The head of a public company in Los Angeles ended a year-long search with the purchase of an oceanfront home for $6.1 million at 32091 Coast Highway in South Laguna.
The gated estate will be used for weekends, vacations and eventually as a retirement home. The three-bedroom, 4,000-square-foot home sold for $1,525 per square foot, a relatively high price per square foot in the current market.
Agents from Newport Beach-based Hom Real Estate Group Inc. represented the buyer and the seller in the transaction. John Stanaland was the listing agent, and Michael Johnson represented the buyer.
The house originally was priced at $8.5 million in March but lowered three times.
Johnson brought the buyer to the home after the price dropped to $6.7 million.
The seller is retired and had already purchased another property.
The buyer’s busy schedule left little time for visits to homes and led to mostly email exchanges. The search started with much-lower price tags in mind, but the buyer eventually decided to go oceanfront and fell for the South Laguna property on a first visit.
It took a couple of months to strike a deal.
The home fronts Thousand Steps Beach, a secluded stretch unfrequented by tourists. It’s pretty much a locals-only beach, Johnson said. A stone pathway leads from the house to the beach.
The house has its own name: Greenstone By The Sea. The path, chimney and other features inside and outside the home were designed with a type of stone that has a green tint. The dark wooden floors were imported from Honduras.
It is one of the last oceanfront homes designed by renowned Laguna Beach architect Chris Abel, who died several years ago. Son Gregg Abel carries on the family tradition with a Laguna Beach-based design company.
Rarified Heights
Four other homes closed above $4 million this month:
• 23 Needle Grass in Irvine for $8.8 million (see Nov. 14 luxury homes column).
• 1710 W. Oceanfront in Newport Beach sold for $4.3 million, down from $6.5 million when it was listed in November 2008. The 4,000-square-foot home sold for $1,088 per square foot.
Steve High, an agent with Coldwell Banker Previews International, represented the seller. Chuck Iverson, an agent with Coldwell Banker, represented the buyer.
• 34 Blue Heron in Irvine sold for $5.2 million, down from $6.7 million in July 2011. The 7,000-square-foot home in Shady Canyon sold for $743 a square foot.
Jacqueline Thompson, an agent with Surterre Properties Inc. of Newport Beach, represented the seller. The buyer’s agent is not listed.
• 31 Burning Tree Road in Newport Beach sold for $4.4 million, down from $5.9 million in February. The 7,000-square-foot home sold for $629 a square foot. Lindsay Bibb, an agent with Coldwell Banker Previews International, represented the seller; Jon Flagg, of Hom Real Estate Group, represented the buyer.
No Sale
A 4,000-square-foot oceanfront home at 35851 Beach Road in Dana Point didn’t sell in an auction Nov. 11. The property has been on the market for a year and remains listed for $6.9 million.
The reserve, or minimum sale price, was $5 million.
The seller enlisted New York-based Concierge Auctions LLC a few months ago to help sell the home. It was listed in December 2010 for $10.5 million.
Doug Echelberger, an agent with First Team Real Estate’s San Clemente office, is representing the seller.
Surterre’s Standing
Surterre Properties Inc. leads the luxury agency pack in sales volume through September in Newport Beach—including Newport Coast and Corona del Mar—and Costa Mesa.
Surterre had 271 transactions, $265 million in listing sales and $461 million in total sales, according to the Rick Schreiber report.
Surterre’s next closest competitor counted 294 transactions altogether, $226 million in listing sales, and $419 million in total sales.
Information in the report was provided by Surterre.
Six different agencies are listed in the report. Two of the agencies have multiple offices in Newport Beach. The transactions and sales volume is listed by office.
All six agencies combined had 1,100 transactions, $888 million in listing sales and $1.6 billion in total sales through September for Newport Beach and Costa Mesa.
Surterre is set to open another office in San Clemente by the end of this month. The office will be located in a refurbished savings and loan building, fireplace intact.
Surterre has offices in Corona del Mar, Laguna Beach, Mission Viejo and Dana Point.
