What will $20 million get you in Orange County? There’s a three-bedroom, two-bath, 1,774-square-foot home on a third of an acre in Emerald Bay in Laguna Beach that has a list price of nearly that.
It offers “the finest views of Irvine Cove beach, Catalina Island, and the Pacific Ocean beyond,” according to listing agent Dana Linkletter of HÔM Sotheby’s International.
You can get a 16,000-square-foot, nine-bedroom mansion in Cota de Caza for the same price; it’s on a 10-acre property. The home features its own water park, a lagoon with a pirate ship built right in, a lake stocked with fish, and a lookout tower that offers expansive views.
The two very different homes with the same price point illustrate that the adage “location, location, location” does hold true in OC. That’s not the only factor, though, according to leading OC real estate professionals.
A home’s unique character and properties, as well as comparable home prices, also play significant roles.
“Valuing luxury property in this coastal marketplace is not an exact science,” says Rob Giem of HÔM Sotheby’s. “It is more of a determination process that involves carefully synthesizing the history of sales and available properties, having a keen sense of buyer preference, and knowing exactly how to position a property to appeal not only to any buyer but the best of buyers.”
Jacqueline Thompson of Surterre Properties Inc. says location, view, lot size, structure square footage, condition, and desirability are key to determining the right price point for a home.
“I have also found intangible factors, such as pride of ownership, can add value, as well, especially to the … buyer pool from Asia.”
When pricing an ultra-luxury trophy home, the key factors are community, views, street location, square feet, and year built, according to Nicole Donovan of Surterre.
“Most of these homes, with their exquisite materials and architectural grandeur, are challenging to comp. In some cases, you have to go outside the community to find same ‘likeness,’ then you can compare to the proposed property and set your price accordingly.”
Beyond Commonplace Luxury
The 9,823-square-foot, five-bedroom, six-bath estate at 7 Avalon Vista sits behind iron gates on a 0.68-acre front-row lot in the Pelican Crest community in Newport Coast.
The Tuscan-inspired home sold on Feb. 13 for $11.5 million, under its April list price of $15 million.
It boasts a gym, library, elevator and wine cellar. There are five custom-designed fireplaces, as well as beamed ceilings, travertine and hardwood flooring, and floor-to-ceiling windows that frame views of Palos Verdes, Newport Harbor and Catalina Island.
Rex McKown and Marcy Weinstein of Surterre Properties listed the home. Suzanne Malerbe of RE/MAX Select One was the buyer’s agent.
A Million in Upgrades
The Mediterranean estate at 17 Premiere in Newport Coast sold on Feb. 13 for $7.1 million, under its January asking price of $7.4 million.
The 8,000-square-foot home on a 0.61-acre lot has six bedrooms and 4 ½ baths, as well as a gym and maid’s quarters.
It’s had more than $1 million in upgrades that include upgraded kitchen appliances, French mullioned windows, and 10-foot French doors that lead to a private ocean-view patio and into the professionally landscaped backyard, with its saltwater pool and dining pavilion. There is also a gated private motor court with space for several cars.
Suzanne Malerbe of RE/MAX Select One represented the seller, and Jason C. Bradshaw of First Team Estates negotiated on behalf of the buyer.
Bold and Beautiful
Jacqueline Thompson of Surterre represented both sides in the sale of the 10,000-square-foot estate at 25 Boulder View in Irvine. The sale closed on Feb. 9 for $6.8 million, under the home’s October asking price of $7 million.
The estate, which is on 0.85-acre, is in Shady Canyon and features hill and canyon views. It has six bedrooms and seven baths, a bonus room, gym, home theater, office, media room and wine cellar. Amenities include beamed ceilings and a view balcony.
