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Specialist Shares Projections for Remainder of 2015

Luxury home sales in Orange County have been strong so far this year.

More than 130 homes priced above $4 million have changed ownership in the past six months, according to Redfin. Thirteen of those transactions were at $10 million or more, the real estate website reported.

“At present, the luxury housing market is at or reaching its 2006-2007 peak sales prices,” says Steve High, president of Villa Real Estate in Newport Beach. “Inventory of luxury homes is at its lowest level since 2011. I’m expecting a strong second half of the year with the same trends as the first half of 2015: continued single-digit appreciation in the sale of homes in the $2 million to $5 million range and steady sales of homes between $5 million and $20 million.”

High points out that in the past five years, Orange County has seen many purchases by international buyers but that 2015 has been the strongest since 2011 in terms of local buyers.

“In fact,” he says, “most of the sales of Coastal Orange County luxury homes have been to buyers who already live in the area or already own property in Orange County.”

Almost all of the sales of high-end luxury properties occur as cash transactions, High says, although many luxury homebuyers are taking advantage of lower interest rates and alternative loans that allow the buyer to borrow against a stock portfolio or other assets, or use the assets as security for the loan.

Chris Brigandi, founder of Arbor Real Estate in Newport Beach, said:

“The most important factor contributing to the strength of the luxury market is the continued low interest rates that allow for increased purchase power.”

Brigandi adds: “The high desirability of our Coastal Orange County real estate is also an important factor (in strong luxury homes sales). There are few places in the world that can compete with the weather, the abundance of great restaurants and entertainment venues and amazing shopping combined with proximity to major airports.”

New Kind of Classic

The oceanfront home at 3915 Seashore Drive in Newport Beach blends classic Cape Cod architecture with modern amenities, including a full-house solar system that provides 4,300 kilowatts annually, energy-efficient appliances, and LED lighting throughout the home.

The 2,750-square-foot home has four bedrooms and 4 ½ baths and sits on a 2,125-square-foot lot. It sold on Aug. 6 for $5.8 million, under its May list price of $5.9 million.

The home offers a patio that’s directly on the sand, slide-away glass doors, and an ocean-view master suite with a hydrotherapy tub, fireplace and private balcony. The third floor includes a sun deck with a built-in barbecue and hot tub.

The great room has a wine refrigerator, wet bar, and surround-sound system, and is open to a dining and kitchen area complete with an island, stone countertops and Thermador appliances.

Christopher Parr of Teles Properties Inc. represented the seller and buyer.

Fair View

A 5,773-square-foot estate at 22 Canyon Fairway Drive in Newport Beach sold on Aug. 6 for $5.1 million, under its May list price of $5.7 million.

The five-bedroom, five-bath home is in the guard-gated community of Big Canyon and on the elevated front row of a golf course on a 0.36-acre lot with panoramic views of fairway one.

Kathryn White and John Cain of the Cain-White Group, HÔM Sotheby’s International Realty represented the buyer, and Tim Smith of the Smith Group, Coldwell Banker Previews International represented the seller.

The interior rooms feature natural oak floors, Venetian plaster, custom hand-carved wood chandeliers, and reclaimed beamed ceilings. The gourmet kitchen has Sub-Zero and Viking professional appliances. The upper-level balcony has views of the golf course and mountains.

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