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Rare Compound in Newport Beach, CA, Sails Onto the Market for M

At first glance, this residence in Newport Beach is a nondescript (but nice!) beach house.

Dig deeper, and it’s actually a six-lot compound on the Newport Peninsula that hasn’t hit the market in over 50 years. It’s listed for $23 million, and it might be another few decades until a similar opportunity comes back around.

“This is one of the last of the great old waterfront locations available on the Newport Harbor,” says listing agent Rob Giem of Compass.

Giem told us the nearly half-acre compound sits right on the harbor and comes with its own private beach. And it’s only a block-and-a-half from the popular public sands of Newport Beach.

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The property has three structures in place. One is a sweet updated guest cottage originally built in the 1920s. The second is a garage that can hold approximately seven cars, although the current owners used the space for working on their sailboats.

The third is the magnificent 4,741-square foot main residence—a Cape Cod-style home that spans two lots. Originally built in 1912, it’s been expanded and renovated many times and currently features five bedrooms and five bathrooms.

The main residence also has 180-degree harbor and ocean views, a lawn, and a sandy beach for a yard, plus a seawall holding it all together. It’s impossible to get a permit to build something like this today, but this property has been grandfathered in.

In addition, there’s a three-boat dock that extends out into the harbor. The dock can be reconfigured to accommodate more—or bigger—boats.

According to the agent, a large part of this property’s appeal is the abundance of reconfiguration options for an ambitious buyer. The only restrictions are against using the property for commercial purposes and building on the beach lots. Apart from those details, a new owner has the liberty to construct a larger house and put in a pool and/or new guesthouse(s) on the adjacent lots.

Giem adds that while most residents have preserved a beach cottage style, “there are no aesthetic restrictions in place.” In other words, although the buyers can build the beach house of their dreams, neighbors might frown upon a sleek modern box on the beach.

“This is almost the last of the multiple lot compounds [in the area],” says Giem. He added that buyers in the area are always on the lookout to buy the lot next door to their home. But with this purchase, there’d be no need to haggle.

“It’s underpriced, if anything,” says Giem. He’s fairly certain that if they broke up the property and sold the lots individually, they’d be worth far more. So don’t be surprised if this seemingly humble home vanishes from the market in a hurry.

The post Rare Compound in Newport Beach, CA, Sails Onto the Market for $23M appeared first on Real Estate News & Insights | realtor.com®.

Source: Real Estate News and Advice – realtor.com » Real Estate News