
Laguna Beach, California 92651
This iconic "Wave House" presents a High-Potential Investment Opportunity with a List Price of $7,900,000—positioned well below the $8,227,445 Fair Market Value by 3%. This valuation gap offers $327,445 in Instant Equity for buyers ready to restore this 1967 architectural landmark. Featuring a Condition Rating of 5, the property requires a comprehensive renovation. With panoramic ocean views, an oversized pool, and proximity to top-rated Laguna Beach schools, this is an ideal acquisition for Fix-and-Flip Investors or Luxury Home Renovators.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1255 Skyline Drive Subject 4 bd · 4 ba · 5,013 sqft · $1,641 | $7,900,000* List Price | 4 | 4 | 5,013 | $1,641 | - |
A 1076 Skyline Drive Active 4 bd · 5 ba · 6,258 sqft · $1,422 · 0.2 mi | $8,900,000 List Price | 4 | 5 | 6,258 | $1,422 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1967 and currently in a stripped state; the interior lacks finished flooring (plywood subfloor exposed) and shows open wall sections with exposed wiring. The listing explicitly calls for a 'thoughtful restoration,' indicating that kitchens, baths, and systems require a total rehab to be functional.
Elementary School: El Morro Elementary School (9/10). Middle School: Thurston Middle School (9/10). High School: Laguna Beach High School (9/10).
The property occupies a premier street-to-street lot in Mystic Hills, offering breathtaking, unobstructed views of Catalina Island, whitewater, and the Laguna coastline from nearly every room.
Known as the 'Wave House,' this iconic 1967 residence features a soaring great room and dramatic glass walls, offering a rare opportunity to own and steward a piece of California architectural history.
The property is marketed as a restoration opportunity, implying that significant capital and time are required to bring the home up to modern luxury standards.
Built in 1967, the residence likely requires comprehensive updates to its mechanical, electrical, and plumbing systems to align with the expectations of a $7.9M price point.
Commanding one of the most extraordinary positions above the Laguna Beach coastline, the Wave House is a one of a kind 1967 residence set in coveted Mystic Hills with sweeping views of Catalina Island, whitewater and the coast. Approximately 5,013 square feet sit on a 14,399 square-foot street to street lot, where walls of glass draw the Pacific into nearly every room and generous view decks carry the living spaces outdoors. At its center, a soaring great room rises beneath dramatic high ceilings, its volume and light oriented entirely toward the ocean. The current layout offers four bedrooms, three and one-half baths, an office, gym and media room. Outside, an oversized pool and spa set against the ocean horizon create a secluded coastal retreat. The opportunity is as compelling as the setting: thoughtfully restore this spectacular home, honoring its original architectural vision while introducing timeless contemporary luxury. A chance to steward a piece of California architectural history. Ideally located moments from Laguna Beach's renowned beaches, galleries, dining and vibrant village, this remarkable property offers architectural pedigree, privacy and panoramic views in one of Southern California's most celebrated coastal communities.
No exterior & parking available.
Grades K-5 • 1.5 mi
Grades K-5 • 2.1 mi
Grades 6-8 • 0.8 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 3.5 |
| Baths | 4.0 | 3.0 |
| Square foot | 5,013 | 2,265.258 |
| Lot Size | 14,399 | 6,028.677 |
| Price | $7.90M | $3.56M |
| Price per sq ft | $1.6K | $1.7K |
| Built year | 1967 | 1971 |
| HOA | $0 | $3.7K |
| Days on market | 3 | 74 |
Oct 22, 2026
$7,900,000
Initial Listing