When it comes to ultra-luxury real estate, the top 1% are prioritizing safety, lifestyle and climate over big city attractions.
They’re finding those amenities in coastal Orange County, real estate professionals say.
“I believe all eyes in the world are on Orange County because it’s a little bubble,” says Tim Smith of Coldwell Banker Realty.
With the Pacific Ocean as its backdrop, coastal OC stands at the forefront of an ultra-luxury explosion. This sought-after “bubble” tucked in safe Southern California suburbs has homes, many recent or new builds, coming on the market in excess of $10 million.
Steven Thomas, chief economist at Reports on Housing, put the number at 528. But these $10 million-plus homes aren’t selling overnight.
According to Thomas, the market time is 59 months or a month shy of 5 years.
With so few forced sales, prices tend to stick, especially among newer construction. OC’s most expensive listing is a 2021-built Crystal Cove estate in Newport Coast. The property has sought $69.8 million since June 2021.
“Luxury owners dial in their price and then stick with it for a very long time,” Thomas says. “They may adjust the price a bit, but most state that they really “do not have to sell.”
Compared with other ultra-luxury hotspots, coastal OC is undervalued and has room to grow.
In recent years, the county has seen record-breaking sales across its coastal cities. The $70 million record set in 2021 when hedge fund manager Joseph Edelman bought a 1-acre Laguna Beach estate remains the all-time most expensive house sold in the county.
That bested the previous records set in 2020 when LoanDepot CEO Anthony Hsieh bought a $61 million Crystal Cove estate and “Undercover Billionaire” star Glenn Stearns bought best-selling author Dean Koontz’s 2.5-acre Newport Coast compound for $50 million.
“We’ve only started to scratch the surface on really, really ultra-luxury $100 million-plus,” Smith said. “Historically, nobody has built properties to meet that demand, but over the next three to five years, I think you’ll see the best sales in the United States here in Orange County because you’re starting to see people build homes that will fetch those prices.”
Here are the most expensive homes currently on sale in coastal Orange County for more than $50 million. Newport Beach has the most with six, and there’s one in Dana Point.
$69.8 million: Newport Coast
Size: 15,500 square feet with seven bedrooms and 13 bathrooms
The house: This three-story Palladian-style home, the creation of furnishings entrepreneur Michael Amini, was completed in 2021 on a half-acre lot in Crystal Cove.
Amini spared no expense on the house.
The foyer boasts two staircases and a Swarovski crystal-encrusted glass dome called “The Eye of the Phoenix,” which he designed in collaboration with Judson Studios. There are custom chandeliers, white Jordanian marble floors and floor-to-ceiling onyx walls in the living space. The stairway railings, door handles and hinges, as well as other hardware, are coated in 24-karat gold.
An ocean-view library, formal and informal living rooms with white oak floors, a formal dining room with an expansive wine cellar, and two kitchens complete the first floor.
The listing describes a primary suite with a kitchenette, two spa-inspired bathrooms featuring heated marble floors, and two walk-in closets “reminiscent of the finest luxury department stores.”
An underground level holds a state-of-the-art theater, glass pool table, bar and fully equipped gym. A spa features hand-carved onyx artwork and a massage room with a steam shower and dry and wet saunas.
There is a climate-controlled 3,725-square-foot garage with granite floors and a turntable that holds 10 cars. Equipped for light and smoke shows, it doubles as an event space.
The mosaic pool and spa dubbed “Sunrise to Sunset” is the creation of United Kingdom-based artisans. Decks, loggias, sculpture gardens and seating and dining vignettes with views round out the offering.
Listed by: Rex McKown and Marcy Weinstein of Compass
$64 million: Newport Beach
Size: 3,600 square feet with six bedrooms and five bathrooms
The home: Completed in 1937, this house sits on one of the few remaining double lot parcels on guard-gated Harbor Island. It fronts a brick terrace with an expansive lawn and 100 feet of waterfront with a private dock for several yachts.
The property has been passed down through three generations of the same family since 1951. Although the family has maintained it, the listing markets it as an opportunity to restore, expand or reimagine it, as many of the 29 homes on this high-priced island enclave have done.
In September, the owners dropped the initial $74 million asking price by $10 million “to better align their listing price with the market,” co-listing agent Steve High of Coldwell Banker told Southern California News Group at the time.
Listed by: Rob Giem of Compass and Evan Corkett and Steve HIgh of Coldwell Banker Realty
$62.9 million: Newport Coast
Size: 15,000 square feet with seven bedrooms and 12 bathrooms
The house: Sited one of the largest custom parcels in Crystal Cove, this stately home by builder Rick Henricksen and designer Robert Ricker as envisioned by architect Richard Krantz boasts views of the coastline up to Palos Verdes. A luxury resort hotel-worthy foyer with a grand staircase leads to the home’s formal and informal living spaces. There’s a wood-paneled library, a gourmet kitchen, multiple wine cellars, a home theater and a gym.
