The luxury home market showed no signs of slowing as the calendar page flipped to August.
Real estate professionals in coastal Orange County closed more than $55 million in luxury home sales in the 14 days spanning the last week of July and the first week of August.
Buyers are hurrying to snap up waterfront and ocean-view properties before prices climb higher.
Steve High, president of Villa Real Estate LLC in Newport Beach, points to the large influx of foreign investors as a significant reason.
He said that in the past three months alone, 65% of his firm’s buyers have been from Asia.
High said locals who recognize that current prices are an opportunity to “move up” or expand their current estates are also driving sales.
He recalled two cases in Newport Beach in which owners of homes next-door to homes on the market bought the properties, razed them, and built guest residences or expanded outdoor living areas in their place.
Napa Country-Inspired
A custom-view residence at 38 Pelican Crest Drive in Newport Coast is inspired by the estates of Napa’s wine country and is 9,200 square feet, with five bedrooms and 7 1/2 baths.
The estate sold for $10 million on Aug. 1, meeting its May listing price.
It includes a gym, wine cellar, library and other features.
Runjing Chen of Century 21 Master represented the buyers, and Christopher Bello of Pacific Coast Estate Inc. was the listing agent.
Little Different on Little Island
There are just five homes on South Bayfront, so it’s pretty rare that one changes hands.
In early August, one did so.
The three-bedroom, 3 1/2-bath home at 1802 S. Bayfront on Little Balboa Island sold on Aug. 5 for $8 million. It was originally listed in May for $9 million.
The 2,897-square-foot home was built in 2010 by Patterson Construction.
Coldwell Banker Previews International’s Mary Ellen Weglaz represented the seller. Donald Abrams of Abrams Coastal Properties worked with the buyers.
McClean-Designed Home
A 5,300-square-foot home at 32013 Point Place in Laguna Beach, nestled above a white sandy beach and cove, offers direct beach access through a secured staircase.
The contemporary-style home, designed by famed architect Paul McClean, sold on July 31 for $8 million, down from its $8.2 million June asking price.
The home has four bedrooms and 4 3/4 bathrooms.
Donna Pfanner of Coldwell Banker was the listing agent, and Steven Leverett of Newport Beach Real Estate represented the buyer.
Water Views
The 7,600-square-foot home at 4645 Fairfield Drive in Cameo Shores in Corona del Mar sold for $7.7 million on Aug. 6, less than its April asking price of $9 million.
Orange County general contractor Lee Marston built the Mark Teale-designed home, which boasts views of the water.
The seven-bath, five-bedroom home includes a great room with glass walls, a formal dining area and other features.
Rob Norquist of HÔM Sotheby’s International Realty represented the seller, and Jacqueline Thompson of Surterre Properties Inc. represented the buyer.
Lots of Land and House
54 Vernal Spring is the site of a five-bedroom, 5 1/2-bath estate in Irvine that sold on July 23 for $4.5 million.
The residence is 6,389 square feet and sits on nearly half an acre. It sold for $4.5 million, less than its April asking price of $4.8 million.
The home has been extensively customized, with wood-inlay and marble floors, and other unique features.
Views of the canyon and city lights can be seen from all major living areas of the home.
Jacqueline Thompson of Surterre Properties had the listing, and Carol Zhang of Palm Pacific Realty worked with the buyers.
Santa Barbara Retreat
The lush foliage surrounding the home at 1920 Ocean Way in Laguna Beach is one of the reasons this four-bedroom, four-bath Santa Barbara-style home is so private.
The 3,400-square-foot home sold on Aug. 1 for $4.3 million, less than its January list price of $5.1 million.
The master suite encompasses the entire upper level and includes a fireplace, sitting area, office and wraparound deck.
Erin Holway of Better Homes Realty represented the buyer. Momi Bartholomew of Surterre Properties represented the seller.
Overlooking Carnation Cove
The 8,500-square-foot home at 301 Carnation Ave. in Corona del Mar changed hands on Aug. 5 for $4 million. The price for the home and its 8,500-square-foot lot was listed in January at $4.2 million.
The 2,112-square-foot, three-bath, two-bedroom home overlooks Carnation Cove. It sits behind a gated courtyard and has water views.
Timothy Tamura of Valia Properties worked with the seller and the buyer.
