California home buyers pay premium for ocean view

That breathtaking view of the Pacific comes at a price.

California homebuyers spent an average of $210,000 more — $1.66 million compared with $1.45 million — for a home with an ocean view than one that is close to the water, but doesn’t have a view of it, the Orange County Register reported, citing a study of 34 California markets by property manager Casago.

While $210,000, which works out to about a 15 percent premium, isn’t anything to sniff at, homebuyers in other states seem willing to pay even more for their ocean views. Florida homebuyers paid over $800,000 — or 41 percent — more for an ocean view, while the premium was $1.26 million, or 26 percent, in Hawaii, the outlet reported.

Some communities’ views are more desirable than others, according to the data. Homebuyers in Dana Point, for example, were willing to pay $978,000 more, 57 percent, for an ocean view than a home near the water. Other communities where the ocean-view premiums are high include Oceanside, Long Beach, Oxnard and San Diego, according to the outlet.

Trophy homes in those areas often are listed for watering prices.

Dana Point’s luxury homes, for example, rival those of nearby Newport Beach and Laguna Beach, where an 18,000-square-foot cliffside home sold in November 2021 for $70 million, an OC record that beat a Newport Coast mansion with a 12-car garage that sold in 2020 for $61 million. 

Indeed, the Dana Point beachside home at 7 Strand Beach Drive recently listed for a Malibu-like price of $55 million.

If the 9,600-square-foot house that overlooks Monarch Beach fetches its asking price, it would be the most expensive home sold in the South Orange County city, surpassing a $33 million off-market deal in March 2022.

The six-bedroom, eight-bathroom home was built in 2018 by Elijahu Shapira, co-founder of Webtrends, a web analytics company based in Portland, Oregon. Shapira and his wife, Anne, bought the property in guard-gated The Strand at Headlands in 2012 for $8.6 million.

 

— Ted Glanzer

 

Read more