Creating luxe homes on speculation in hot neighborhoods is gaining steam – and private equity funding helps
BY MARILYN KALFUS / STAFF WRITER
Published: May 2, 2014 Updated: May 5, 2014 6:25 a.m.
When Brian Sperry came across a two-story, waterfront home at the northern tip of Linda Isle with an expansive view of Newport Harbor last year, the real estate developer knew it presented the perfect opportunity. Forty years ago, the two-story house, with its Paso Robles stone columns and dark wood beams, graced the pages of Architectural Digest. Now it was outdated, a candidate for a teardown – but with 113 feet of bay frontage and a dock in one of Orange County’s priciest neighborhoods.
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