How long would it take to sell 30 new homes, priced above $2 million, on an Orange County waterfront parcel?
Builder Shea Homes says it’s down to the final home — a fully furnished model — at Ocean Place, a project built on an 11-acre waterfront parcel of land that was once the Los Angeles Department of Water and Power’s power plant in Seal Beach.
Sales of Ocean Place’s 30 homes began in the summer of 2019 for homes ranging in size from 3,140 to 4,640 square feet with up to five bedrooms and six bathrooms. Shea’s near-sellout looks swift considering builders’ sales in the Los Angeles-Orange County region were down 14% to 6,121 homes last year.
Homes selling above $1 million have become more common in the pandemic era as buyers seek larger living quarters.
In October, for example, Orange County had 20 ZIP codes with median selling prices above $1 million — almost a quarter of the 83 ZIPs tracked. That’s twice the number seen in October 2019, according to DQNews/CoreLogic data for closed deals on existing and new homes.
Ocean Place has seaside appeal. The site, near the corner of Ocean Avenue and 1st Street, is on the San Gabriel River near the Pacific Ocean. The land had a contentious history including a legal battle that spanned almost two decades over who controlled the property years after the LADWP demolished the shuttered plant.
By the way, the remaining home has four bedrooms and five bathrooms and a roof-top deck within 3,259 square feet of living space, according to Shea’s website. Price? From $2.75 million.
Source: Orange County Register
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