It’s not just single-family homes seeing eye-popping sales prices throughout Orange County.
A nearly 2,900-square-foot condominium within the Montage Laguna Beach resort has traded hands for $8.1 million, a price that brokers indicate is close to a record for all condo sales in OC.
The three-bedroom, three-bath home at 7 Shreve Drive is one of 14 villas at the Montage. The community is separate from and situated above the Montage Ocean Estates, a 13-home gated community that’s famously home to Mark Cuban—who counts a $19 million vacation home in the neighborhood—and other wealthy residents.
The condo was built along with the other villas in 2003 in a development led by Costa Mesa-based Seacrast Developers. It last sold in 2017 for $6.6 million.
The sale, which closed at the end of last month, bests the prior Montage villa record price of about $7.9 million for 3 Shreve.
Villa Real Estate’s John Stanaland represented both sides of the sale.
The Montage Ocean Estates also saw a record home sale this year with the nearly $30 million sale of 7 Montage Way, which closed on Feb. 9.
Elsewhere in OC’s condo market, the newly delivered Aerie condos in Corona del Mar, which span about 4,500 square feet, have sold out at an average price in the $15 million range, sources indicate.
Active 2022
Stanaland’s team—which includes four people in total—has sold five homes within the Montage community this year, and seven in the past 12 months. Stanaland, who previously served as the corporate broker for the Montage residential area, estimates he has been involved in about 24 sales since the community opened.
His team has represented just shy of $200 million in sales volume during the first quarter of 2022; more than half of that volume has been off market.
The homes, adjacent to the 259-room Montage Laguna Beach resort, count both part- and full-time residents.
Most villa buyers hail from Southern California, though the community also frequently counts buyers and shoppers from Nevada.
There are currently no active listings within the Montage, as limited inventory and strong demand has caused homes to trade at a fast clip. Stanaland said he has about 30 listings at a time on average. He had eight listings at the start of this month, five of which were in escrow.
“I have a list of over 25 people actively searching for a home in Orange County, and I have nothing available for them,” Stanaland said.
