YOUR APPROXL. 4,000 SF DREAM HOME.' This indicates the primary value is in the land for redevelopment, not the existing 1964 structure. While it can be leased out temporarily, the intent is clearly for demolition and new construction, aligning with the 'tear-down' criteria where the property's value is based solely on the land and its potential for redevelopment.
Pros & Cons
Pros
Prime Coastal Location: Unbeatable location just steps from the beach, Corona Del Mar Village restaurants, and shopping, offering exceptional walkability and lifestyle.
Development Opportunity with Plans: Marketed as an 'exciting development opportunity' with completed plans for an approximate 4,000 sqft dream home, significantly de-risking and accelerating the build process.
Corner Lot Advantage: Positioned on the corner of Jasmine and Bayside, providing potential for enhanced architectural design, light, and curb appeal for new construction.
Income Potential During Development: The existing property can be leased out while waiting for final plans, offering a potential revenue stream to offset holding costs.
Prestigious Market: Located in Corona Del Mar, a highly desirable and affluent area known for strong property values and luxury living.
Cons
Challenging Lot Dimensions: The lot's narrow 22-foot width presents significant architectural and design challenges for building a 4,000 sqft home, potentially limiting layout and natural light.
No Existing View: The property currently has 'None' for views, which is a notable drawback in a coastal market where ocean views command a substantial premium.
High Upfront Investment: The list price of over $4.1 million for a development site (essentially land value plus demolition) represents a substantial initial capital outlay before construction even begins.