Blufftop, oceanfront homes – one with its own cabana on the sand – in gated Laguna Beach enclaves. A beachfront Dana Point house bought as a shell, then finished and resold at twice the price. A recently built hilltop residence in a coveted locale behind two sets of gates in Newport Coast’s Crystal Cove.
Those were among the five priciest Orange County homes sold in the first six months of 2018.
In all, it was a good half-year for luxury real estate. CoreLogic reported Orange County home sales of $2 million and up increased from 814 in the first half of 2017 to 938 in the same period in 2018 – a 15.2 percent jump.
It mirrored a national trend. Across the U.S., luxury home prices continued to see robust growth this year, according to Realtor.com.
However, the luxury slice of the Orange County market (homes above $1.25 million) accounted for 34 percent of homes for sale but only 14 percent of demand at mid-year, according to local housing analyst Steve Thomas.
Luxury sellers, he said in his Reports on Housing, “must pack their patience and keep their fishing pole in the water for a lot longer than the lower ranges.” But he noted that some, figuring they’re not in a hurry, anyway, arrive at inflated asking prices “arbitrarily,” without paying enough attention to the market.
“This is the Achilles’ heel of the luxury market and prevents so many sellers from achieving success,” he said.
Speaking of success, here were the five priciest Orange County homes sold in the first half of 2018, according to research by Property Shark, and from the California Regional Multiple Listing Service and other records. (Note: Private sales occasionally may be unavailable. Some listing information and price histories may be partial.)
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1) $35.82 million: Irvine Cove, Laguna Beach
Size: 5,500 square feet, 4 bedrooms, 5 bathrooms
Home: The oceanfront house was purchased by billionaire Bill Gross, co-founder of Pimco on June 21, property records show. Its previous owners included Bruce Del Mar, the co-developer of the Holter Monitor, a widely used portable device for monitoring heart activity. The home has a private path to the sand. Interiors include a great room with vaulted beam ceilings, fireplace and a bar, a formal dining area, a family room and a remodeled kitchen.
Listed for: $34.999 million
Sold by: Evan Corkett and Steve High of Villa Real Estate were the listing agents; Rod Daley of Coldwell Banker Residential Brokerage represented the buyer.
2) $23 million: 156 Emerald Bay, Laguna Beach
Size: 3,920 square feet, 5 bedrooms, 5 bathrooms
Home: The house was built in 1932, when the owner could have chosen virtually any spot along the bluffs, and has been held in the same family. The parcel recently was merged with part of another, creating the single largest one on the oceanfront in Emerald Bay, according to the listing. The home has a private beach area, plus its own cabana on the sand. The colonial style home could serve as a beach getaway, the listing said, or a buyer might want to build a home of 13,000 square feet or larger, with an oceanfront swimming pool.
Listed for: $28 million in February 2017 to $25.9 million in November 2017.
Sold by: Rob Giem of Compass handled both sides of the deal.
3) $21 million: 12 Coral Ridge, Newport Coast
Size: 11,400 square feet; 6 bedrooms, 8 bathrooms
Home: The newly built, ocean-view, Tuscan estate is located at the highest point behind two sets of gates in Crystal Cove. Indoor-outdoor spaces create 17,000 square feet of living areas. The home boasts a 35-foot ceiling, indoor balconies, clerestory windows and 300-year-old reclaimed roof tiles from a castle in Italy, according to the listing. Doors and windows of Peruvian Mahogany blend with French Oak hardwood floors by Gaetano and hand-troweled walls. An elevator and theater are included in the mix. A swimming pool and spa, cabana and outdoor kitchen also give the home a resort vibe.
Listed for: $22.99 million in December 2017
Sold by: Dean Lueck of First Team Estates/Christie’s International Real Estate and David Bezeau of Home Bay were the listing agents; Jeff Ewing of Coldwell Banker Residential Brokerage represented the buyer.
4) $19.625 million: 9 Strand Beach, Dana Point
Size: 8,823 square feet, 6 bedrooms, 8 bathrooms
Home: The oceanfront, Mediterranean estate with direct beach access is located in The Strand at Headlands community. Interiors on three levels include an elevator, designer kitchen, library, theater, wet bar and wine wall. In the master suite are a fireplace and balcony overlooking the Pacific Ocean. Indoor/outdoor loggias lead to an infinity-edge swimming pool with a spa, beach shower and built-in barbeque. The property includes a six-car garage. In December 2016, the home sold as a builder’s shell for $10 million at an auction before it was completed and resold in June 2018 for nearly twice that amount.
Listed for: $22.888 million in August 2017
Sold by: John McMonigle and Deborah Robinson of McMonigle Group Corp were the listing agents; Danielle Wilson of Pacific Sotheby’s International Realty represented the buyer.
5) $18.5 million: 101 Shorecliff Road, Corona del Mar
Size: 4,035 square feet, 3 bedrooms, 3 bathrooms
Home: Built in 1956, the home is located on a bluff overlooking Little Corona Beach and the coastline. At one time it was listed as a teardown along with renderings for a modern house that could be build on the site. (The photo above is a view from the backyard.)
Listed for: $18.5 million off market in June 2016
Sold by: Rob Giem of Compass
Did you miss?
Top 10: See the highest-priced homes sold in Orange County in 2017
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