NEWPORT BEACH — A newly built estate with views of Newport Harbor and the Pacific Ocean has set a pricing record for the Spyglass Hill neighborhood, according to agents.
The 4,000-square-foot, four-bedroom, 4.5-bath home at 53 Cambria Drive recently sold for $13.5 million, or about $3,359 per square foot—the highest recorded sale in the Corona del Mar enclave, said Garrett Weston of Coldwell Banker Realty, who represented the buyer.
Paul Daftarian of the Daftarian Group represented the seller.
The custom home, finished this year, replaced a 1975 house that sold for $6.4 million in 2023. Before that, the property was last sold for $1.22 million in 2000, according to public records.
Weston said the property had everything the buyer wanted.
“What makes the property truly exceptional is the combination of a rare, panoramic view corridor and a brand-new, architecturally significant residence,” Weston told the Business Journal.
Turnkey Homes Appeal
The sale highlights growing demand in Orange County’s luxury housing market, where affluent buyers are paying premiums for newly built, turnkey homes amid rising construction costs, lengthy permit waits and increasingly complex renovations.
Weston said that buyers can avoid years of planning and building and get locations that are hard to find elsewhere.
“Buyers are willing to pay a premium because building a comparable home today would require significant time, capital and execution risk,” he said.
The single-story estate, designed by Laidlaw Schultz Architects and built by Cornerstone Construction, features 12-foot-high ceilings, an open-design concept and a 22-foot kitchen island. The home captures views of Newport Harbor, Catalina Island and the fairways of Pelican Hill Golf Club.
“The home has the best view elevation and orientation,” said Daftarian. “It has the views of the ocean, the city and you can even see the Disneyland fireworks.”
Daftarian added that the buyer, who had beat out a handful of other bidders, saw how rare it was to not only buy a home with these views but also one that is newly constructed.
“For all of the potential buyers who are looking for homes in coastal Orange County, regardless of price ranging from entry level homes in the $3 million range all the way to the priciest homes of up to $70 million, there is a shockingly low number of available options out there and record low inventory,” he said.
Spyglass Hill
The record sale also shows the rising popularity of Spyglass Hill, which Weston calls one of Orange County’s hidden luxury neighborhoods.
One of Newport Beach’s first master-planned communities, developed in the 1970s by the Lusk Co., the Corona del Mar neighborhood sits above Pacific View Memorial Park and south of the San Joaquin Reservoir.
Weston said that while places like Crystal Cove and Irvine Terrace are better known, Spyglass Hill offers many of the same amenities luxury buyers want, such as privacy, large lots and wide views of the harbor, ocean and golf course.
“Many local luxury buyers consider it one of the best value propositions in coastal real estate,” Weston said.
