The Orange County luxury housing market, defined in the real estate industry as the top 5% of homes sold in a given quarter, regularly sees single-family homes garner $5 million, $10 million and even $20 million. Homes in the price range typically are custom designed and include amenities such as wine rooms, gyms and movie theaters, all while boasting a prime location with expansive ocean views.
Orange County also has a robust high-end condominium market with top-end properties fetching sums in the multi-millions of dollars. There are currently 157 condominiums on the market above $1 million, 44 of them surpassing $2 million, and two topping $4 million. Many of the lavish homes, like their single-family counterparts, feature entertainment rooms with theater-style seating, designer kitchens, wine cellars and tasting rooms, view balconies and other niceties. The locations are also prime, as evidenced by the multimillion-dollar condos that dot the coastline.
Real estate online aggregator Redfin shows that 30 condos have sold for more than $1 million since Oct. 1. The highest fetched $2.9 million, just under its $2.95 million list price. Nearly two-thirds of those sold in the past month—18—are in Newport Beach; the rest were evenly distributed among Laguna Beach, Dana Point and Irvine. The highest price tag of the year was for the three-bedroom, four-bath condo at 3 Stickley in Laguna Beach, which sold on March 3 for $6 million.
The month of November started off strong, with sales in its first week that included these:
Ideal for Entertaining
The newly constructed 7,248-square-foot home at 4533 Orrington Road in the seaside community of Cameo Shores in Corona del Mar sold on Nov. 7 for $10.7 million, represented on the seller and buyer’s sides by Tim Smith of Coldwell Banker Residential Brokerage. The September list price for the five-bedroom, seven-bath home was $12 million.
The ocean-view residence, designed by Brandon Architects of Costa Mesa, offers an open floor plan that seamlessly connects all of the main living spaces. Disappearing pocket doors provide access to a private terrace with an infinity-edge swimming pool and spa. An atrium with skylights leads to the lower level, where there is a wine storage/tasting room, a gym and a great room with pocket doors leading to a lower level grotto. It sits on a quarter-acre lot.
Laguna Beach Icon
The home at 31107 Coast Highway is considered by many to be the most recognized home in Laguna Beach. The “Rock House” sold on Nov. 4 for $6.5 million, under its May list price of $8.5 million.
The three-bedroom, three-bath home was excavated out of an original existing rock formation and reinforced with concrete. It was designed by architect Brion Jeannette of Newport Beach.
The 3,000-square-foot Rock House sits on a 10,019-square-foot beach-front lot with direct access to the sand. It pulls inspiration from Spanish architect Antoni Gaudi, with walls of glass that open to the outdoor elements, bringing in nature and giving way to expansive ocean vistas and Catalina Island and coastal views.
The home includes an Italian-style terrazzo with integrated nautilus shells and handmade tile. It was designed for entertaining, and boasts a theater room, terrace grotto, and outdoor fire pit and barbecue. Additional features include a media room, home theater and a wine cellar.
Sean Stanfield of Stanfield Real Estate HÔM Sotheby’s International Realty managed both sides of the sale.
Front Row Seat to Beauty
The four-bedroom, four-bath home at 1627 Bayadere Terrace in Corona del Mar sold on Nov. 7 for $5.9 million, coming in under its August list price of $6.2 million.
The mid-century style home encompasses 2,700 square feet and sits on a .28-acre lot on the front row in Irvine Terrace, with views from nearly every vantage point. Modern finishes are found throughout, including stainless steel appliances, marble kitchen counters and stone floors in several rooms.
A front courtyard features a swimming pool and spa with sliding doors leading to the kitchen and living room, creating ample space and ambiance for entertaining.
Jim Kline of Surterre Properties Inc. represented the seller, and the buyer’s agent was Holly Deverian of Keller Williams Realty Newport.
