OC Manse Trades for $16M to Set Laguna Niguel Record

A Spanish-style mansion in a gated Laguna Niguel community sold for $16.3 million, marking a new record for the city.

The sale of 7 Searidge beats out the city’s previous all-time residential high of $15 million for a two-lot transaction at 6 Inspiration that closed in 2014.

Phillip Caruso, the lead listing agent and part of Christie’s International Real Estate Southern California, said the best comparable to 7 Searidge may be an off-market deal for a 14,000-square-foot home recorded in the same community of Bear Brand Ranch that traded for $12 million in 2015, but there are no other details beyond that.

Caruso listed the property with his father, Michael Caruso. Their group joined Christie’s International Real Estate Southern California last year.

The seller was an out-of-state land developer who the Carusos have counted as a long-time client. The mystery buyer was represented by Pacific Sotheby’s International Realty’s AJ Olson Whitfield.

Phillip Caruso pointed out 7 Searidge still beats out all records in the city on a price-per-square-foot basis, in which the deal penciled out to $1,993 per square foot. That beats out the city’s former record set in 2014, which equated to $625 per square foot.

“This is an incredible achievement, especially when considering economies of scale,” Caruso said in an email to The Real Deal. “Typically, as homes get larger in size, the price per square foot goes down, and as homes are smaller, price per square foot goes up. To be the highest ever in any size home is a testament to the quality, design, build, style and the marketing of this home.”

Homes penciling out to $2,000 per square foot are typically in Newport Beach or coastal markets, Caruso pointed out.

The home on Searidge was designed by Spectrum Architecture and built by Elevated Building Group, with an interior designed by Laura Brophy of Brophy Interiors.

It’s a couple miles from the beach, has six bedrooms, eight bathrooms and totals over 8,000 square feet. Among the home’s highlights are a media room, gym, private courtyard, infinity pool, gardens and outdoor kitchen.

The purchase price reflects an increase from the just under $16 million listing price, which Caruso attributed to the city’s proximity to several major retail projects.

That includes the recently opened River Street Marketplace in San Juan Capistrano and the in-progress revitalization of Dana Point Harbor, which began about a year ago.

“These are definitely helping to attract a buyer demographic who appreciates more retail and community lifestyle in their locales,” Caruso said. “I have helped numerous clients purchase homes and move from L.A. [and] Newport Beach to Laguna Niguel. You can achieve more on a purchase [or] lease in terms of size, quality and amenities. More bang for your buck.”

Prices in the city spiked in January more than 40 percent compared to a year earlier, reaching a median price of $1.7 million, according to the most recent data from Redfin.