In 2023, the wealthiest 1% splurged on luxurious trophy homes in oceanfront Orange County neighborhoods.
The priciest of the bunch?
That honor goes to a 1930s bluff-top home with a cabana on a private stretch of sand previously marketed as “a comfortable beach getaway” or a teardown in Laguna Beach’s guard-gated Emerald Bay.
The home traded hands in an off-market, all-cash deal for $43 million, according to sales data from PropertyShark.com. The deal bested four newer properties that sold in Newport Coast and Dana Point, helping to close out 2023 with a combined $172.75 million in ultra-luxury sales.
Granted, ultra-luxury is only one piece of the county’s luxury market.
The Elliman Report shows that even though the number of luxury listings in OC decreased by 24% in late 2023, the median sales price remained at a record high. In fact, that median sales price rose 23% year over year to $4.05 million from $3.3 million.
Although not as robust as 2021 and 2022, Steven Thomas, chief economist at Reports on Housing, declared 2023 “the third-strongest year ever for sales above $2 million.”
The demand for lower-priced luxury properties started strong in the spring and gradually decreased as the year progressed. Homes priced above $4 million attracted buyers, but took longer to sell than in previous years.
As for the ultra-luxury market, it tends to be sluggish, but there were still homes that sold quickly.
Looking back at all of 2023, Thomas added that while many luxury homes sat on the market without success, of those that did succeed, 49% sold within a month. There were 620 closed sales above $4 million and sellers decided to take 568 homes off the market, resulting in a 52% success rate.
“In 2024, it will be more of the same,” he said. “Proper pricing is essential, and success depends on it.”
Here are the top five priciest home sales of 2023, as compiled by PropertyShark.com, from most to least expensive.
$43 million: Laguna…
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