Ocean is future address for full house

Deepa Bharath

A home big enough to house four basketball courts is rare in this

ocean-side community that calls itself a village. It’s especially

uncommon on Ocean Boulevard, which is prime property with

breathtaking views of the Pacific.

In July, city officials issued demolition permits for three

adjoining houses in the 3200 block of Ocean Boulevard, which will be

combined into one lot to build the largest house on that street with

multimillion-dollar homes.

Developer Fieldstead Corporation submitted plans last month to

construct a 22,036-square-foot, single-family residence with a

900-square-foot garage, said Newport Beach Building Director Jay

Elbettar.

But the company pulled the plans last week, which indicates that

it is going to change the plans, he said. It does not appear that the

developer has started demolishing any of the properties, Elbettar

said, and it may take several years to construct the home.

“From past experience with other large houses, we expect

construction to be a multi-year project,” he said. “Many houses of

this size have very labor-intensive finishes with many custom-made

features taking considerable time to construct, even though the

structural frame may go up fairly fast.”

When built, however, this home will not be the biggest in Corona

del Mar, Elbettar said. That distinction goes to a 24,000-square-foot

home in Cameo Shores, built two years ago, also constructed on three

lots, he said.

The prospect of a new, sprawling house nearby didn’t raise a stir

with Gordon Anderson, an Ocean Boulevard resident.

“I have nothing against bigger homes,” he said. “Anyone who is

buying an old home has the motivation to knock it down and rebuild.”

Buying up older homes and rebuilding them is fairly common in

Corona del Mar, Anderson said. In fact, that has been a trend in

Corona del Mar, according to Elbettar.

“It’s a trend that started about seven years ago and intensified

over the last three years,” he said. “It’s natural for a community to

have a lot of demolishing and rebuilding because it’s been built

out.”

Real estate doesn’t come cheap in Corona del Mar.

The least expensive single-family residence costs about $1.2

million and the most expensive breaks the bank at $11 million, said local Realtor Renee West, who has been working in this community with

Prudential California Realty for the last 14 years.

The lowest priced condominium or townhouse costs $675,000, and

they can go as high as $3.6 million.

“But I’ve never heard of such a big home on Ocean Boulevard,” West

said, adding that the only other home of a similar size she has heard

about is the one in Cameo Shores. “It’s definitely not common.”

It’s different when the property is owned by an individual owner,

as opposed to when it is held by a developer, West said.

“When it’s owned by someone already, and they’re doing the

rebuilding, they use it right away,” she said. “But for a developer,

it’s a challenge and always tougher to sell homes of this size.”

* DEEPA BHARATH is the enterprise and general assignment reporter.

She may be reached at (949) 574-4226 or by e-mail at

deepa.bharath@latimes.com.