Sellers of luxury homes have been pricing them closer to new market levels since the pace of sales slowed late last year after rapid acceleration in the first half of 2013.
Sales have now entered a “neutral” phase, and the gap between asking prices and sale prices has narrowed.
Real estate professionals in the coastal market are negotiating sale prices within just a few percentage points of original asking prices.
A sampling of recent sales showed properties fetching between 94% and 98% of list prices.
Worth the Wait
The mansion at 18 Shoreline in Newport Coast’s Pelican Point offers 17,000 square feet of living space in six bedrooms, 7 ½ baths, a theater, wine cellar, family room, spa and an indoor basketball court.
It was originally listed in October 2010 for $18 million, then relisted in May 2011 for $16.5 million before a second relisting in March 2012 for $14.9 million.
It sold for $14.7 million on March 18.
The estate encompasses two lots that add up to nearly two-thirds of an acre of resort-like grounds complete with professionally tended gardens, footpaths and multiple areas for outdoor entertaining.
It provides panoramic views of the coastline, ocean, Catalina Island and Pelican Hills golf course, as well as direct beach access. There’s also a guesthouse with three bedrooms and 4 ¼ baths. The garage offers ample space for up to eight cars.
Georgina Jacobson of the Georgina Jacobson Group; Coldwell Banker Residential Brokerage; and Kimberly Bibb of Villa Real Estate represented the buyer.
Everything Included
The Mediterranean-style villa at 8 Via Perazul in Newport Coast was listed for $5.4 million in November and sold on March 25 for $5.1 million.
The four-bedroom, four-bath home is 5,738 square feet nestled on a 10,437-square-foot lot that delivers views of the ocean, coastline, mountain and city lights.
The former model home has had $2 million in upgrades, landscaping and interior design.
Dana Point-based designer Michael Macaluso created the interior to complement the professionally designed grounds, which are visible from almost every room through large windows. The home’s furnishings, artwork and electronics were included in the sale.
It has 15 sets of French doors and more than 1,500 square feet of covered terraces. A gourmet kitchen sports a breakfast bar, island, dining nook and 500-bottle wine room. The grounds include a separate guest casita.
Dean Lueck of First Team Estates represented the seller, and Heather Hosto of Keller Williams Realty worked on behalf of the buyer.
Twilight Beauty
The 4,000-square-foot Crystal Cove home at 52 Twilight Bluff sits on an oversized corner lot and offers three bedrooms and 3 ½ baths, a third-story tower loft/office, private casita and four-car garage. It sold on March 8 for $4.7 million, under its $5 million asking price in November.
The home has elements of Colonial, Mediterranean and Spanish design. The ocean, Catalina and sunset views are enjoyed from inside and out by the glass-tiled infinity edge pool. It’s in the guard-gated, private Crystal Cove community on a .28-acre lot near the community gates.
Rob Smith of Surterre Properties Inc. listed the home for the seller, and Timothy Tamura of Valia Properties worked on behalf of the buyer.
More Precious Than Rubies
The bayfront home at 701 N. Bay Front in Newport Beach is perched on a raised 2,614-square-foot corner lot on Ruby Beach.
It sold on March 4 for $4.6 million, just under its September asking price of $4.7 million.
The 2,700-square-foot Eastern Seaboard-style home is designed to host intimate affairs or large gatherings, with accordion doors that transition to an outdoor veranda; vaulted ceilings; and large, leaded glass windows that accentuate the open floor plan. It has a two-story foyer, elevator, walnut-stained hardwood floors, and a gourmet kitchen with Viking, Wolf, and Fisher Paykel appliances.
Angela Weldon of Surterre Properties Inc. represented the seller, and Rebecca Anderson of Surterre Properties represented the buyer.
A Trip to Spain
The Hacienda-style Spanish Revival house at 11 Vernal Spring in Shady Canyon in Irvine changed hands on March 21 for $4.6 million, slightly off its listing price in January.
The five-bedroom, 7¼-bath home is 7,577 square feet and sits on a .59 acre corner lot.
The home was recently expanded and remodeled, creating a full theater room, family room, and two additional bedrooms. It features an outdoor kitchen, dining area, and covered logia next to a newly designed yard complete with a swimming pool, fire pit, custom lighting and water features, and pool bathroom.
Ron Millar of HÔM Sotheby’s International Realty represented the seller, and Dong Yao of IRN Realty represented the buyer.
