Hefty price tags don’t appear to be stifling interest in the last big housing community slated for the Newport Coast community of Crystal Cove.
Close to a dozen sales have already been made at a pair of high-end projects that will combine for 55 homes and won’t even hold their official openings until later this week, according to New Home Co. Chief Operating Officer Tom Redwitz.
Initial pricing starts at close to $5 million, and sales likely have brought in at least $50 million for the Aliso Viejo-based builder, which has a market value of about $210 million.
Most of the customers so far have been doctors and local business executives, according to New Home Co. sales officials. Buyers thus far are largely locally based, Redwitz said.
New Home Co. bought the Crystal Cove land last year from Newport Beach-based Irvine Company as part of a portfolio sale of land sites in Irvine and Newport Beach that traded for about $250 million, according to regulatory filings.
The early sales come as New Home Co. is still readying the two Crystal Cove projects—Coral Crest and Coral Canyon—for their official openings later this week.
It’s the most expensive housing development to open in Orange County since the last recession, not counting custom-home projects.
Redwitz describes the project as “semi-custom,” with a bevy of options for the homes, which can run as large as 7,000 square feet.
Notable features of some models include infinity pools, huge wine cellars, expansive courtyards, and master bedroom suites with his-and-her bathrooms.
Coral Crest’s Robert Hidey Architects-designed homes feature sweeping ocean views and have a look in keeping with other large Newport Coast homes, including high ceilings and coastal Mediterranean influences. They start at around 5,000 square feet.
Coral Canyon, designed by Bob White Architects, has canyon-facing homes with lower ceilings, ground-floor master bedrooms, and a look expected to appeal to empty-nesters or those with older children. Homes there will run from 3,782 to 5,290 square feet.
The builder is in a race to ready its models for its June 9 unveiling, as is often the case with such developments. The six home models on display at the two projects were still seeing a heavy amount of landscaping, design and interior work last week.
Another dozen or so homes are in the early stages of construction, representing the first two phases of sales at the two projects.
The Crystal Cove homes are the second big Newport Coast project that New Home Co. has opened in as many years. The builder this year sold out another Newport Coast housing project, called Fiano, which opened in 2015.
Houses at the 39-home Fiano development sold for between $3.2 million and about $5.7 million, according to regulatory filings. Some homes there are still being built.
A handful of buyers at Fiano are already trading up, and have signed contracts for the Crystal Cove homes, according to Redwitz.
