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Monday, Sep 26, 2022

OC’s Luxe Listings Coming With Higher Asking Prices

A shortage of luxury homes in Orange County continues to help drive high asking prices.
A handful of area homes priced above $30 million have been brought to market in recent weeks, a signal that local homeowners continue to believe the region is transitioning into a seller’s market.

There are currently eight homes priced at or above $30 million on the market; four of those homes hit the market in the past two months.

Whether all eight get their asking price remains to be seen. There were two reported sales in OC above $30 million last year.

Among the for-sale properties is a rare listing in Abalone Point, an exclusive enclave within the already high-end community of Irvine Cove at the northern edge of Laguna Beach.

“This is the lowest amount of new inventory we’ve seen, as homes steadily come off the market at a much faster clip than they are coming on,” said Rob Giem of Compass, who has the listing for the Abalone Point home at 2620 Riviera Drive.

Abalone’s Attributes  

The six-bedroom home is only the second area residence to go on the market in nearly three years. Abalone Point counts just 12 homes, which are owned by notable business executives and other wealthy residents.

The 8,600-square-foot home has three stories, a unique feature for Abalone Point; the other homes on the oceanside of Coast Highway in Irvine Cove are only allowed to be one level above ground.

While it has a steep $30 million price, the home is the least expensive property within the community, according to Giem.

“The home has expansive lawns, gardens, a pool and many of the attributes of an oceanfront property, but without the price tag,” said Giem, adding that the undisclosed owner decided to sell after relocating.

“I expect the home to be purchased by somebody who sees this as an opportunity to enter into the exclusive neighborhood.”

The last home to hit the market in Abalone Point was 2675 Riviera Drive, first listed last August for $60 million, which if sold at that price would have marked a record for OC. It was pulled from the market two months later, making 2620 Riviera the only home currently for sale in Abalone Point.

Corona del Mar 

The priciest home to hit the market so far in 2021 is a 7,000-square-foot Corona del Mar property listed for $35 million.

Adrienne Brandes of Surterre Properties Inc. has the listing for the five-bedroom, six-bathroom Cameo Shores home at 4541 Brighton Road, which was built in 2018.

Another Corona del Mar home is on the market for nearly $33 million.

That 12,977-square-foot home at 4700 Surrey Drive is within Cameo Highlands, which, like Cameo Shores, is a hub for new coastal construction in Orange County.

John Stanaland of Villa Real Estate has that listing.

The priciest home sale in Corona del Mar last year was the $21.3 million deal for 2928 Ocean Blvd.

Coldwell Banker’s Tim Smith brokered both ends of that deal. n


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