An 8,650-square-foot home in Seal Beach’s Gold Coast neighborhood has traded for nearly $11.7 million, shattering the previous record for the northernmost beach city in Orange County.
The custom-built, villa-style estate at 308 Ocean Ave. is one of just four homes on a double lot in the 46-lot community. Tim Smith of Coldwell Banker Realty had the listing for the property.
“Because we are in a significant housing shortage, you can no longer combine lots and build across property lines, making this home very unique,” Smith said.
The prior home sale record for Seal Beach was set about a year ago when 206 Ocean Ave., also in the Gold Coast, traded for $8.6 million.
The undisclosed sellers decided to move to a smaller home in Huntington Beach; coincidentally, the new owners are relocating to Seal Beach from Huntington Beach, according to Smith.
A majority of owners within Gold Coast—a stretch of beachfront homes located north of the city’s pier—use their home as their primary residence, while about 30% are second homeowners, Smith said. The community is fully built out, and dates back to around 1915.
Garrett Weston of Compass represented the undisclosed buyers of 308 Ocean, which counts six bedrooms and nine bathrooms and was built in 2004 on a 0.3-acre lot. The three-story Tuscan-inspired home includes elements imported from France including roof tiles, iron entry gates and antique doors and furnishings.
California Gold Rush
There were no active listings in the Gold Coast following 308 Ocean’s sale, a seemingly recurring trend as homes continue to set new price records throughout Orange County, largely a result of fast-shrinking inventory levels.
“It’s the California gold rush for real estate,” Smith said, noting that there are typically 4,500 homes on the market during this time of the year.
Meanwhile, the county is seeing “historic demand from buyers I’ve never seen before,” Smith said.
“I’ve always believed OC is tremendously undervalued, and we still are compared to other areas. We will continue to see prices go up this year,” Smith said.
$27M in Newport Coast
In the more traditional luxury hotspot of Crystal Cove, a 12,628-square-foot home at 18 Coral Ridge sold this month for nearly $27 million, marking a 31% premium over its prior sale price in 2020.
That premium is largely a result of shrinking inventory causing “hysteria in the market,” John Cain of Pacific Sotheby’s International Realty said.
The deal is tied for the second priciest so far in 2022, trailing the $29.9 million sale of 7 Montage Way in Laguna Beach.
Johnathan Chao of Keller Williams Realty represented the undisclosed buyer of 18 Coral Ridge.
“Compelling, well-priced homes are flying off the shelves,” Cain said.
Cain has another Crystal Cove home in escrow for nearly $22 million, and has another $35 million listing in the neighborhood at 2 Waves End, a nearly 15,000-square-foot custom estate that wrapped construction this year.