Two recently traded Newport Beach homes have set price records in different metrics, with one deal setting a new sales price high on a square-foot basis for Newport Coast.
A nearly 6,500-square-foot Pelican Crest home recently sold for $12 million in an all-cash deal after just one week on the market. The deal, which traded for nearly $1,850 per square foot, set a record for the highest price per square foot for sale in the community, according to brokers that worked on the deal.
The home sits on a nearly half-acre lot at 7 Oceancrest, in the hills above Pelican Hill Resort. It recently completed an extensive two-year renovation, which helped garner the price, according to listing company Agent Inc., based in Corona del Mar.
Founder John McMonigle had the listing along with Shawn Halan.
“During this pandemic, people are placing a higher priority on their home and living space,” said McMonigle, one of the area’s better-known luxury brokers.
“The inventory is limited, so buyers expect only the finest amenities when it comes to purchasing a home. This particular estate was completely reimagined with the highest quality materials, fixtures, lighting and technology you can find.”
The four-bedroom, six-bathroom home has “transitional interior design,” according to the firm, including custom touches like a limestone entryway, Calacatta marble countertops and walnut flooring.
“They didn’t just give their home a facelift, they made it a work of art. And that’s what buyers are looking for right now in the luxury real estate market,” Halan said.
The undisclosed buyer was represented by Alston Wong of Compass.
Lido Deal
Elsewhere in Newport Beach, another recent sale set a per front foot—or street frontage—price record for a 40-foot-wide lot on Lido Isle.
A 4,252-square-foot bayfront home near the tip of Lido Isle, at 904 Via Lido Nord, sold for $11.3 million, and $283,250 per front foot.
The two-story farmhouse-style home was built for the Warmington family, well known for developing residential communities in the state.
The home has five bedrooms and five and a half bathrooms, a bayfront patio, and a private boat dock that can accommodate multiple vessels up to 70 feet.
Bruce Miller in the Corona del Mar office of Berkshire Hathaway HomeServices California Properties represented the seller; Michael Johnson of Compass represented the buyer.
“With its superb and rare location next to a grassy community park, this luxury home offers sweeping views from the mountains to Newport Harbor to Fashion Island,” Miller said. “The fact that it sold for the highest price per front foot for a 40-by-90-foot lot in Lido Isle history is a testament to the strong residential market we continue to enjoy in Orange County.”
August Deals
The previously mentioned deal for 7 Oceancrest tied for highest priced deals coming out of Newport Beach last month, along with the $12 million sale of 21 Shell Beach, a nearly 9,100-square-foot home, also in Newport Coast.
Last month, 16 Orange County homes traded above $8 million, for a total sales volume of nearly $160 million, according to online brokerage Zillow.
Nine of those sales came out of Newport Beach, though the top sale for the month was a $12.5 million deal in Laguna Beach.
The 6,500-square-foot home at 2661 Victoria Drive sold at the end of the month for $1,923 per square foot.
The five-bedroom, six-bathroom blufftop home was listed by Chris Valli of Surterre Properties; the buyer was represented by Spencer Wall of Prudential.
