dana point

Concierge Auctions Estates Sale 2010 Results Wrap-Up

We've covered a lot of Concierge Auctions homes as estate of the day properties. How did they fare? After ace real estate commenter "Spectacular Bid" let me know that the final price for Topridge, a property once listed for $9.8 million, was just $2.25 million, I was inspired to head to the Concierge Auctions website to see what I could find out about other homes we looked at. Not all of the final sale prices are listed but enough are to give a look at what real estate auctions mean for luxury home sales.

Gallery: Topridge

Tags: concierge auctions, dana point, hawaii real estate, lake george, maryland real estate

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Two Houses, One Winner, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates, Auctions

We covered an auction in the Strand at Headlands development of Dana Point, California last month, now Concierge Auctions is putting two more houses up for auction on April 17 at the properties. But this auction has a twist. the homes, previously offered to $15 million, are selling bidder's choice with a reserve of $6.9 million and a pre-sale estimate of $8 million to $11 million. The high bidder will choose one of the available houses. Only one house will be sold.

Both 7 and 9 White Water Lane have ocean views and the finest amenities and finishes. 7 White Water Lane was designed by architect CJ Light and interior designer Carol McMahon and has an Eastern Seaboard Classic style. The 11,147-square-foot home includes six bedrooms, eight baths and two powder baths. The home has hand carved stone fireplaces and a gourmet kitchen with a 60-inch range, dual 36-inch refrigerator/freezer, two dishwashers, two wine keepers, a microwave and a warming drawer. The master suite has a fireplace and private terrace. Other amenities include a walk-in wine room, home theater, a game room with a bar and massage and exercise rooms.

Gallery: 7 White Water Lane

9 White Water Lane also designed by CJ Light and Carol McMahon has a Spanish Revival style. It two has six bedrooms, eight baths and two half baths. Many of the features are similar, including hardwood floors and the latest in modern electronics. This home's amenities are nearly identical but the overall style is very different. 7 White Water Lane is light and beachy, 9 White Water used more dark wood for a more formal feel. The potential buyer wouldn't go wrong with either one but 7 White Water is the one I would choose.

The auction of 7 & 9 White Water Lane at The Strand at Headlands in Dana Point, California will be held on Saturday, April 17 at 11 am PST. The properties are available for preview daily by appointment.

Gallery: 9 White Water Lane

Tags: concierge auctions, dana point, estate of the day, real estate auction, the strand at headlands

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Vista al Mar, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

Even some beachfront property in southern California is slow to move. One estate Vista al Mar in Dana Point, California, is headed for auction. The home is located in The Strand at Headlands, southern California's last and most exclusive beachfront community. The development has several tiers of oceanview homes, this one appears to be on one of the middle levels. The new home was once priced at over $15 million but will be auctioned off with an opening bid of just $7.5 million. The three-level estate was designed by architect Jon Eric Christner and has five bedrooms with elevator access to all three levels. The home has wood beam ceilings, arched passages and reclaimed Maltese stone floors. Rooms include a gourmet kitchen, theater room, theater room, game lounge, massage room with a sauna and spa bath, exercise room and wine cellar. The home's master suite includes a sitting room with a walk-in closet and a private terrace. The two-level patio has an infinity spa with a cascading waterfall into the larger salt water pool below. Bids on the home will be accepted until March 11.

Gallery: Vista al Mar

Tags: dana point, DanaPoint, estate of the day, EstateOfTheDay, southern california real estate, SouthernCaliforniaRealEstate, vista al mar, VistaAlMar

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St. Regis Monarch Beach Turned Over To Citigroup

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Last month I mentioned that the owners of the St. Regis Monarch Beach in Dana Point, California had defaulted on a $70-million loan. The Orange County resort, infamous for being the site of the $443,000 AIG retreat after the federal bailout, was scheduled for a foreclosure auction. The auction didn't take place and the resort was officially turned over to the lender of its $70 million mezzanine loan, Citigroup. The Wall Street Journal reports that deal took place after weeks of negotiations between Citigroup and the owners of the hotel, Farallon Capital Management LLC and Makar Properties LLC. A Citigroup spokesperson has said that the foreclosure acquisition will have no impact on the daily operations of the resort which will carry on as usual.

The St. Regis has a 400-room hotel, a golf course, a private beach club and several restaurants including Michael Mina's Stonehill Tavern. The property is current on two other mortgages totaling $230 million and was refinanced in 2007 resulting in the $300 million in debt. The five-star hotel is located near Laguna Beach, California which is also home to Ritz-Carlton and Montage luxury resorts. Occupancy rates were down in the first quarter of the year but if this weekend's traffic in the area was any indication, those numbers should be on the rise once again.

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Tags: dana point, DanaPoint, laguna beach, LagunaBeach, st regis monarch beach, StRegisMonarchBeach

AIG Partied At The St. Regis Monarch Beach

by Deidre Woollard (RSS feed) —

The House of Representative's Committee on Oversight and Government Reform is holding a hearing on the decline of American International Group (AIG) and they have revealed some stories of lavish spending. In fact, Businessweek reports that just days after the New York Fed gave the company and $85 billion handout, $443,343.71 was spent on a subsidiary's executive retreat at the St. Regis Resort Monarch Beach in Dana Point, California. The bills for the event included nearly $7,000 in golf fees and $23,280 in spa treatments. USA Today quotes Rep. Elijah Cummings, D-Md. who told the committee that AIG spent $200,000 for hotel rooms, and almost $150,000 for catered banquets. Given the current economic crisis this revelation doesn't sit well with many people.

UPDATE: Given the attention to the outrage generated by the story of this retreat, ABC News reports that AIG has canceled a second one which was to be held at the Ritz-Carlton in Half Moon Bay.

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Tags: aig, dana point, hotel, lavish spending, LavishSpending, st regis, StRegis

So Cal Ritz-Carlton Sold for $330M

by Nicole Weston (RSS feed) —

Filed under: Luxury Travel & Hotels

The Ritz Carlton Laguna Nigel on the Southern California coast has just been sold for $330 million, or approximately $840,000 per room. This makes it the second most expensive hotel sale in terns of price per room, only surpassed by the sale of the Hotel del Coronado in San Diego, which had a price tag of $1 million per room.

The 22 year old hotel has 393 rooms, including 38 suites, and was acquired by Strategic Hotels, who is hoping to increase their presence in the luxury hotel market in California. Strategic feels that not only is the beachfront property worth its high price, but that it is sure to increase in value over the next two decades given that space on the coast is both desirable and difficult to obtain. The hotel, prior to the sale, underwent a $40 million renovation that revamped the interior and improved their spa and fitness offerings. Rooms start at $400 a night and ocean-front suites are available for more than $2,000 per night. They also offer a $750 per night Mercedes-Benz package, which includes the use of a car.

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Tags: beach, california, dana point, hotel, laguna niguel, record, ritz carlton, RitzCarlton, rooms, sale, southern california