The luxury home market in Orange County is defined by the Institute for Luxury Home Marketing as the top 10% of overall home listings.
The category includes 159 home transactions that closed here above $4 million in the last six months at an average price of $5.25 million. The highest priced home in the period, a beachfront property in Emerald Bay in Laguna Beach, closed at more than $19 million.
Orange County homes at lower luxury prices—between $4 million and $6 million—sold for an average of nearly 94% of list price, according to data from online real estate aggregator Redfin.
Properties between $6 million and $10 million garnered 86% of their original asking prices, while homes between $11 and $15 million reached 87%.
The highest priced homes—upwards of $15 million—reached an average 82% of list price.
A handful of luxury properties reached or surpassed 100% of their asking prices in the last six months, including the oceanfront cottage at 200 E. Oceanfront in Peninsula Point in Newport Beach that fetched $9.985 million, just a bit more than its list price, in May after 23 days on the market.
Ocean Escape
Several other sales at the highest price point came within a few points of their list price, including the Wood’s Cove residence, which sold for $16 million, good for a 96% mark. The four-bedroom, five-bath contemporary coastal view home at 1885 Ocean Way in Laguna Beach closed on Aug. 31, represented by John Stanaland of HÔM Sotheby’s International Realty on the seller’s side and by Sandra Miller of Engel & Völkers Santa Monica on the buyer’s. It was listed in June for $16.5 million.
The home’s amenities include a privacy-controlled entry, a Crestron whole-house system, Weiland sliding doors, wood-and-glass interior doors, and electronic shades.
The 5,560-square-foot floor plan unfolds over two levels, with ocean views from many rooms framed by floor-to-ceiling glass windows. There are a professional-caliber kitchen and butler’s pantry, a large media room with wet bar, and a wine room. The home, which sits on a 10,019-square-foot lot, also boasts ocean-view terraces on every level.
A Dream to Realize
The build-ready property at 55 Strand Beach Drive sold on Aug. 31 for $10 million, under its June list price of $11 million.
The oceanfront custom home site in the guard-gated community of The Strand at Headlands is a touch over a quarter of an acre. The site offers 104 feet of ocean frontage and is one of the widest oceanfront lots up and down the Orange County coast.
Jeff Golden of White Sands Realty Inc. represented the transaction on both the seller’s and buyer’s behalf.
Transition to Beauty
The ocean-view home at 9 Crestwood in Newport Beach sold on Sept. 2 for $7 million, under its June list price of $7.25 million.
The Coastal-Modern style home showcases a nearly 180-degree unobstructed ocean and harbor view. The residence spans 7,300 square feet and sits on a 10,454-square-foot lot.
The interior boasts a family room that connects to the kitchen and breakfast nook, forming an open floor plan. The adjacent gourmet kitchen is complete with Wolf appliances and Sub-Zero Pro refrigerator. The basement floor features a wine cellar and a game room that also can be used as a theater.
Al Mozayeni of Coastline Real Estate represented the buyer. The team of Rex McKown and Marcy Weinstein of Surterre Properties Inc. were the buyer’s agents.
Modern Beach Beauty
The newly constructed four-bedroom, six-bath home at 231 Driftwood Road in Corona del Mar sold on Sept. 6 for $6.5 million, under its June list price of $7 million.
The 5,500-square-foot contemporary-style home in the community of Shore Cliffs sits on a 7,841-square-foot lot with panoramic views of the ocean and Catalina Island.
The home features custom woodwork throughout, including tongue-and-groove and coffered ceilings, extensive wall paneling and all custom cabinetry.
The private, resort-style backyard features a pool and spa; there is also a rooftop deck and private beach access.
Leonard Flamm of Blue View Properties acted on behalf of the seller, while Katrina Fields of Surterre Properties Inc. represented the buyers.
