Orange County homes priced at $4 million or more are selling at a faster clip this summer than the same time a year ago, continuing the trend set during the faster-paced spring buying season.
Homes in lower Newport Bay are staying on the market just 78 days, compared to 161 for the same period last year, or nearly 52% less, according to Teles Properties’ Mirco Market Report.
The drop is even more dramatic in Newport Heights, at 66%—or 34 days on the market versus 101 a year ago. Turtle Ridge homes are on the market 47 days compared to 90 days, a 48% decrease.
Gary Legrand, president of Orange County-based Surterre Properties Inc., credits the change in part to buyers’ perceptions.
“Perception is reality,” he said, “and the perception is positive.”
Inventory has decreased slightly, upping the ante for interested buyers.
Shadow inventory has virtually disappeared in the luxury market, and most underwater homes have already traded hands.
Surterre’s offices closed 558 luxury home sales in 2012, and 25% of the deals were foreclosed properties. Surterre has listed just two foreclosures so far this year.
Things are slightly different in the $20 million-plus division, where there’s more inventory than ever. The new beachfront development in Dana Point, the Strand at Headlands, as well as homes in Laguna Beach’s Emerald Bay and Newport Coast’s Pelican Hills are driving factors behind the increase in homes available in the ultra-high-end market.
French Normandy Estate
The French Normandy estate at 7 Canyon Rim in Pelican Hill sold on July 11 for $4.6 million.
It was originally listed in June for $6 million.
The 6,800-square-foot home, which has five bedrooms and 6 ½ baths, has views of the canyon and city lights and partial views of the ocean.
The estate is crowned by a slate roof and sits on a 22,000-square-foot lot.
Ron Felsot of Prudential California Realty represented the seller and the buyer.
Irvine Cove Sale
The five-bedroom oceanfront home at 135 Irvine Cove Court in Laguna Beach sold on July 10 for $9 million, short of its $11 million asking price in December.
The Mediterranean-style estate is one of 108 homes in a guard-gated beachfront community and has ocean views from all major living areas and from the master retreat. Yet it maintains its private setting.
The 8,700-square-foot home sits on more than half an acre.
Brandon Marchione of Surterre Properties represented the seller, and Sandra Spencer of Re/Max Real Estate Group represented the buyer.