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High-end Shady Canyon estate gets price cut
December 8th, 2008, 4:01 pm · 6 Comments · posted by Cameron Bird
UPDATED Dec. 15: square footage and time on the market corrected.
Visit the Irvine Retail blog every Monday, when we’ll spotlight one home on Irvine’s market. This week: an immense, Tuscan-style home in the gated Shady Canyon, Irvine’s most exclusive (and pricey) village.
This approximately 12,000-square-foot estate’s been on the market for about a year-and-a-half. Since then, the seller has knocked down the asking price by a few million bucks. Now, it’s listed at $7,495,000.
The single-family home is beyond immense. From the back yard — split into a pool/spa pavilion with a fireplace, a grass field, and a courtyard — catch a long view of Irvine’s open space.
A few other highlights: 5 bedrooms, 5 full bathrooms and 3 half ones, master suite with sprawling balcony and private staircase to the estate’s private grounds, Venetian plaster walls, main level junior master suite, full-scale theater, wine cellar, radiant heat floors, game room, elevator, detached guest villa, multiple entertaining kitchen suites, the listing says (and a walk-through confirms).
For more information, contact real estate agent Jacqueline Thompson at 949-326-3392 or Jacqueline@JacquelineThompson.com
6 Comments
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Give me a break! A property situated on less than an acre doesn’t constitute an estate.
Those radiant heat floors will definitely come in handy during the long hot Tuscan summer.
For that price it needs to be closer to the beach.
Considering the average custom lot size in Shady is half an acre, this is a large lot! And it’s in the heart of Orange County, where land is scarce! I’ve been in this residence, and it’s the best looking and most well built home I’ve seen in Shady Canyon! I have two friends who have relocated to Shady from oceanfront Laguna Beach. People get tired of the marine layer (which is getting worse each year) and a big black ocean view at night! Shady gives them more land and a more relaxed lifestyle!
Sorry Sandy Song, .75 acres is not a large lot. Land is not scarce. - you just have to move to Nebraska or Saskatchewan.
The only reason why it took so long for Newport Coast, Turtle Ridge and Shady Canyon to be built is because they are situated on or next to a former landfill. If you do not mind contaminants seeping into your water table, I suppose you are right - land is scarce.
Liu, land is scarce in coastal Orange County. You sound like a frustrated individual who can’t afford to buy a home in Orange County, and is currently leasing. Good luck, and you might want to consider moving out of state so you can afford something, like in Needles, Arizona.
This article is inaccurate. The home is not 32, 207 square feet as the article suggests but approximately 12,000 square feet. Also the home has been on the market longer than 190 days, more than a year actually at around 550 days. The listing agent took it off the market 190 days ago and relisted it one day later in order to reduce the “days on market” number. It was also originally offered at $11,995,000 when it first came on the market but was quickly reduced to $9,995,000 where it languished for quite awhile.
On the flipside it is an absolutely beautiful home and I agree with Sandy Song in that is one of the top build quality home currently available in Shady Canyon.
Some possible reasons that it has not sold:
Only one home sale in the neighborhood of $7MM this year in Shady so economic factors definitely coming into play. Most sales in the customs have been less than or right at $5MM.
The lot while large for the area has no real view and faces a sloping hill.
The homes on either side have not been fully developed so no way to tell if the rear yard will have complete privacy or not.
The garage spaces (4) for the amount of square footage is small. Homes in this range in Shady will typically have a subterranean garage with spaces for 6 - 10+ vehicles.
The home is just plain HUGE. This might eliminate affluent empty nesters which is a growing demographic as the population ages and the growing family demographic that this home targets is typically tech industry entrepreneurs that have been hard hit by the market/economy.
My thoughts on the biggest reason is that most people who can afford to buy into Shady are just waiting with somewhere in the range of 100 properties currently under constructed or yet to be developed in the next year or so in the allocated timeframe of 3 years dictated for lot purchases by the Irvine Company (last lot sale was 4th quarter of 2007 I believe). Also Liu Chen is incorrect in that Shady is not located on a former landfill, more like parts of Newport Ridge and Turtle Ridge and there are several lots in Shady that are over 1 acre. I doubt Chen has even been behind the gates of Shady Canyon based on the ignorant comments.
Actual listing history:
Property History for 66 Canyon Crk
Date Event Price Appreciation Source
Dec 02, 2008 Price Changed $7,495,000 – SoCalMLS #U8002497
Nov 06, 2008 Price Changed $7,995,000 – SoCalMLS #U8002497
Sep 02, 2008 Price Changed $8,495,000 – SoCalMLS #U8002497
Jul 17, 2008 Price Changed $8,995,000 – SoCalMLS #U8002497
Jun 01, 2008 Listed $9,995,000 – SoCalMLS #U8002497
Mar 05, 2008 Off Redfin * – Inactive SoCalMLS #1
Feb 15, 2008 Price Changed * – Inactive SoCalMLS #1
Jan 31, 2008 Price Changed * – Inactive SoCalMLS #1
Jun 30, 2007 Listed * – Inactive SoCalMLS #1
*Per MLS rules, we cannot display prices from inactive listings.