217 Wave Street, Laguna Beach, California 92651, Laguna Beach, 92651 - 1 bed, 1 bath
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217 Wave Street
Laguna Beach, California 92651
ACTIVE
CONDITION: TEAR DOWN
1Beds
1Baths
1,642Sq Ft
4,356Lot Size
Property Price
LIST PRICE$1,899,000
SUMMARY
Analysis of 217 Wave Street, Laguna Beach, California 92651 is currently available with a list price of $1,899,000. The property maintains a Tear down Condition Rating (10/100), reflecting significant deferred maintenance. This property is best suited for experienced investors or developers prepared for substantial renovation work. Located in a high-demand neighborhood within the Laguna Beach Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Tear down
TeardownExcellent
Property is land value only, full reconstruction required.
Built in 1921 and described as 'original,' this 100+ year old property is being marketed primarily for its land value and development potential. The listing focuses on architectural plans for a new custom residence and ADU rather than the current condition of the existing 1-bedroom structure.
PROSSTRENGTHS & OPPORTUNITIES
- Development Readiness
The property includes architectural plans by Olivos Architects and ADU plans that are 95% through the City approval process, significantly reducing the typical multi-year timeline for Laguna Beach construction.
- Exceptional Coastal Views
Positioned to capture panoramic vistas of Catalina Island, the coastline, and city lights, providing the high-end visual appeal essential for a luxury coastal retreat.
- Strategic Lot Layout
The 4,350 square foot lot features rare street-to-alley access and a detached oversized garage, offering superior accessibility and flexibility for future site improvements.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =4356, other record lot size in square feet = 4500. Living area discrepancy between mls listing and other public or private record. mls listing living area = 1642, other record living area = 770.
- Limited Existing Utility
As a 1921-built one-bedroom home, the current structure lacks the modern amenities and space required by most buyers, necessitating a near-total renovation or rebuild.
- High Capital Requirement
The $1.995M list price serves as an entry point for a project property, requiring substantial additional liquidity to execute the pending architectural plans and construction.
About 217 Wave Street
NORTH LAGUNA BEACH - Located in the highly desirable North Laguna Beach neighborhood, this original and charming single-family residence is situated on an approximately 4,350 square foot lot with valuable street-to-alley access. The property features a private rear yard and a detached oversized garage, offering exceptional potential for future improvements. This one-bedroom, one-bath home presents a rare opportunity to renovate, expand, or create a custom coastal retreat. Adding to its appeal, plans for an Accessory Dwelling Unit (ADU) are 100% through the City approval process, providing a significant head start for the next owner. In addition, plans for the main residence, thoughtfully designed by Olivos Architects, are currently pending City approval. Ideally located just moments from Laguna Beach's renowned beaches, galleries, restaurants, shops, and local amenities, this property offers the perfect blend of homeownership and the coveted coastal lifestyle. Whether you choose to restore the existing home, build upon the approved vision, or complete the architectural plans already in progress, this exceptional property provides an exciting canvas to create your dream home in one of Laguna Beach's most sought-after neighborhoods.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1921
- Lot Size
- 4,356 Sq. Ft.
Interior
- Total Bedrooms
- 1
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 1.0 | 3.6 |
| Baths | 1.0 | 3.0 |
| Square foot | 1,642 | 2,244.917 |
| Lot Size | 4,356 | 6,150.208 |
| Price | $1.90M | $3.48M |
| Price per sq ft | $1.2K | $1.7K |
| Built year | 1921 | 1973 |
| HOA | $0 | $4.6K |
| Days on market | 41 | 73 |
Pricing History
Listed for Sale
Sep 8, 2026
$1,899,000
$1,995,000
-5% Price Drop
Initial Listing
Price Change
Jul 30, 2026
$1,995,000
Initial Listing
Sold
Jan 23, 2025
$1,600,000
Public Record
Sold
Feb 28, 2023
$4,400,000
Public Record