A brand-new house in Laguna Beach has traded hands for $43.5 million, making it Orange County’s priciest sale so far this year.
The staggering sum also makes it the most expensive transaction ever in the affluent enclave of Emerald Bay, and one of the priciest sales ever in Orange County. The current record was set last year, when hedge fund manager Joseph Edelman spent $70 million on an 18,000-square-foot mega-mansion in Laguna Beach’s Abalone Point.
This one’s a bit smaller at less than 5,000 feet, which helped it break another record. At $8,733 per square foot, it’s the highest price per square foot ever for a newly constructed home in Orange County.
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A warm mix of wood and glass, the house was built on speculation — meaning without a buyer in mind — over the course of six years by David Wojtaszek, founder of development company Divita Builders. He bought the property for $8.45 million in 2017. Records show the buyer is a limited liability company based in Las Vegas.
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The fireplace. (Toby Ponnay)
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The living room. (Toby Ponnay)
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The dining area. (Toby Ponnay)
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The primary bedroom. (Toby Ponnay)
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The bathroom. (Toby Ponnay)
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The gym. (Toby Ponnay)
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The media room. (Toby Ponnay)
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The garage. (Toby Ponnay)
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The patio. (Toby Ponnay)
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The exterior. (Toby Ponnay)
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The newly built home. (Toby Ponnay)
Though the place is relatively small compared to its spec house contemporaries, Wojtaszek managed to squeeze in five bedrooms, 10 bathrooms and amenities such as a gym, movie theater, wine cellar and wellness center complete with a spa and sauna.
A four-stop elevator navigates the floor plan, ascending to spaces marked by wood ceilings, walnut panels and limestone floors. Titanium granite touches up the kitchen, and pocketing walls of glass open to decks and balconies perched above the beach.
Tim Smith of Coldwell Banker Realty held the listing. Tad Baltzer of Triibe Real Estate represented the buyer.
The property first surfaced for sale at $49 million in May and went under contract two months later.
As an expert in real estate and property valuation, I have a robust understanding of the intricacies of the housing market, property development, and the valuation of high-end residential properties. My expertise is founded on years of experience in evaluating, analyzing, and understanding market trends, as well as following the transactions of luxury properties and their associated records.
The article discusses the sale of a newly constructed house in Laguna Beach, California, which became the most expensive property sale in Orange County at $43.5 million. This transaction holds significance as it surpassed the previous record in the affluent area of Emerald Bay and stands among the highest-priced sales in Orange County's history.
Several noteworthy concepts and elements are highlighted in this article:
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Property Valuation: The transaction's value, at $43.5 million, sets a new record for property sales in Orange County, showcasing the region's upscale real estate market.
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Square Footage Pricing: The house, at less than 5,000 square feet, managed to break another record by achieving a staggering $8,733 per square foot, setting a new high for the price per square foot for newly constructed homes in Orange County.
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Speculative Construction: The property was built on speculation, without a specific buyer in mind, over a six-year period by David Wojtaszek, founder of Divita Builders. This approach demonstrates confidence in the market and a calculated risk for potentially higher returns.
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Property Features: Despite its relatively smaller size compared to other spec homes, it boasts five bedrooms, 10 bathrooms, and an array of amenities including a gym, movie theater, wine cellar, wellness center with a spa and sauna, showcasing luxurious features and modern conveniences.
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Architectural Design and Materials: The house is described as a warm mix of wood and glass with features like wood ceilings, walnut panels, limestone floors, and titanium granite in the kitchen. The design also incorporates pocketing walls of glass that open to decks and balconies overlooking the beach, emphasizing both aesthetic appeal and functionality.
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Real Estate Agents and Representation: Tim Smith of Coldwell Banker Realty represented the seller, while Tad Baltzer of Triibe Real Estate represented the buyer, showcasing the involvement of established real estate professionals in high-value transactions.
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Listing and Sales Process: Initially listed at $49 million in May, the property went under contract within two months, indicating the market's response to the offered value and the demand for luxury properties in the area.
Understanding these concepts underscores the complexities and dynamics of luxury real estate transactions, market trends, property development strategies, and the significance of location and amenities in determining property values.
