The recent $4.8 million sale of 37 Sage Creek in Shady Canyon in Irvine was helped along by an East Coast connection, with the seller and the buyer both from the Schenectady area of New York.
“They actually had a huge rapport together,” said Barbara Amstadter, an agent with Prudential California Realty, who represented the seller.
Jason Bradshaw, an agent with First Team Estates, represented the buyer.
The seller—a local businessman in the car business—and his wife accommodated the buyer, an entrepreneur, and his family by allowing them to take interior pictures and measurements and bring in designers.
“It was really a delightful transaction, because the people that were involved were so honorable,” Amstadter said.
The buyers fell in love with the home when they first visited but made several return trips before signing the contract for the Tuscany-style home, a move-up purchase.
The 11,500-square-foot home, on the highest perch on Sage Creek Drive, sits on half an acre. It has three levels and elevator access to each floor, with four bedrooms and five-plus baths.
Some of its features include a home automation system that regulates security, home heating and cooling, TVs and other electronics.
“It does everything but bring you dinner,” Amstadter said.
The home was listed off and on for two years. It was originally listed for $10.9 million. It was relisted in February for $6.4 million, and had about four more price decreases. The buyer bought the house for less than the cost to replace it, Amstadter said.
“It’s probably one of the most quality homes I’ve ever represented,” she said. “There was nothing in the house that was faux. The beams are all hand done.”
The sellers built the home in 2007. Their children had moved out of the house, and the couple decided to downsize. They moved locally.
“The wife kept the house in show condition and worked hard to keep it up,” Amstadter said. “It became too much work.”
Recent Short Sales
The sale was a bit unusual for Amstadter , who has been doing a lot of short sales, with about 20 currently in the works.
“There’s a lot of inventory that hasn’t even hit the market yet,” she noted.
That likely points to another year of declining prices, depending on when and how much inventory the banks put on the market. Amstadter expects prices to decline up to 5% this year.
First Sale
The first sale for the New Year, according to Redfin.com, was 50 Pelican Crest Drive in Newport Coast. The 9,187-square-foot home, which closed on Jan. 6, sold for $8.1 million, down from $9.5 million in July 2011.
Michelle Queyrel, an agent with Hom Real Estate Group Inc., based in Newport Beach, represented the seller. Julia Liao, of Surterre Properties Inc. in Newport Beach, represented the buyer.
Notable December sales included:
n 9 Beachcrest Corner in Newport Coast sold for about $10.4 million, down from $16.4 million in September 2010. Roseanne Levan, an agent with Surterre Properties, represented the seller; Gina Le, an agent with Newport Beach-based Summit Realty Group, represented the buyer of the 14,000-square-foot estate in gated Pelican Crest.
n 27 Offshore in Newport Beach sold for $6 million, down from $6.3 million in Oct. 2010. The home was built in 2009 by Standard Pacific Homes, which also sold the home. Karen Soistman was the sales agent. Katie Machoskie, an agent with Surterre Properties, represented the buyer.
Out With Flourish
2011 closed with roughly 107 sales of homes priced $4 million and up, according to Redfin.com. That’s about on par with 2010, when about 116 homes were sold. In 2009 there were about 95 home sales at $4 million-plus, and 86 in 2008.
The bulk of the luxury homes sold in 2011 were in Newport Beach neighborhoods such as Balboa Island, Newport Coast and Crystal Cove, and Laguna Beach.
The largest home was 23 Needle Grass in Irvine, which was 14,000 square feet and sold for $8.9 million.
One of the highest-priced homes to sell last year was 169 Shorecliff Road in Corona del Mar. The 7,251-square-foot home, on the cliffs overlooking the ocean, sold for $14.8 million, down from $20 million in July 2011.
Jo Ann Yeakel, represented the seller, and John Cain represented the buyer. Both agents are with Hom Real Estate.
