Ocean Home

May/June 2010

Ocean Home magazine is for people who love the luxury oceanfront lifestyle, from home design and decor to world-class beach resorts, villas, hotels, and destinations.

Issue link: https://read.uberflip.com/i/8898

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Page 20 of 96

INSIDER | BUSINESS California dream A Surterre Properties offering at 9 Pelicans Drive in Newport Coast. Must Sea Going Back to Cali Orange County investors shed the recession as buyers return to SoCal. The New Year rang in with a bang for Surterre Properties Inc., a high-performing Southern California real estate firm based in Newport Beach, with a record $19.8 million sale of a Newport Coast mansion last De- cember. Paula Wilhelm of Surterre Proper- ties says the big year-end sale only punctu- ates what she is distinctly seeing in her local market: a change in real estate confidence. “We have several properties currently in escrow well over the $10 million mark, which is quite extraordinary,” Wilhelm says. “We haven’t seen these bigger deals in quite some time. It’s really encouraging.” According to Wilhelm, the high-end $10-$15 million market “went dead” last October when the “world kind of just stopped.” But the over- all market has roared back for Surterre, which specializes in swanky Orange County coastal communities such as Newport Beach, Laguna 18 oceanhomemag.com may + june 2010 Beach, Dana Point, and all points inland. “We’re thrilled about 2010,” Wilhelm adds. “Overall, we had more escrows in January than in any month the previous three years.” Other major Orange County players— Newport Beach-based Irvine Company and Irvine-based homebuilder Standard Pacific Corp.—also had positive news. The Irvine Company reported 70 sales in February totaling close to $50 million at its newly launched Woodbury and Woodbury East de- velopments, the largest number of sales for a company opening since 2006. Meanwhile, Standard Pacific Corp., Orange County’s largest homebuilder, reported a fourth- quarter profit of $82.7 million, marking the first time the company has been in the black in three years. Sanford Edward, CEO of The Strand in Dana Point, says his company sold nine lots at his oceanfront development in 2009 averaging $2,700 per square foot, a big jump from 2008. Edward also says he sold a $12 million lot in February, while building permits have been pulled for 23 homes. How does Wilhelm explain the positive turn of events? “People really feel we’ve hit rock bottom,” she says, “and they’re tired of being frozen by fear.”—Scott Kauffman drop anchor Sarasota Yacht Club on Florida’s Gulf Coast has com- pleted its new water- front clubhouse after 15 months of construction. The new 23,500-square- foot facility has pano- ramic views throughout the building, including the indoor-outdoor din- ing hall and the formal Neptune Lounge. With seating for more than 550 diners, the club also has the very latest design equipment in its 3,500-square-foot kitchen. Designed to withstand 130-mph winds, the building incorporates numer- ous environmentally friendly features, includ- ing natural skylights, recycled materials, thick insulation, and a highly efficient air-conditioning system. The new resort- style pool features an infinity edge overlooking Sarasota Bay and shal- low lounge areas with ample seating, eating areas, and cabanas sur- rounding it. A nearby Tiki bar assures good service and a fun at- mosphere. 941-365-4191, sarasotayachtclub.org. boat of confidence Sarasota Yacht Club.

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