A 1-acre Laguna Beach estate topped the list of Orange County’s most expensive homes sold in 2021 and also smashed the all-time record.
The $70 million off-market deal beat the previous record-holder from 2020 when LoanDepot CEO Anthony Hsieh dropped $61 million on a Crystal Cove estate one-upping “Undercover Billionaire” star Glenn Stearns’ purchase that same year. Stearns bought best-selling author Dean Koontz’s 2.5-acre oceanview compound for $50 million.
“Now that we’ve hit the $70 million mark, it encourages and reiterates the idea that the Orange County market is as lucrative as the Los Angeles market,” Jon Curci of Compass told the Southern California News Group at the time of closing.
While some of the country’s most expensive home sales are in Los Angeles County, Orange County’s are creeping up. The region saw several big-ticket closings, including two oceanview Laguna Beach mansions, a Crystal Cove estate, and a San Clemente spread two doors down from President Richard Nixon’s La Casa Pacifica ranging in price from $43 to $33.9 million.
And that’s just the Top 5.
“The housing market has been hot in all ranges, but luxury has been exceptionally hot, uncharacteristic for the high end,” said Steven Thomas, chief economist at Reports On Housing.
Thomas explained there were 3,549 closed sales above $2 million in 2021, beating the record set the previous year of 1,936. That’s an 83% rise, nearly double.
When it comes to O.C.’s ultra-luxury market, wealthy people who reconsidered their priorities amid the pandemic decided to buy a second home here for several reasons.
Wealthy buyers get more bang for their buck in O.C.
Curci, who helped secure that $70 million record high, called it “a good deal” for the buyer, revealed in documents as New York hedge fund billionaire Joseph E. Edelman.
High-end properties tend to be newer and often sit on oversized lots in exclusive communities guarded around the clock — and that’s not the only appeal.
“What I’m hearing from buyers is that they like our political climate,” said Steve High, partner and president of Newport Beach-based Villa Real Estate whose firm was also involved in last year’s historic sale. “They like that we’re not so mired with masking. I hear over and over from people from Los Angeles that they just don’t see nearly the homeless situation that they’re seeing up in those areas.”
Add in the inventory shortfall, and prices went through the roof.
Going forward, real estate insiders expect to see more of the same.
“Obviously real estate goes in cycles,” High said. “But when you look at the luxury housing markets in South Orange County, I see nothing but good things on the horizon.”
Here are the Top 5 most expensive homes sold in 2021, according to the Multiple Listing Service:
$70 million: Laguna Beach
Size: 18,475 square feet, five bedrooms, nine bathrooms
Home: Hedge-fund billionaire Joseph Edelman, founder and CEO of the New York-based firm Perceptive Advisors, bought this Abalone Point estate on Nov. 18 after singling it out.
An initial inquiry about whether the property could be sold settled before the house changed hands, according to Steve High who represented the seller with Villa Real Estate co-founder and partner Evan Corkett.
Edelman and his wife, Susan, “wanted something on a large lot that was newer and preferably in a gated community,” the buyer’s agent Jon Curci of Compass told SCNG at the time.
Completed in 2010, the mansion sits on a flat, 1-acre oceanfront parcel above the sand with an all-glass guest house and an ocean-facing pool.
List price: Off-market sale
Sold by: Evan Corkett and Steve High of Villa Real Estate represented the seller; Jon Curci and Rex McKown of Compass represented the buyer, with Michelle Luhan of Compass in New York also involved in the deal.
$43 million: Laguna Beach
Size: 10,000 square feet, six bedrooms, nine bathrooms
Home: The Mediterranean Revival-style mansion is one of five homes along scenic Irvine Cove with direct access to the sand. According to the listing, it’s also the largest and most private of the bunch.
The house sits on a half-acre with 180 feet of beach frontage framed by floor-to-ceiling windows in large-scale rooms, including the 1,000-square-foot great room with three seaward exposures. Terraces and mature gardens surround the home.
List price: $45 million
Sold by: Rob Giem of Compass was the listing agent. Paul Daftarian and Michael Balliet of Luxe Real Estate represented the buyer.
$41 million: Newport Coast
Size: 18,868 square feet, five bedrooms, 11 bathrooms
House: The palatial Mediterranean-style home that topped 2019’s list of most expensive sales in Orange County sold in an off-market deal for $41 million as the highest sale in Newport Coast.
County records show real estate developer Carl Panattoni bought the property through an LLC and then sold it, profiting $3 million from the sale.
Completed in 2014, it sits on two lots with a 65-foot, zero-edge infinity pool and spa and 180-degree coastal views. The interior features two gourmet kitchens, a glass-enclosed wine room and a state-of-the-art movie theater.
List price: Off-market sale
Sold by: Evan Corkett and Steve High of Vista Real Estate represented the seller.
$35.5 million: Laguna Beach
Size: 10,010 square feet, six bedrooms, nine bathrooms
House: Architect Carlton Graham reimagined this front-row, blufftop estate in the guard-gated Smithcliffs community.
Completed in 2021, it has a double-height stair tower with Pilkington Profilit cast channel glass walls and a 10-foot pivot door that opens to a modern interior with towering ceilings and motorized 20-foot pocketing doors. Unobstructed ocean views abound from most rooms.
There’s a gourmet kitchen, a full secondary prep kitchen and a glass-encased wine cellar. Amenities also include a gym, a library, a wet bar, and a main-floor primary suite. It boasts a fireplace, spa-inspired bathroom with a steam shower, soaking tub and heated floors, and dual walk-in closets with custom built-ins. A 1,800-square-foot roof deck is another highlight.
List price: $48.85 million
Sold by: Paul Daftarian and Michael Balliet of Luxe Real Estate held the listing. Johnson Liu of Dynasty Real Estate represented the buyer.
$33.9 million: San Clemente
Size: Nearly 13,000 square feet, seven bedrooms, 10 bathrooms
House: Located two doors down from President Richard Nixon’s former “La Casa Pacifica,” this Mediterranean-style mansion belonged to former Broadcom Corp. executive Martin Colombatto before he sold it to Christopher Redlich, chairman at Healing Healthcare.
The house was the setting where Pearl Jam’s Eddie Vedder performed solo during an ocean benefit concert in 2008.
List price: $38 million
Sold by: Fredrik Eklund of Eklund/Gomes at Douglas Elliman and “Million Dollar Listing Los Angeles” fame shared the listing with his Orange County-based colleagues Ariana Gaffoglio and Seth Nelson. Rob Giem of Compass represented the buyer.
Source: Orange County Register
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