Home sales in the $20 million-plus segment are rising in the Orange County coastal market, driven in part by buyers from other parts of the world, particularly Asia.
Mike Shapiro, chairman of HÔM Sotheby’s International Realty, estimates that 35% of buyers in the ultra-high-end market hail from China. Their buying, in addition to investors’ purchases, has buoyed the ultra-luxury market.
All HÔM Sotheby’s ultra-luxury homebuyers, Shapiro said, view the purchases as an investment that will keep growing.
“At that level, we’re selling assets, not shelter,” he says.
HÔM Sotheby’s currently has $1.25 billion in properties currently listed. Shapiro foresees continued growth in all segments of the luxury marketplace.
He said he believes the ultra-high-end market will actually do better in the year to come than the sub-$10 million market. He points to a 50% increase in ultra-luxury home sales since 2012 for the company.
“HÔM Sotheby’s has closed four homes for over $20 million in the first six months of 2013,” Shapiro said. “The average is four homes at that price point in a year.”
On the Strand
The recently completed Pacific Island-style residence at 33 Strand Beach Drive in Dana Point sold for $22 million on June 7.
The original May asking price for the oceanfront home was $25 million.
The 9,000-square-foot, four-bedroom, six-bath home is reminiscent of an exotic resort, with fountains, tropical foliage and gas lanterns that lead to the glass entryway.
The two-story foyer has views of the ocean through floor-to-ceiling windows.
The three-level home includes a movie theater, a gym and spa, and a playroom, plus two outdoor living areas on the lower level.
John Stanaland represented the seller, and Kindy Slagle represented the buyers. Both are with HÔM Sotheby’s.
High Style
The Santa Barbara-style estate at 21 High Water in Newport Coast sold for $8.7 million on June 12.
The 9,100-square-foot home was originally listed in November 2011 for $11 million.
The home has six bedrooms and seven bathrooms.
Its designer elements include Venetian plaster on most walls and ceilings, hardwood and marble floors, wood-beam ceilings and custom touches throughout.
The home has views from all levels that stretch from Newport Harbor across beaches and all the way to the Palos Verdes peninsula.
Rex McKown and Marcy Weinstein of Surterre Properties Inc. represented the seller, and John Burrill of HÔM Sotheby’s represented the buyer.
Seeing the Light
A key component that makes the Laguna Beach home at 563 Emerald Bay stand out is the natural light that floods it through floor-to-ceiling, ocean-facing windows. The Mediterranean-style residence, situated on a flat cul-de-sac at one of the highest viewpoints in Emerald Bay, has ocean, coastline and island views from most interior and exterior spaces.
The 5,300-square-foot home, which has six bedrooms and 6 ½ baths, sold on June 13 for $6.5 million, just off its original asking price in February of $6.8 million.
Room to Roam
The Coto de Caza residence at 34 Cambridge Court sold on June 15 for $5.4 million, matching its November asking price.
The six-bedroom, 8 ½-bath home is 11,618 square feet and sits on 3.6 acres.
The estate channels the feel of a Southern antebellum residence, beginning with the tree-lined drive that leads to the home. Its exterior design includes columns, plantation shutters, and a 4,000-square-foot veranda, as well as brick patios with materials imported from Atlanta.
The property includes a guesthouse and horse stables.
Jacqueline Thompson of Surterre Properties represented the seller, and Jessica Hung of Realty One Group Inc. represented the buyer.
On the Waterfront
The six-bedroom, eight-bath home at 35241 Beach Road in Dana Point sold on June 13 for $4.1 million, near its March asking price of $4.5 million.
The 3,750-square-foot home sits on the sand on 48 feet of beachfront, nearly 50% more than the average of 35 feet, according to the listing agent, Ken Ross of Luxre Realty Inc., who represented the buyer and seller in the purchase.
The home was completely remodeled in 2005 and has wood floors, floor-to-ceiling windows, a chef’s kitchen with a large island, and built-in cabinetry throughout.
