A trophy residential asset at 789 Ocean Front Walk in Venice has changed hands, with Coastal Luxury Group securing the prime beachfront property for $18.9 million. The expansive 12,000 sqft estate, comprising multiple luxury units, represents one of the most significant residential transactions in Venice this year. This acquisition underscores the enduring appeal and escalating values of high-end coastal properties in Los Angeles, even amidst a cooling market for other segments.
The property, which features direct beach access and panoramic ocean views, is currently configured as a multi-unit compound, offering flexibility for either a grand single-family residence conversion or continued use as exclusive rental units. Coastal Luxury Group, known for its portfolio of ultra-luxury homes and boutique hospitality ventures, is expected to embark on a substantial renovation to further elevate the property's bespoke amenities and design, targeting discerning high-net-worth individuals.
Venice Beach Properties LLC, the previous owner, had held the property for over a decade, benefiting from the consistent appreciation of Westside real estate. The sale highlights the scarcity of large, undeveloped or under-developed beachfront parcels in Venice, driving up the value of existing luxury compounds. Market analysts suggest this deal sets a new benchmark for per-square-foot pricing for premium residential properties along Ocean Front Walk.
