A “smart” Newport Coast mega-mansion topped the list of 2019’s five most expensive homes in Orange County, selling for $38 million.
Right behind it were two waterfront Newport Beach mansions (one whose promotional music video, “Teach Me How to Duffy,” went viral), a bluff-top house in Laguna Beach’s Emerald Bay and, in that same enclave, a 5-level residence set along the beach. Each one changed hands for $21 million and up.
“The upper-end luxury market did extremely well,” said Rex McKown of Compass, whose firm, along with sister Marcy Weinstein, was involved in the top sale.
Countywide, the sale of homes priced $1.25 million and up saw a less than a 1% increase over the 3,973 homes sold in 2018, according to Reports on Housing author Steven Thomas.
While the luxury market got off to a sluggish start, Thomas said it turned around by the last four months of 2019 when the Federal Reserve lowered mortgage rates considerably and Wall Street reached record highs.
“But in this particular end of the market, interest rates are irrelevant,” McKown said. “People pay cash for everything.”
So who were these super-rich buyers in the upper echelon of the real estate market?
“The fascinating part to me is, for the most part, they were local buyers who felt confident in the marketplace,” said Steve High, the president of Villa Real Estate, whose firm represented the buyer of last year’s top sale. “It wasn’t driven by Chinese money. They are players, but certainly not the preeminent player that we saw five years ago.
“But where they dropped off, local buyers moved in,” he said, offering the “Duffy” house purchased by Qualtrics billionaire Jared Smith as one example. “He already owned property within two blocks of that home.”
Realtors foresee another good year ahead for the luxury market, provided the Fed keeps interest rates where they are now or even lower. But how the 2020 presidential election may affect the market is anybody’s guess.
As High put it, “It obviously adds some uncertainty, but haven’t we had uncertainty through this entire presidency so far?”
Here are the 5 priciest Orange County homes sold in 2019, according to research by Property Shark.
1. $38 million: Newport Coast
Size: 18,868 square feet, 5 bedrooms, 11 bathrooms
Home: The palatial Mediterranean-style “smart home” that sold on Oct. 15 sits on two lots with 180-degree coastal views and has two gourmet kitchens, a glass-enclosed wine room and state-of-the-art movie theatre. With a touch of a button, the heated loggia’s automated pocket doors disappear into the walls to connect the interior to a 65-foot, zero-edge infinity swimming pool and spa.
Listed for: $45 million
Sold by: Rex McKown and Marcy Weinstein of Compass were the listing agents; Steve High and Evan Corkett of Villa Real Estate represented the buyer.
2. $37 million: Newport Beach
Size: 14,200 square feet, 6 bedrooms, 12 bathrooms
Home: Chinese tech billionaire Eric Siliang Tan on Oct. 18 bought this fabled French neoclassic-style mansion, Variety reported. It was once owned by Orange County philanthropist Debbie Simon who, while going through a messy divorce, was found hanging by an extension cord in the foyer in 2009. The house sits on a half-acre plot at the western tip of Harbor Island with 300 feet of bay frontage and has an elevator, walk-in wine cellar and subterranean parking for eight cars.
Listed for: $59.995 million
Sold by: Tara Foster Shapiro of Pacific Sotheby’s International Realty was the listing agent.
3. $35.008 million: Newport Beach
Size: 14,000 square feet, 5 bedrooms, 8 bathrooms
Home: Tech billionaire Jared Smith, as first reported in the Los Angeles Times, purchased the waterfront Balboa Peninsula mansion. It was presented as party central in a YouTube video that spoofed Cali Swag District’s viral dance hit, “Team Me How to Dougie.” The property, which sold Aug. 28, spreads across three lots with 90 feet of bay frontage and boasts a movie theater, sauna and 1,100-gallon aquarium. Other highlights include a 57-foot swimming pool with underwater speakers, a private beach with dock and a five-car garage with EV plug-ins.
Listed for: $44.995 million
Sold by: Tim Smith of Coldwell Banker Realty held the listing. Tara Foster Shapiro of Pacific Sotheby’s International Realty represented the buyer.
4. $24.25 million: Laguna Beach
Size: 5,674 square feet, 4 bedrooms, 6 bathrooms
Home: Completed in 1956, this bluff-top oceanfront house sits on a quarter of an acre in guard-gated Emerald Bay where it overlooks neighboring Irvine Cove beach. It changed ownership on May 10.
Listed for: $24.75 million
Sold by: Rob Giem of Compass handled both sides of the deal.
5. $21 million: Laguna Beach
Size: 6,109 square feet, 5 bedrooms, 6 bathrooms
Home: This 5-level, oceanfront home on the front row of guard-gated Emerald Bay is set along the beach and features a secluded lawn, in-ground spa and direct access to the sand. Views abound from the living areas and bedrooms, including the master suite. Decks also are plentiful.
Listed for: $35 million
Sold by: Celeste Gilles of Villa Real Estate was the listing agent. Rob Giem of Compass represented the buyer.
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Hot Homes: Orange County’s 5 most expensive home sales of 2019 - OCRegister
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