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24092 Gemwood Drive, Lake Forest, California 92630, Lake Forest, 92630 - bed, bath

24092 Gemwood Drive, Lake Forest, California 92630 home-pic-0
ACTIVE$1,695,000
24092 Gemwood Drive, Lake Forest, California 92630
0Bed
0Bath
2,500Sqft
16,113Lot

Price Vs. Estimate

The estimated value ($1,426,464.71) is $268,535.29 (15%) lower than the list price ($1,695,000). This property may be overpriced.

Key pros and cons

Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 16113, living area = 2500.
Top Cons:
Age and Renovation Needs: Built in 1965, the property is older and the description implies it requires significant renovation or modernization to 'create your own masterpiece,' suggesting substantial upfront investment for updates.

Compared to the nearby listings

Price:$1.70M vs avg $1.31M (+$385,000)80%
Size:2,500 sqft vs avg 2,130 sqft68%
Price/sqft:$678 vs avg $67551%

More Insights

Built in 1965 (60 years old).
Condition: The property was built in 1965, making it nearly 60 years old. While some interior spaces shown in the images (like the daycare rooms) appear clean, freshly painted, and feature updated flooring (hardwood/laminate) and lighting (recessed lights, modern ceiling fan), there are no images of the kitchen or bathrooms. The absence of these critical areas, combined with the property description stating 'Leverage this property... to create your own masterpiece' and the 'Age and Renovation Needs' weakness, strongly suggests that these key areas are outdated and require substantial modernization. The home is functional and appears maintained, but it is not move-in ready by modern standards without significant updates to the kitchen and bathrooms.
Year Built
1965
Close
-
List price
$1.7M
Original List price
$1.7M
Price/Sqft
$678
HOA
-
Days on market
-
Sold On
-
MLS number
OC25247917
Home ConditionFair
Features
Deck
Patio
ViewCourtyard

About this home

An exceptionally rare and secluded sanctuary property, where a large single-story ranch house sits on a massive 16,113 sqft flat lot at the end of a cul-de-sac in a quiet family neighborhood. This residence offers approximately 2,500 sqft of living space and features 5 bedrooms and 2.5 baths, plus additional living areas which may present future utility. Has been used as a Daycare for a long time. The property offers tremendous flexibility and is perfect for a multi-generational estate, a unique business use, or a substantial investment opportunity. The expansive lot is a true paradise for large events, featuring a resort-caliber redwood gazebo, outdoor cooking area, wide array of mature fruit trees, and an enormous paved area with room for 12+ cars or multiple RVs/boats. Leverage this property and its huge lot to create your own masterpiece, build, expand, add a pool and or alternate income producing opportunities. The property will be delivered vacant at COE. Very close to ample shopping, entertainment, and major freeways. A large Single Story property with such giant flat and usable backyard is extremely rare in south orange county, Act Fast. Only shown during scheduled Open House.

Condition Rating
Fair
The property was built in 1965, making it nearly 60 years old. While some interior spaces shown in the images (like the daycare rooms) appear clean, freshly painted, and feature updated flooring (hardwood/laminate) and lighting (recessed lights, modern ceiling fan), there are no images of the kitchen or bathrooms. The absence of these critical areas, combined with the property description stating 'Leverage this property... to create your own masterpiece' and the 'Age and Renovation Needs' weakness, strongly suggests that these key areas are outdated and require substantial modernization. The home is functional and appears maintained, but it is not move-in ready by modern standards without significant updates to the kitchen and bathrooms.
Pros & Cons

Pros

High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 16113, living area = 2500.
Expansive & Versatile Lot: A massive 16,113 sqft flat lot with resort-caliber outdoor amenities including a redwood gazebo, outdoor cooking area, mature fruit trees, and an enormous paved area for 12+ cars or multiple RVs/boats, offering unparalleled outdoor living and utility.
High Potential for Customization & Investment: Offers tremendous flexibility for a multi-generational estate, unique business use, or substantial investment opportunity, with potential to build, expand, add a pool, or create alternate income-producing opportunities.
Rare Single-Story & Cul-de-Sac Location: An exceptionally rare large single-story ranch house on a giant flat and usable backyard, situated at the end of a quiet cul-de-sac, providing privacy and a desirable neighborhood setting.
Strategic Location: Conveniently located very close to ample shopping, entertainment, and major freeways, enhancing accessibility and daily convenience for residents.
Vacant Possession: The property will be delivered vacant at the Close of Escrow, allowing for immediate possession and flexibility for the new owner to begin renovations or move in without tenant complications.

Cons

Age and Renovation Needs: Built in 1965, the property is older and the description implies it requires significant renovation or modernization to 'create your own masterpiece,' suggesting substantial upfront investment for updates.
Prior Commercial Use Considerations: Long-term use as a daycare may necessitate specific modifications, permits, or extensive clean-up to fully convert back to a residential home, adding complexity and potential costs.
Limited Showing Availability: The property is 'Only shown during scheduled Open House,' which restricts viewing flexibility for potential buyers and may limit the pool of interested parties.

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