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,…
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