How long would it take to sell 30 new homes, priced over $2 million, on a waterfront lot in Orange County?
Builder Shea Homes says it’s at the last home – a fully furnished model – at Ocean Place, a project built on an 11-acre waterfront parcel of land that was once the Los Angeles Department of Water and Electricity’s powerhouse at Seal Beach.
Sales of Ocean Place’s 30 homes began in the summer of 2019 for homes ranging from 3,140 to 4,640 square feet with up to five bedrooms and six bathrooms. Shea’s near-sale looks quick given that builder sales in the Los Angeles-Orange County area fell 14% to 6,121 homes last year.
Homes selling above $1 million have become more common in the pandemic era as buyers seek larger homes.
In October, for example, Orange County had 20 ZIP codes with median sale prices above $1 million, nearly a quarter of the 83 ZIP codes tracked. That’s double the number seen in October 2019, according to DQNews/CoreLogic data for closed deals on existing and new homes.
Ocean Place has a seaside appeal. The site, near the corner of Ocean Avenue and 1st Street, sits on the San Gabriel River near the Pacific Ocean. The land has had a contentious history, including a nearly two-decade-long legal battle over who controlled the property years after the LADWP demolished the shuttered factory.
Incidentally, the remaining home has four bedrooms and five bathrooms and a rooftop terrace in a living area of 3,259 square feet, according to Shea’s website. Price? Starting at $2.75 million.