Former congressman and Securities and Exchange Commission chair Chris Cox has new hilltop digs with panoramic ocean views in Laguna Niguel.
Cox now is principal of Bingham Consulting Group LLC and partner of Boston-based Bingham McCutchen LLP. He recently paid $5.3 million in cash for the 11,000-square-foot estate on Old Ranch Road in the exclusive Bear Brand Ranch neighborhood.
“It’s pretty much the most exclusive neighborhood in Laguna Niguel,” said Lisa Cooper, an agent with Prudential California Realty who represented the seller.
The sellers have two children who were headed off to college, so they didn’t need the space anymore.
They moved to Laguna Beach.
Nedra Jenkins, an agent with Newport Beach-based Surterre Properties Inc. represented Cox, who works out of Bingham McCutchen’s Costa Mesa office.
He served 17 years in the House of Representatives and lived in Newport Beach at the time.
Cox was one of Orange County’s most influential elected officials. He chaired the Homeland Security Committee and sat on energy and commerce subcommittees.
He worked with the Navy on the transfer of land for the Great Park at El Toro.
Cox rose to a leadership position in the House before chairing the SEC during the Bush administration from 2005 through 2008.
These days, he advises companies on corporate governance, securities regulation and other matters.
Bear Brand Ranch has 127 homes and 24-hour guards at two gates—one at Camino Del Avion and the other on Golden Lantern.
“It has the biggest lots and definitely some of the biggest homes,” Cooper said.
Perched on a hill, Cox’s seven-bedroom, eight and a half bath house is spread over nearly an acre.
“What’s really unique about the home is the privacy,” she said.
The estate has a long driveway and gated entrance. It’s secluded enough to have a pool in the front yard. The house and the guest house overlook the pool.
Sunrises can be seen at the back of the house, which overlooks San Juan Capistrano and the Pacific.
“On a clear day you can see to Mexico,” Cooper said.
Not all of the homes in Bear Brand Ranch have ocean views, she said.
The home had a ground-up remodel seven years ago.
“It’s very contemporary, very classy,” said Cooper, who had the listing for nearly four years.
The home nearly sold a year ago for $7.4 million but fell out of escrow.
“The way we term it is ‘The buyer did not perform,’” Cooper said.
The price was lowered to $6.4 million.
There were other offers in between, but nothing high enough for the seller until Cox came along with $5.3 million in cash, she said.
Luxury home prices have decreased 30% to 50% in the past couple of years.
Many luxury home owners are refusing to go lower, Cooper said.
“Unless the sellers have to sell, they’re holding firm,” she said. “Sellers are feeling like they’ve dropped enough.”
In general, sales at the high end have been picking up, and May was especially busy, Cooper said.
She’s getting a lot more calls from foreign investors—Russians, Canadians and Chinese.
“The market is pretty darned good right now,” she said.
Newport No. 1
Newport Beach tops New Jersey-based Coldwell Banker Real Estate LLC’s list of most expensive home markets.
The average listing price of a four-bedroom, two-bath Newport Beach home between September and March was $2.5 million.
Coldwell’s report included four-bedroom, two-bath homes in 2,300 markets in the U.S. and Canada.
Out of the top 10 priciest home markets, California took six spots.
Rounding out the top 10: Pacific Palisades, with an average listing of $1.6 million; Stone Harbor, N.J., $1.3 million; Rancho Palos Verdes, $1.3 million; Saratoga, Calif., $1.3 million; Los Gatos, Calif., $1.2 million; Weston, Mass., $1.2 million; Greenwich, Conn.; $1.1 million; Mercer Island, Wash.; $1.1 million and Cupertino, $1.1 million.
In case you’re wondering, the most affordable place to buy a four-bedroom, two-bath home is Niagra Falls, N.Y. There you’d pay $60,000 on average.
The U.S. average listing for a four-bedroom, two-bath home was $293,000.
Wait and See
Bill Gross’s plot of land with enough waterfront for three large yachts on exclusive Harbor Island in Newport Beach is perhaps the highest profile listing in the marketplace right now, priced at $26.5 million.
“It’s a very rare gem and somebody will wish to purchase it,” said Steve High, an agent for Coldwell Banker Previews International’s office in Newport Beach.
The question is: How much?
“As far as Newport Harbor is concerned, it’s one of the finest locations,” High said.
Kathryn White, an agent with Hom Real Estate Group, is handling the sale of the 18,150-square-foot bayfront property for Gross, cofounder of Newport Beach-based Pacific Investment Management Co.
“Whether or not he will be able to maintain the same price, we’ll all have to wait and see,” High said.
