24182 Paseo Del Campo is beautifully located on the 14th whole of Niguel Country Club Golf course. Although it is currently being used as a Board and Care; this is a wonderful opportunity to remodel it back into a single family residence...
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191 Emerald Bay, Laguna Beach
The opportunity of a lifetime to live your dream on California’s scenic Gold Coast! Located on a premier promontory parcel in Laguna’s prestigious guard-gated Emerald Bay community. Experience the exhilaration of wrap-around, panoramic Pacific Ocean, and whitewater coastline views. Unlimited potential for remodel and expansion. Abundant amenities, including private beach, pools, tennis courts, and clubhouse. Rarely does a home graced by such a breathtaking view and vast parcel of land become available on the ocean side of Coast Highway. Current owners fell in love with this spectacular site 35 years ago. Now, this California dream finally can be yours! Our specially selected Laguna Beach real estates are the crème of the crop, all experienced professionals with stellar track records.
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South Orange County Luxury Real Estate Market Poised for Comeback
Our January 2012 forecast for the Orange County real estate market was right on the money. As predicted, the market was red hot between March 1 of 2012 to the end of December 2013. The buying frenzy was so vertical, it was straight. Everything and anything was selling during this feverish time, including a lion’s share of high-end properties. In that period, a total of 66 homes costing $7 million or more were snapped up in the cites of Laguna Beach, Dana Point, Newport Beach, and Newport Coast.
During the mad rush, the highest selling price Laguna Beach home soared to $20 million. It’s important to note, however, that this property was initially listed for $32.5 million! Similarly, another Newport Beach home sold for $19 million, with an original price tag of $37 million. In a nutshell, it was a frenzy of red tag sales, with buyers grabbing anywhere from between 20% to $40% off the initial list price.
The market sizzled until the end of December of 2013, when things began to cool considerably. From that point until now, the high-end home market has been dryer than the Mojave Desert. In the first 4 ½ months of 2014, a mere 12 homes costing $7 million or more have sold.
The Return of the Luxury Market
I predict the South Orange County high-end real estate market is poised for a comeback. The writing is on the wall. In the last 30 days, 6 homes costing $7 million and above have gone into escrow. Procrastinating high-end buyers are coming around and starting to purchase. It’s the end of a common real estate syndrome – wait and see what your neighbors will do. The new high-end buyers are driven to purchase homes for a variety of reasons:
1. A superlative view
2. A better location
3. A chance to live on the ocean side of Pacific Coast Highway
4. More square footage than their current property
5. An opportunity for a remodel
One of the great bargains currently on the market is our listing at 191 Emerald Bay, which has gone from $13 million to $9.99 million. I predict in 36 months, this property will prove a phenomenal deal for some lucky buyer.
Once a few people begin selling in an exclusive community, the market invariably begins a slow walk forward. As more and more bargains appear, the pace naturally quickens and becomes a buyer’s gallop. That will happen within the next six months.
If you’d like to learn more about the opportunities in the Orange County real estate market, please reach out to me at --
Hillary Caston (949) 922-8490
The Coastal Property Experts
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CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprised of CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR), DAMLS (Desert Area MLS), CRMLS (California Regional MLS), i-Tech MLS (Glendale AOR/Pasadena Foothills AOR) and VCRDS (Ventura County Regional Data Share).
Listing information last updated on April 16th, 2014 at 3:47am PDT.