The demand for second homes is rising all along Orange County’s coast, say some top area real estate specialists, driven principally by luxury buyers seeking an ideal second or even third home that also serves as a solid investment.
“There is a spike in growth for luxury vacation homes in Orange County,” said Nicole Donovan of the Summer Perry Group, Surterre Properties Inc.
Donovan is working with a buyer whose primary residence is a 10,000-square-foot home in Aspen, Colo. He also has a secondary home in Palm Desert and is now in the market for a single-level vacation home on the Orange County waterfront.
“He wants to experience living in the home for five months with an option to buy,” she said.
Donovan said the most coveted areas for OC vacation homes are Laguna Beach and Newport Beach, including the latter’s Corona del Mar section, “with unobstructed white-water views.”
Tim Smith of the Smith Group, Coldwell Bankers Previews International agreed.
“The most popular spots are closest to the coast: Laguna Beach, Newport Beach, CdM, Dana Point.”
He added that in his experience, many second-home buyers come from other U.S. spots with an easy flight path into Orange County, such as Dallas, Colorado, Salt Lake City, and Scottsdale, Ariz.
“Nonresident Californians are the best buyers,” he said. “They come flush full of cash from other states and end up paying great prices.”
Andre White of Cain/White Group, HÔM Sotheby’s International said he also sees a good number of buyers from Los Angeles, northern California, or the desert who divide their time among multiple residences, including a chief executive from Colorado who purchased a second home in Corona del Mar.
Add to that the many international buyers from countries such as China and Saudi Arabia.
Different communities draw different types of buyers, he said.
Buyers from China, for example, tend to prefer the gated, Mediterranean-style communities of Newport Coast for vacation homes that are reminiscent of a luxurious resort. Other buyers may prefer the water amenities available at homes on Balboa Island and Emerald Bay.
White cites resorts such as the Resort at Pelican Hill in Newport Coast and the Montage Laguna Beach as major contributing factors in the growing attraction of OC as an international resort destination. He tells the story of one visitor from Saudi Arabia who stayed at the Resort at Pelican Hill and “fell in love” with the area.
“He ended up purchasing a $7 million vacation home in Pelican Hill.”
Here are some luxury home purchases that recently took place:
Forever-and-Ever Views
The 5,700-square-foot home at 182 Emerald Bay, situated on the end of Emerald Bay point in Laguna Beach, has views that surround it from every side.
It’s filled with the constant sound of crashing waves, owing to the fact that it sits near the top of the point overlooking the beach.
It sold on May 11 for $15 million, under its September list price of $16 million.
Every water-facing room has expansive windows that bring the views of the coastline and ocean into the two-story home.
The five-bath, five-bedroom residence sits on a 10,019-square-foot lot and has two limestone decks, one on each level, that extend the length of the home and provide additional space for entertaining. The home also features an elevator and off-street parking for four guest cars.
Rod Daley of Coldwell Banker Previews International represented the seller. The buyer’s agent information was not available.
French Masterpiece
The French-inspired estate at 23221 Pradera Road in Coto de Caza sold on May 6 for $7.5 million, under its February 2014 list price of $10 million.
The home is designed to bring to mind a manor house in the French countryside.
Guests enter through iron gates and a cobblestone driveway to 2 acres of landscaped property. The main house, which is 6,200 square feet, has four en-suite bedrooms, a wine cellar, private office, formal dining room, home theater, and a great room with a bar.
The main house also has Gaetano walnut floors, Venetian plaster, and distressed beam ceilings.
The guesthouse is 1,400 square feet and has a bath, one bedroom, and a gym and media/recreation room. A resort-style swimming pool with a water slide sits next to a 1,000-square-foot pool cabana.
Dean Lueck of First Team Estates provided the listing, and Mariann Cordova of Berkshire Hathaway HomeServices represented the buyer.