Completed in 2014, the home’s lavish interior flows out to lush grounds adorned in citrus groves, fragrant rose gardens, water and fire features, and a symmetrical pool. A barbecue and dining pavilion, covered heated decks and loggias surround the mansion marketed as “offering every amenity one could dream of in a coastal retreat.”barbecue and outdoor dining pavilion, covered heated decks and loggias.
Listed by: Rex McKown and Marcy Weinstein of Compass
$58.888 million: Newport Coast
Size: 14,500 square feet with six bedrooms and 10 bathrooms
The house: This Crystal Cove Mediterranean-style home boasts 95% energy independence through state-of-the-art technology, including four Tesla charging stations in the eight-car garage. It’s not only smart but designed for indoor-outdoor living with luxurious amenities.
Disappearing glass walls extend the indoors out. The main living spaces — great room and kitchen — connect to the courtyard and ocean-facing backyard where there’s a 78-foot triangular infinity pool with a glass wall.
A barbecue kitchen and bar, a family room with a fireplace and putting green contribute to the resort-style yard on this almost half-acre lot.
Upstar,s the primary suite contains a walk-in closet, a glass-enclosed shower and a soaking tub. The bedroom features a sitting area, a fireplace and an ocean-facing terrace.
Other amenities include a movie theater, gym, sauna, wet bar, lounge with a wine wall, and an elevator.
Listed by: Garrett Weston of Coldwell Banker Realty
$55 million: Dana Point
Size: 9,630 square feet with six bedrooms and eight bathrooms
The house: This three-story Monarch Beach home sits on a quarter-acre lot in guard-gated The Strand at Headlands. Designed by C.J. Light and Associates and completed in 2018, it offers direct beach access and 70 feet of waterfront.
A modern floating staircase with LED lighting and a commercial-grade elevator service all floors.
The living, dining and kitchen areas comprise the great room, which opens to an ocean-facing deck with views of Catalina Island to Palos Verdes Peninsula.
Two primary suites offer freestanding tubs, but only one features dual walk-in closets and separate vanities.
A lower-level wet bar, wine room and home theater flow onto the terrace through disappearing glass walls. It features a covered seating area, outdoor bar, raised spa and pool with a sunken fire pit seating area.
A sauna, courtyard with a Zen garden and home-scent tech in the HVAC system add to the perks.
Listed by: Arlen Raubach of Compass
$55 million: Newport Coast
Size: 10,900 square feet with six bedrooms and eight bathrooms
The house: Designed in a Mediterranean style, this Crystal Cove home went up on this half-acre-plus hilltop in 2019. The gated entry opens on a striking motor court of pavers and artificial turf.
The foyer, which boasts a grand staircase with a sculptural chandelier, leads to the open living and dining room. French doors frame the mountain and ocean views and disappearing glass walls extend the living space out to the terrace. There’s a pool, spa and kitchen with a Hibachi grill and pizza oven under a pergola.
Back inside, the gourmet kitchen features top-of-the-line appliances, designer cabinetry and a waterfall island with seating. It connects to the family room, which has a long linear fireplace and wet bar.
Upstairs is the primary suite featuring a bedroom with a fireplace, a walk-in closet and a spa-like bathroom with a separate shower and tub.
The four-car garage comes with a turntable.
Listed by: Garrett Weston of Coldwell Banker Realty
Size: 11,765 square feet with seven bedrooms and 11 bathrooms
The house: Tucked away in the double-gated Estate Collection at Crystal Cove on a half-acre cul-de-sac lot, this Northern Italian-style villa completed this year features a commercial-grade Garaventa Lift elevator and an iron spiral staircase to access its three stories. It has 4,090 square feet of balconies, decks, and courtyards, including an oversized entry courtyard that overlooks a lower-level courtyard. From its vantage point, the property offers panoramic views of the ocean, Pelican Hill Golf Course, Newport Beach’s harbor and the surrounding canyon.
The home interior boasts Calacatta marble flooring that extends from the formal living and dining rooms to the gourmet kitchen. Features of the kitchen include top-of-the-line appliances, marble countertops, an oversized island, a butler’s pantry and a breakfast room. A fireplace anchors the bedroom of the upstairs primary suite, which opens to an ocean-view loggia. There’s a walk-in closet, an espresso bar and a luxurious bathroom with a soaking tub. The main level holds a second primary suite.
There’s an office, 15-seat home theater, wine cellar and gym. A guest house with a private entrance and a 4,763-square-foot subterranean garage for up to 15 cars add to the luxurious offerings.
The backyard has a vanishing-edge pool with glass tile, a fireplace-warmed cabana and a built-in outdoor kitchen with a barbecue.
Listed by: Yasmeen Berri and Tim Smith of Coldwell Banker Realty
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