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24092 Gemwood, Lake Forest, California 92630, Lake Forest, 92630 - 5 bed, 3 bath

24092 Gemwood, Lake Forest, California 92630 home-pic-0
ACTIVE$1,695,000
24092 Gemwood, Lake Forest, California 92630
5Beds
3Baths
2,500Sqft
16,113Lot
Year Built
1965
Close
-
List price
$1.7M
Original List price
$1.7M
Price/Sqft
$678
HOA
-
Days on market
-
Sold On
-
MLS number
OC25249680
Home ConditionPoor
Features
Good View: Trees/Woods
Patio
ViewTrees/Woods

About this home

Fairly Priced:The estimated price is in line with the list price. We found 3 Cons,6 Pros. Rank: price - $1.70M(80th), sqft - 2500(68th), beds - 5(82th), baths - 3(50th).

An exceptionally rare find 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. Showing ONLY during scheduled Open House.

Price History

Date
Event
Price
10/29/25
Listing
$1,695,000
Condition Rating
Poor
Built in 1965, this property is 59 years old. While some cosmetic updates like laminate flooring, recessed lighting, and a modern ceiling fan are visible in a couple of rooms, the overall description strongly suggests the need for substantial renovation. The listing explicitly states the property is a 'canvas' to 'create your own masterpiece' and highlights the age of construction and implied renovation investment as weaknesses, indicating that 'significant updates to its core systems (electrical, plumbing, HVAC) and interior finishes' are likely required. Crucially, there are no images of the kitchen or bathrooms, which typically implies these areas are not a selling point and are likely original or very dated, requiring extensive modernization. The long-term use as a daycare also suggests potential wear and tear or non-residential modifications that would need addressing. Therefore, the property requires substantial repairs and rehabilitation to meet contemporary residential standards.
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: Features a massive 16,113 sqft flat lot with resort-caliber outdoor amenities including a redwood gazebo, outdoor cooking area, mature fruit trees, and extensive paved parking for 12+ vehicles or RVs/boats, ideal for large events and development.
Exceptional Development Potential: Offers tremendous flexibility for a multi-generational estate, unique business use, or substantial investment, with clear potential to build, expand, add a pool, or create alternate income-producing opportunities.
Rare Single-Story Ranch: An exceptionally rare find in South Orange County, this single-story ranch home on a giant, flat, and usable backyard is highly sought after.
Secluded Cul-de-Sac Location: Situated at the end of a cul-de-sac in a quiet family neighborhood, providing enhanced privacy and reduced traffic.
Spacious & Flexible Interior: Boasts approximately 2,500 sqft of living space with 5 bedrooms and 2.5 baths, plus additional living areas, accommodating larger families or diverse functional needs.

Cons

Age of Construction (1965): Built in 1965, the property may require significant updates to its core systems (electrical, plumbing, HVAC) and interior finishes to meet contemporary standards and buyer preferences.
Prior Commercial Use: Long-term use as a daycare may have resulted in specific wear and tear or modifications that could require additional investment for conversion back to a purely residential setup.
Implied Renovation Investment: The description suggests the property is a canvas to 'create your own masterpiece,' indicating that significant capital investment will likely be needed for modernization, personalization, or major upgrades.

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