The Orange County luxury market is its own unique entity.
The rate of appreciation of midrange homes here has slowed along with the pace of sales, but in the luxury market prices continue to rise, even while sales dip.
In Laguna Beach, prices were up 23.5% in March from a year earlier, while closed transactions were down 14.6%, according to real estate data aggregator DataQuick.
It was a similar story in Newport Coast, where prices were up 16% but sales down 32.4%. Dana Point sellers’ home prices increased 64% year-over-year, but sales fell 38.5%. Corona del Mar home prices dropped 7% while the pace of sales dropped 37.1%.
The numbers indicate there is a lack of inventory rather than a weakness in the market that’s driving down the pace of sales. That could mean the launch of “bidding wars” and multiple offers on available homes. Sale prices are within 95% to 100% of asking prices, another indicator of the fundamental strength of the luxury market.
Here’s a sampling of closed transactions for the first week of May:
Mediterranean Style
The Mediterranean-inspired estate at 2620 Riviera Drive in Laguna Beach is in Irvine Cove, a guard-gated community in Abalone Point, the part of Irvine Cove initially set aside for the Irvine family.
The estate sold on May 2 for $11.5 million, down from its October asking price of $14.5 million.
The 9,000-squrae-foot estate is on a .38-acre lot. The five-bedroom, eight-bath home was built in 2000 and was recently renovated to enhance the indoor-outdoor living potential. The resort-like grounds include a swimming pool with water features, fountains, walkways and multiple terraces to enjoy the ocean views.
Kandis Arnold of Berkshire Hathaway HomeServices represented the seller, and broker Patrick Lehman represented the buyer.
Chic and Inviting
The newly remodeled home at 337 Monarch Bay Drive in Dana Point, with its clean lines and light exterior, is a contemporary example of the quintessential beach house. Its large windows extend from floor to ceiling, framing unobstructed views of the ocean, the Monarch Beach Golf Course and the Ritz-Carlton.
The home, which is on a 7,405-square-foot lot, sold on May 1 for $7 million, below its January asking price of $7.5 million.
It has five bedrooms, four baths and is 4,500 square feet. The seller’s agent was Candice Burroughs of Berkshire Hathaway HomeServices. Charles Aufhammer of Berkshire Hathaway HomeServices worked on behalf of the buyer.
Home Invokes Memories
Bay Island originally began as a gun club in 1903. Today, it’s a private Newport Beach enclave of 23 waterfront homes.
The bayfront home at 9 Bay Island is reminiscent of a traditional beach house with casual interiors, vintage character, and a brick patio that leads directly to the beach.
It sold on May 2 for nearly $6.6 million, under its February asking price of $7 million.
The 3,000-square-foot home is on a 3,510-square-foot lot. There’s also a private boat dock that accommodates a more than 50-foot yacht.
There are six bedrooms and 3 ¼ baths in the home, which is walking distance to the boardwalk and the Balboa Fun Zone.
The seller was represented by Steve High of Villa Real Estate, and the buyer was represented by Evan Corkett of Villa Real Estate.
Forever-and-Ever Views
The estate at 31932 Monarch Crest has unobstructed white-water and panoramic ocean views from its perch atop the hill in The Pinnacle at Monarch Point in Laguna Niguel.
Harold Noriega of HÔM Sotheby’s International Realty negotiated the nearly $6.2 million sale on behalf of the seller. The buyer’s representative was Krista Widner-Morales of First Team Real Estate. The home was originally listed in January for nearly $6.3 million.
It has 6,430 square feet of living space comprising four bedroom suites, five bathrooms, two half bathrooms, formal living and dining rooms, an office/library, a gourmet kitchen with a large center island and breakfast nook, a family/bonus room with a built-in media center, and a wine room.
Outside, the .29-acre grounds include an outdoor dining room and view terrace with an infinity pool with its own outside private bathroom and shower.
