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Monday, Oct 2, 2023

Renovated Pelican Crest Estate Sets New Record

The price record for a home sale in the gated Newport Coast community of Pelican Crest has been bested for the second time in 2023, with the $34 million sale of 1 Shoreridge Drive.

The 12,000-square-foot home is on a 0.8-acre lot within the neighborhood that surrounds the Resort at Pelican Hill—the Irvine Co. development that includes a hotel, a golf course, spa, retail and meeting space.

It was built in 2010 and recently underwent an extensive, multimillion-dollar remodel that upgraded the floor plan with additional bedrooms and amenities, such as a Yves Saint Laurent-themed walk-in closet, a golf simulator and a full-scale gym with a PRx weight system, Tonal and infrared sauna.

The buyer is rumored to be a professional athlete, and the seller moved to California during the pandemic, paying about $14.7 million for the home in 2021 and kicking off the upgrade process.

OC Outlier

Last month’s deal tops the prior record for the neighborhood—set in January when 1 Pelican Crest Drive sold for $33.6 million. The prior record was $23.5 million, with the 2022 sale of 7 Pelican Vista Drive.

Paul Daftarian of Luxe Real Estate represented both ends of the latest deal, and co-listed the property with Abraham Lim of Circa Properties Inc.

“National reports maintain that housing prices have dropped drastically, but that’s not the case in Orange County, specifically Newport Coast, where records are still being set,” Daftarian told the Business Journal. “However, those records are for new or renovated homes, or those with great views.”

The home at 1 Shoreridge has been on and off the market in recent years, most recently with an asking price of $39.99 million.

It’s a tale of two cities for OC’s luxe real estate scene, Daftarian notes, with homes in need of a remodel sitting on the market.

“The inconvenience factor is more of a pain point than cost,” Daftarian said.


Daftarian has additional deals in the works in Pelican Crest; his listing at 38 Pelican Crest sold last month for $17.8 million.

“That was a bit of a bidding war,” Daftarian said of the 9,276-square-foot home with ocean views. It last sold in 2021 for $10.7 million.

The broker has two other listings in the neighborhood, including 1 Island Vista—on the market for nearly $28.9 million—and 21 Skyridge, listed for approximately $22.9 million.

There are currently five home listings on the market for Pelican Crest, ranging in price from $11 million to $29.8 million. Two home lots are also available in the neighborhood; the adjacent parcels are about half an acre each, with respective price tags of $12.5 million.

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