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Modernist Dana Point home in Monarch Bay Terrace seeks $11.5M

April 2, 2026

The two-island kitchen flows into a family room and a bar area. (Photo by Preview First)

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The two-island kitchen flows into a family room and a bar area. (Photo by Preview First)

Almost six years after a $225 million land-lease buyout boosted property values in Monarch Bay, the hills are feeling the effects.

A modernist home in Monarch Bay Terrace is on the market for $11.5 million, a 64% jump from its $7 million sale in August 2021.

While the 3,562-square-foot house features four bedrooms, five bathrooms and glass walls framing views as far as Catalina Island, listing agent Mary Beth Buckles of Coldwell Banker Realty attributes the increased value to a financial domino effect. The surge began when Monarch Bay residents bought out the original developer for their land.

“This impacted the values of Monarch Bay Terrace, especially because of the outstanding ocean views on the terraced hillside looking down into Monarch Bay,” Buckles said via email.

Architect Harold B. Zook originally designed the home in the 1960s. During a three-year rebuild completed in 2018, previous owners stripped the home to its studs and installed new systems and designer finishes. But they preserved the original “Eichler-style” inspiration, which centers on an open-air atrium with a pool and spa, and increased the lot to nearly a third of an acre through a lot line adjustment.

The current owners have maintained the home in its 2018 rebuilt condition.

Interior details include terrazzo floors, walnut paneling and rift-cut white oak floors and cabinetry.

The kitchen features two islands with seating for eight alongside Wolf and Sub-Zero appliances. This space flows into a family room and a bar area with two wine coolers and a beer fridge.

Fleetwood windows and doors connect the main living area to a California room and a wraparound ipe deck. According to the listing, the home offers views of “beach and whitewater waves crashing below the Ritz Carlton and the Dana Strand.”

These luxury features, coupled with the landmark changes in land ownership, drive the property’s market appeal. For nearly five decades, residents paid rent for their underlying land to the family of Lewis Moulton, a pioneering South County landowner.

According to The Orange County Register, the first wave of buyouts in the 214-lot community began in late 2012 under an agreement allowing residents to purchase their lots ahead of a 2020 deadline.

When the lease expired, the Orange C ounty Business Journal reported that residents collectively paid $225 million to buy out the ground lease.

“For many years, Monarch Bay was undervalued due to the cloud and uncertainty of the lease that was hanging over it,” Buckles said. “When this lease was bought out, it caused a huge spike in prices, which triggered a domino effect on the homes in Monarch Bay Terrace.”

Recent market data supports the upward trend. A nearby Monarch Bay Terrace property recently sold for $12.4 million, setting a record for the landward side of PCH in Dana Point.

Modernist Dana Point home in Monarch Bay Terrace seeks $11.5M Orange County Register

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Modernist Dana Point home in Monarch Bay Terrace seeks $11.5M

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