Lots for homes at The Strand at Headlands, a 121-acre Dana Point project several years in the making, were sold with a bang this month.
The first batch of 25 undeveloped lots at The Strand sold for $148 million, setting a number of land sale records for Orange County.
The three-day sales process exceeded already lofty projections, both in terms of revenue and interest, developer Sanford Edward said.
The lots, each one-fifth of an acre, went for an average of $5.9 million apiece. The nearly $30 million per acre price is about five times the price per acre seen at the county’s most expensive lots in places such as Irvine’s Shady Canyon.
The 12 lots directly at the front of The Strand, overlooking the coast, went for even more. Those hit a combined $41 million per acre, far and away a record for the county, Edward said.
A total of 118 home lots are up for sale at The Strand, with the developer releasing the remaining parcels in smaller batches. The next sales are set for January. Edward expects prices to continue to rise.
For more on this story, see the Nov. 27 edition of the Business Journal.