Corona del Mar's luxury real estate market is thriving, highlighted by the sale of a mansion for $24.5 million, a record for the area's Cameo Highlands community. Originally purchased for $18.5 million in 2023, the mansion, which boasts 5 bedrooms and a nightclub, was previously listed at nearly $33 million before extensive renovations. The new owner, a local client familiar with the property's history, intends to expand the home with luxury amenities. Real estate expert Paul Daftarian notes that properly valued homes in Corona del Mar move quickly in this competitive market.
The luxury residential market in Corona del Mar has seen a significant surge, as exemplified by the record-breaking $24.5 million sale of a mansion in Cameo Highlands.
The closing figure for the mansion at 4700 Surrey Drive is reported as $23 million, but with inclusive luxury items, the deal totals $24.5 million.
Daftarian emphasized the importance of objective pricing for sellers in Corona del Mar, noting that properly priced homes tend to sell quickly.
The new owner plans extensive expansions for the property, including a tennis court and wellness center, and aims to increase the home's footprint significantly.
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