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<a href="http://www.ocregister.com/articles/lots-strand-sold-2161360-oceanfront-development">Who says the real estate market is dead?</a>
<blockquote>A record may be broken with an 11,000-square-foot oceanfront lot at the Strand in Dana Point expected to close escrow at $12.5 million, according to director of sales for the Strand.
Of the 118 lots that will be sold in the private development, 26 are by the ocean and they are only sold one at a time. Pagano said they would be releasing one oceanfront lot for sale every two to three months. The phased approach that was to be used to sell lots has been scrapped. Within a month it is expected for all of the other lots to be available for purchase ? but there's no price negotiating available.
Seventy two-story homes and 48 single-story home lots will be sold, with many of the two-story lots with a usable subterranean level to maximize land usage.
These luxury lots are more resistant to sluggish real estate results gripping most communities in Orange County.
"People who are buying lots here are successful enough that they don't become affected by the vicissitudes of the economic cycle," said Edward.
He estimates the value to be at least $3,000 a square foot of finished house for oceanfront property and $1,300 to $2,000 a square foot for the other coastal lots at the Strand.
Success has been a slow rollout at the Strand, but progress is continuing as 33 lots have been sold so far. Of those, about half have begun construction. Gross sales have reached $198 million for the 33 sold. </blockquote>
<blockquote>A record may be broken with an 11,000-square-foot oceanfront lot at the Strand in Dana Point expected to close escrow at $12.5 million, according to director of sales for the Strand.
Of the 118 lots that will be sold in the private development, 26 are by the ocean and they are only sold one at a time. Pagano said they would be releasing one oceanfront lot for sale every two to three months. The phased approach that was to be used to sell lots has been scrapped. Within a month it is expected for all of the other lots to be available for purchase ? but there's no price negotiating available.
Seventy two-story homes and 48 single-story home lots will be sold, with many of the two-story lots with a usable subterranean level to maximize land usage.
These luxury lots are more resistant to sluggish real estate results gripping most communities in Orange County.
"People who are buying lots here are successful enough that they don't become affected by the vicissitudes of the economic cycle," said Edward.
He estimates the value to be at least $3,000 a square foot of finished house for oceanfront property and $1,300 to $2,000 a square foot for the other coastal lots at the Strand.
Success has been a slow rollout at the Strand, but progress is continuing as 33 lots have been sold so far. Of those, about half have begun construction. Gross sales have reached $198 million for the 33 sold. </blockquote>