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What’s in Store for High-End Home Market in 2018?

“It is an end of an era.”

Such is the prediction of Orange County real estate expert Marcy Weinstein, co-founder of McKown, Weinstein & Associates of Surterre Properties Inc. She’s honed her expertise in OC’s luxury homes market over the course of more than 20 years and has seen it rise and fall, then rise again, meeting and even surpassing previous record-setting prices.

In 2018, Weinstein predicts prices for luxury homes along the coast will keep rising for a very practical reason: There’s no more coastal land to build on.

“The era of coastal land in Orange County is gone,” she says. “We no longer will be competing against developers, because the developers are completely sold out, with no land to buy and build on.”

The scarcity of available oceanfront land for development will mean existing homes on prime parcels will be in high demand and resale prices will continue to rise.

“We are on our fourth tear-down project in Pelican Hill,” she says. “There will be limited inventory. Because of the scarcity we are literally bringing offers to owners of estates that are not even on the market.”

Weinstein adds that her team closed a deal this month that’s the highest price per square foot in Pelican Crest after showing it only one time (see first transaction item).

John Stanaland, founder of the Stanaland Group of HOM Sotheby International Realty, concurs with Weinstein’s prediction. “In my opinion, we will see the luxury market remain strong. I believe inventory will remain on the lower side, with continued demand for our local luxury real estate.”

Jeff Golden of The Strand Realty specializes in The Strand at Headlands, Dana Point’s exclusive oceanfront new-home development. He said he anticipates a slight seller’s advantage in that market. His Market Action Index report, which he updates weekly, measures the current rate of sales versus the amount of the inventory.

Golden cites several encouraging trends—an industry forecast predicting 20% of U.S. household growth will shift to the southwest over the next decade, and the growth in tourism.

“In 2015 the annual Orange County visitor count reached over 30 million,” he said. “Our Orange County luxury coastal markets have seen strong local demand and a robust second-home market. Assuming these trends continue, it would appear 2018 will see strong diversified demand for the Orange County luxury market.” 

From those experts’ perspective, 2018 will be another solid year in the luxury homes market. “Having personally just sold the highest sale in Newport Beach and the second highest in OC history,” says Stanaland, “I am confident our market will continue to be one of the most enviable in the U.S.”

Exceptional Estate

The home at 12 Fairway Point in Newport Coast sold on Dec. 1 for $19.7 million after going on the market in January for $23 million.

The 13,532-square-foot mansion occupies a .83-acre west-facing double lot with unimpeded views of Newport Harbor, Catalina Island and the Palos Verde Peninsula.

Its master suite boasts a private office, three oversized closets, a spa-inspired bath, and an expansive deck. There are six additional bedrooms, most of which highlight ocean views. The home also boasts a movie theater, gourmet kitchen, wine cellar and numerous entertaining areas.

Rex McKown and Marcy Weinstein of McKown, Weinstein & Associates of Surterre Properties represented the seller and buyer.

Sky’s the Limit

On Dec. 6, the Mediterranean-inspired custom residence at 11 Skyridge in Newport Coast sold for $10.5 million. It was listed in August for $11 million.

Located in the private gated community of Pelican Crest on a .45-acre hill top lot, the six-bedroom, eight-bath home offers 10,802 square feet of living space and a host of resort-like amenities. It features a formal living room, dining room with butler’s pantry, gourmet kitchen with large island, a home movie theater, and a walk-in wine cellar with a separate refrigerated wine-tasting room.

The backyard includes a swimming pool, spa, built-in barbecue, fire pit and lush landscaping surrounded by canyon and peekaboo ocean views. There’s also a 2,765-square-foot, seven-car subterranean garage. All three levels of the home are accessible via the brand-new hydraulic elevator.

Mark Bolton of Seacliff Realty Inc. represented the seller, and Kathy Wang of Realty One Group Inc. worked on behalf of the buyer.

Gorgeous Grounds

The California Ranch-style estate at 36 Boulder View sold on Nov. 29 for $9.6 million after listing in August at $10 million.

The estate is nestled on a 1.27-acre lot in the private Shady Canyon community of Irvine. On one of only eight double lots, the estate’s private grounds include rose gardens, bougainvillea vines, outdoor courtyards and loggias with water fountains. There’s also a resort-like swimming pool, spa and cabana that features a fireplace, built-in barbecue, outdoor shower and a half bath.

The south-facing estate is private, opening many of its living-space doors to views of the Tom Fazio-designed golf course and the hillside. There are six bedrooms and nine baths in the 10,325-square-foot home, as well as a library, game room, theater, wine cellar and gym with steam shower. The chef’s kitchen features Carrara marble countertops and a La Cornue range.

Brian Backstrom of HK Lane Christie’s International was the seller’s agent, and Abbey Young of T.N.G. Real Estate Consultants was the buyer’s agent.

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