Corona del Mar’s Irvine Terrace Sees New Record

Another residential record hit the Corona del Mar market Friday.

That’s when 1615 Bayadere Terrace in Corona del Mar sold for just under $20 million. The deal marks the Irvine Terrace community’s priciest-ever sale, according to Christie’s International Real Estate Southern California’s Casey Lesher.

The veteran OC luxury agent represented sellers David P. Collins and his daughter Jennifer Stewart in the deal, while the buyer was represented by Kidder Group Real Estate in Newport Beach.

The deal edged past 1301 Dolphin Terrace, which sold for $19.5 million in 2022 and held Irvine Terrace’s previous record.

Bayadere, which was originally listed for $22 million, comes on the heels of news earlier this week that 2201 Bayside Drive sold for $26 million to mark Corona del Mar’s priciest deal so far this year.

“I say this everyday: people pay for perfect,” Lesher said. “We’ve not seen any slowdown at all on these special properties. Anything that’s special is making these record sales.”

Lesher defined “special” in two ways. New, well-constructed homes sell since, “five minutes old is too old,” he said.

The other aspect is desirable lots for buyers to build their dream home, Lesher said, which speaks to the market’s tight inventory.

The agent described the buyers as empty nesters, with their youngest child a high school senior and two others in college. The couple is making the move from Laguna Beach.

“This home wasn’t a teardown. It was a nice, older home, pleasant and in great condition,” Lesher said. “These folks are going to enjoy it for a couple years and then take it down and build their dream house.”

Corona del Mar home values were up 4.3 percent year over year to $3.9 million as of the end of February, according to the Zillow Home Values Index.

Activity in the neighborhood, as is the case in other Southern California luxury markets, bounced back following the national election as buyer confidence returned.

“I have seen a dramatic difference in activity since really the beginning of the year, but it resulted from the election,” Lesher said. “There was a clear mindset shift from the weekend before the election to the weekend after the election.”

No slowdown

Corona del Mar’s Irvine Terrace Headed for New Record — 1615 Bayadere Terrace (Chris Snitko)

Steven “Bo” Belmont’s Belwood Investments is among Corona del Mar’s more recent buyers.

Belwood announced this week it bought 2607 Ocean Boulevard for $4.3 million, with plans to flip the property after a 12- to 14-month construction timeline.

Belwood uses a fractional investing model where individuals use an app to invest a minimum of $1,000 toward a home flip, pooling funds that typically account for about 20 percent of the acquisition financing.

During the Ocean Boulevard construction, Belwood will add about 2,000 square feet, a pool, an elevator, new finishes and an atrium-like feature showing off the hillside.

Belmont said he expects the home to sell for between $11 million and $12 million as he eyes another potential buy on West Ocean Boulevard in Newport Beach.

“What we focus on are homes that can withstand declines in the market. In this area, we are checking all of those boxes for a buyer that really doesn’t need to get any conventional financing. Most of the buyers are cash,” Belmont said.

Belwood made headlines last September, when it paid $21 million for Ye’s gutted Malibu property. Belwood installed the electrical system and made other improvements to the Tadao Ando-designed home. It sold in a cash deal last month, less than a week after it was listed, to Montana developer Andrew Mazzella Ventures.

As tariff talk dominates headlines, Belmont may be one of the few not losing sleep over the situation.

That’s due to Belwood not doing ground-up development and mostly working with existing structures. That allows it to avoid the need to buy large quantities of lumber or drywall, he explained.

“It’s [tariffs] not hurting us at all,” Belmont said. “Sure, there are some products that we get from overseas, like China, with some of the plumbing fixtures. But, overall, the financial impact is fairly minimal.”

He said Belwood can easily pivot from China to Europe for sourcing, but most of the product it uses is bought at retail or local warehouses.

Limited home inventory in Corona del Mar coupled with demand isn’t yet stopping anyone from building their dream home, tariffs or no tariffs, Lesher said.

“I say this kind of flippantly — it’s Newport Beach. People do what they want to do,” he said. “People really believe in the values here and feel confident about buying property in Corona del Mar because it’ll continue to go up.”