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Friday, Jun 9, 2023

Coastal Lux Home Sales Average 96% of Listing Price

One thing appears to remain consistent in Orange County’s dynamic luxury market: Buyers are willing to pay top dollar for the expansive homes and unique estates prevalent in the communities along the coast. Data from the California Regional Multiple Listing Service Inc. indicate Orange County luxury homes—defined as single-family residences in the top 10% of home sales—fetched an average 96% of list price in 2014.

Some communities boasted even higher percentages: Buyers paid 98% of list price in the Cameo Shores neighborhood of Corona del Mar, which has an average home price of $5 million. Sellers in the Pelican Crest neighborhood of Newport Coast got 97% of the list price, which averages $10 million.

In other communities, like Laguna Beach’s Emerald Bay, where homes averaged a list price of $5.7 million, transactions typically closed within 93%. Sellers garnered 92% of their homes’ average $6.3 million list price in Ritz Cove in Dana Point.

The average list price in Irvine’s Shady Canyon community was $6.2 million, and the average buyer paid 93% of that price.

Last of Kind

A half-acre lot at 7 Del Mar in Newport Coast sold on Oct. 27 for $6.9 million, under its April list price of $7.1 million.

The home, perched along the cliffs of Crystal Cove, is the last true front-row lot available with unimpeded views of Newport Harbor, the Pelican Hill golf course, Catalina Island and the ocean to Palos Verdes.

The site offers a due-west orientation, which allows for year-round sunsets. The 21,449-square-foot lot is ready for construction after several years of planning.

Marcy Weinstein and Rex McKown of Surterre Properties Inc. represented the seller, and Lena Ghezel of Surterre represented the buyer.

Flower Power

The 3,250-square-foot home at 232 Hazel Drive in Corona del Mar, completed this year and showcasing the work of architect Paul McClean, has three bedrooms and 3 ½ baths. It sold on Oct. 26 for $6.9 million, under its September list price of $7.8 million.

It was the highest sale on the area’s flower-name streets this year, according to listing agent Kelly Mortensen of Surterre Properties.

She said that at $2,100 per square foot, it’s the sixth highest price per square foot in all of Corona del Mar.  

Joe Carter of Berkshire Hathaway HomeServices negotiated on behalf of the buyer.

The home has white-water ocean views that include Arch Rock, Little Corona Beach, and the canyon estuary Buck Gully, as well as private beach access. The tri-level design is centered on a glass staircase that Mortensen said is the only one of its kind in the U.S. The front of the home includes a trio of 28-foot “starfire” glass panels.

Highlights include rift-cut oak doors and ceilings, Gascogne blue limestone flooring, a Crestron lighting system, Fleetwood sliding glass doors and windows, custom audio/video components, and a kitchen with Ceasarstone quartz counters, custom cabinetry crafted in Germany, Thermador appliances and a Uline wine cooler.

Home With History

The six-bedroom, seven-bath, 9,314-square-foot estate at 4 Canyon Fairway Drive in Newport Beach sold on Oct. 28 for $5.8 million, under its July list price of $6.7 million.

Sean Stanfield of HÔM Sotheby’s International represented the seller, and Britt Cottrill of Evergreen Realty represented the buyer.

The classic-contemporary design home, built in 1988 for ketchup magnate Cliff Heinz, sits on a 0.37-acre lot against a scenic backdrop that includes four fairways and two scenic lakes at Big Canyon golf course, with the Saddleback hills and an 80-mile view of Southern California’s highest mountain beyond.

The serene setting once hosted the Dalai Lama when he was in town and received word that he won the Nobel Peace Prize.

The home, which is in an exclusive guard-gated community, has a gourmet kosher kitchen, wine cellar, steam room, dry sauna, two offices, a full-circuit gym and media room with a bar, a spa and swim-in-place swimming pool, and double two-car attached garages.

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