The springtime home-buying season is under way, and the Business Journal took stock of some interesting market facts that present challenges and opportunities for area luxury property real estate agencies:
• The largest home on the market in Orange County is the 19,346-square-foot Satsang House, named after an Indian belief system. The home, atop a hillside in Yorba Linda, is so massive that it can be clearly seen from the eastbound 91 freeway more than four miles away.
• There are nine homes currently priced above $25 million on the market. Five are in Laguna Beach, three are in Newport Coast, and one is in Corona del Mar. All boast expansive ocean views.
• The priciest per-square-foot asking price in the county is $13,874, making the four-bedroom, four-bath Emerald Bay home, at 1,910 square feet, one of the most expensive in the county, with an asking price of $26.5 million.
• The property that’s been on the market the longest—more than 800 days—is a 32-foot-by-196-foot, on-the-sand lot in Seal Beach. That’s about a seventh of an acre, and the lot was originally listed in January 2013 for $4.9 million; the price was adjusted once, in April 2014, to $4.5 million.
Other recent highlights for the Orange County luxury market include:
Custom-Built
The custom-built estate at 26501 Silver Saddle Lane in Laguna Hills, atop the southwestern hills of Nellie Gail Ranch, offers views of the surrounding city and coastal hills.
The 8,000-square-foot, eight-bath, six-bedroom home sold on March 2 for $6.95 million. Its September list price was $7.95 million.
It’s on four professionally landscaped acres that include rose gardens, a tennis court, equestrian facilities and outdoor entertaining spaces.
The home has scrolled stair railings, marble floors, and a custom-built, floor-to-ceiling stone fireplace in the living room. It also has a home theater, library, gym, wine cellar, dance studio and workshop.
Anne Bergman and Carole Meikle of the Meikle-Bergman-Fields Group of Sotheby’s International Realty represented the seller, and Linda Birck of HÔM Sotheby’s International represented the buyer. Meikle said the per-square-foot sale price of $868 far exceeds the mid-$400-square-foot average for noncoastal properties.
Acres of Possibilities
The six-bedroom, 3½-bath home at 2612 Mesa Drive in Newport Beach sits on a 2.55-acre, oceanfront property overlooking the ocean, bluffs and Back Bay.
The home and property sold for $8.4 million on Feb. 17, under its September asking price of $12 million.
The property is on a secluded street in a rare equestrian-zoned community and has a detached guesthouse. The 2,392-square-foot main house, built in 1950, is ready to be transformed.
It’s unlikely so much oceanfront land will be available in Newport Beach again, according to listing agent Lindsay Williams of Keller Williams Realty Newport Beach.
Sparkling Gem
The four-bedroom, 3½-bath home at 1211 E. Balboa Blvd. in Newport Beach sold for $6.2 million on March 13, down from its October asking price of $6.5 million.
The two-story home spans 3,000 square feet and is nestled on a 2,400-square-foot lot that fronts the beach. It has multiple floor-to-ceiling windows on both floors in order to enhance the indoor-outdoor living potential.
The home has reclaimed French-oak hardwood flooring. Its gourmet kitchen has an antique-brick accent wall, blown glass lighting, and honed stone counters. A loft space can become a library, fifth bedroom or office. The second-story master suite has views of Catalina Island, the Orange Riviera, the famed “Wedge” and more.
The home also boasts smart technology, allowing total access to garage doors, security cameras, lighting and more from a smartphone. John McMonigle of Berkshire Hathaway Homeservice was the listing agent, and independent real estate broker Beth Hallett represented the buyer.
Sage Investment
A custom-designed French Provencal estate at 29 Sage Creek in Irvine sold for $5.8 million on Feb. 19, under its September list price of $6.3 million.
The 7,700-square-foot, five-bedroom, 5½-bath home sits on more than half an acre and has a wine cellar and office. Its interior is designed to enhance the natural light that comes in through floor-to-ceiling, multipaned windows.
French doors, marble and wood floors, beamed ceilings and carved stone fireplaces are among its many designer touches.
The outdoor entertaining areas include a spa, swimming pool, bar and fireplace. The home has views of a golf course, the hills and canyon.
Chris Valli of Surterre Properties Inc. represented the buyer and seller.
