Real Estate stays robust with record-breaking sales
Real Estate prices are rising and buyers are increasing
1101 Marine Drive , Laguna Beach
Size: 3-bedroom cottage and guest house on 2.3 acres
Listed for: Originally $75
million, reduced to $45 million
Sold by: Rob Giem of HOM Sotheby’s International Realty
It was a one-of-a-kind-price for a one-of-a-kind property when a Laguna Beach estate sold for $45 million in February, breaking the record for a home sale in Orange County. The prize is a unique property with two headlands projecting hundreds of feet into the Pacific Ocean. Along for the ride are a three-bedroom cottage, originally built in 1928, and a guesthouse on the lush, 2.3-acre parcel, Twin Points, which hovers between Shaw’s Cove and Crescent Bay.
“This singular estate has a storied past of family gatherings and lavish events hosted overlooking the ocean,” Rob Giem of HOM Sotheby’s International Realty said in his listing when the home hit the market.
Giem represented both sides of the sale, according to the Multiple Listing Service.
The estate, at 1101 Marine Drive, was the home of the late Raymond and Phyllis Contino and had been in the family for 85 years. Raymond Contino was a dentist. The couple had six children. The property was priced at $75 million when it hit the market in June. The price dropped to $65 million in October and $45 million Nov. 30.
Giem declined to comment on the Laguna Beach house or the sale, or to identify the buyer.
The Twin Peaks sale that kicked off 2016 is the cherry on the top of a robust 2015 for luxury residential real estate. CoreLogic data show there were 1,411 Orange County home sales of $2 million and up, the most in the past 10 years.
“I think the big story of 2015 was the speculative building market,” said Steve High, president of Villa Real Estate. “I can’t think of one luxury neighborhood that I can drive right now and not find new construction underway.”
Large, newly built homes in several traditional Newport Beach neighborhoods translated into sales upward of $12 million. “It speaks to the high level of interest in older, established neighborhoods ... yet the local buyer’s never-ending desire for new homes,” High said.
While U.S. buyers have been coming into the local market in greater numbers, agents say, Chinese citizens continue to be drawn to Orange County’s new construction and gated enclaves. “With the volatility in their stock market, people would fear that we would have fewer buyers,” said Tim Smith of Coldwell Banker Previews International. “But there’s been an increase because they want to get their money out of their market and invested in real estate where it’s safer.”
Orange County’s super high-end housing market continues to grow. Sixteen homes sold in Orange County for more than $12 million in 2015, compared with nine each in 2014 and 2013. Here are some of top sales over the past year.
2471 Riviera Drive, Laguna Beach
Size: 5,500 square feet, five bedrooms
Home: Built in 1976, the Spanish hacienda-style house is one of just five homes directly above the sand in the guard-gated Irvine Cove community. The home, with 123 feet of ocean frontage, boasts a private path to the beach. The residence includes a great room with vaulted beam ceilings, a fireplace and a bar, a formal dining area, a family room and a remodeled kitchen. The house has been kept up through the years, but is dated and expected to be extensively remodeled or rebuilt. The property sits on more than
a third of an acre, with mature palm trees
Listed for: $36 million in July 2014, was at $29.5 million in March 2015.
Sold by: Natalie Raney, Steve High and Evan Corkett of Villa Real Estate were the listing agents. High and Corkett represented the buyer.
23 Pelican Vista Drive, Newport Coast
Size: 14,372 square feet, seven bedrooms, 11 bathrooms
Home: This house once was owned by Heather Dubrow of “The Real Housewives of Orange County” and her husband, plastic surgeon Dr. Terry Dubrow. The couple sold the house in December 2012 for $16.45 million. Built in 2009 on three-quarters of an acre, the residence includes a roomy master retreat with a fireplace in the marble-floored bathroom, as well as a children’s wing – three bedroom suites and a rumpus room. A home theater, game room with a bar and an exercise room, plus subterranean parking for six cars are among other amenities.
Listed for: $26 million in August 2015, down to $22 million in October
Sold by: Rex McKown and Marcy Weinstein of Surterre Properties were the listing agents. Meiyan Shi of Keller Williams Realty represented the buyer.
3729 Ocean Boulevard, Corona del Mar
Size: 7,000 square feet, three bedrooms, six bathrooms
Home: Designed by innovative Newport Beach architect Brion Jeannette, the house is carved into the side of a cliff at the juncture of Big and Little Corona beaches. Most of the three-story structure is hidden from the street, with the roof 4 feet above the curb. Inside, curving floor-to-ceiling windows provide ocean views from virtually everywhere in the house. The owners spent millions on remodeling and upgrades. A tour of the home revealed a sushi bar, ostrich-skin pool table, wine cellar, tequila tasting room and steam sauna, plus a driveway specially sloped to accommodate a Lamborghini.
Listed for: $34.99 million in June 2014
Sold By: Unavailable
19 Shell Beach, Newport Coast
Size: 11,878 square feet, six bedrooms, 11 bathrooms
Home: Built on a half acre in 2013, the house has a main-level master suite, two offices, a gourmet kitchen and separate catering kitchen. Sliding-glass doors in the great room open to Pacific Ocean and Newport Harbor views. Amenities include a billiard room; fitness room with sauna and steam shower; beauty salon and massage room; 18-person home theater; wine cellar; elevator; and subterranean parking for nine cars. The landscaped grounds include covered loggias with fireplaces and a saltwater pool and spa.
Listed for: $21.8 million in April 2014, down to $19.95 million in October 2014
Sold by: Andre White and Kathryn White of HOM Sotheby’s International Realty were the listing agents; Mary Beveridge of Teles Properties represented the buyer.
2475 S. Coast Highway, Laguna Beach
Size: 10,000 square feet, six bedrooms, eight bathrooms
Home: Known as “Rockledge by the Sea,” the gated estate is set on an acre, one of the largest oceanfront parcels in Laguna Beach, and has private access to the sand. The home, with a motor court and a sprawling lawn, is hidden from the street, and boasts multiple decks, walls of glass and ocean views from almost every room. Features include a theater with stadium seating, swimming pool with waterfalls, a sauna, executive office and gym.
Listed for: $21.9 million in January 2015, down to $19.95 million in April
Sold by: Sylvia Tino and Edward Estrada of Estrada Properties were the listing agents, Rob Giem of HOM Sotheby’s International Realty represented the buyer.