A family originally from Asia purchased a home at 50 Pelican Crest Drive in an $8.1 million cash transaction after looking for homes in the Newport Beach area for more than two years.
The family loved the area and had been watching the market, looking for the right house, said Julia Liao, an agent with Newport Beach-based Surterre Properties Inc., who represented the family. Michelle Queyrel, an agent with the Newport Beach office of Hom Sotheby’s International Realty, represented the seller.
The seller is an investor who bought the house to upgrade and sell. The home was listed for about $15 million at one point, and by July it was listed at $9.4 million.
The six-bedroom, seven bath home in the Pelican Crest neighborhood of Newport Coast is a custom-built, front-row home that overlooks the golf course, with views of Catalina Island.
“It has a very serene view,” Liao said.
The 9,187-square-foot home has a five-car garage and an infinity edge pool with an ocean view.
There are about 20 homes built in Pelican Crest. A few homes are under construction there, while some lots remain vacant.
“It is really one of the most desirable communities for someone looking for a trophy home they can be proud of,” Liao said.
The buyer wanted a home that didn’t need any work, she said. The sell price included all of the furnishings, the decor and electronics.
“They wanted a house in the best move-in condition, the best quality without having to do anything,” Liao said.
Jennifer McKay of Newport Beach-based McKay Design Group Inc. did the interior design work.
Liao, a real estate agent since 1981, said her client was a referral.
The school district was an important factor in the family’s decision to buy, said Liao, who markets the Newport Beach area extensively to the Asian market.
“I speak several Chinese dialects,” she noted.
She places ads in Asian newspapers, luxury magazines and websites and also networks in the Asian community.
Brighter Outlook
Liao expects the home market to pick up this year.
“Nationwide, all the statistics are showing the economy is getting better,” she said. “The coastal areas are going to be better.”
Prices might not tick up much or at all, but the number of home sales is likely to rise as more people try to catch the bottom of the market, Liao said.
Among recent sales transactions elsewhere:
• 397 Weymouth Place in Laguna Beach sold in January for $4.3 million, down from $4.9 million in May 2011.
Michael Gosselin, represented the seller and Robert Karkoska, represented the buyer. The agents are with Surterre Properties.
The 4,225-square-foot home in the North Laguna neighborhood sold for $1,018 a square foot.
• 431 Avocado Ave. in Corona del Mar sold in late December for $4.6 million, down from $4.9 million in October 2011. Tim Smith, an agent with Newport Beach office of Coldwell Banker Previews International, represented the seller. Jim Kline, an agent with Surterre Properties, represented the buyer.
The 5,200-square-foot, Tuscany-styled home sold for $885 a square foot.
• 9 Shoreridge in Newport Coast sold in January for $6.3 million, down from $7.9 million in July 2011.
Lis Olsen, an agent with Surterre Properties, represented the seller. The buyer wasn’t listed.
The 10,300-square-foot home in Pelican Crest sold for $617 a square foot.
Pricey Listings
Currently, there are about 222 homes listed at $4 million and above in Orange County, according to Redfin.com.
Six homes are listed for more than $20 million:
• 12 Bay Island off the Balboa Peninsula in Newport Beach, listed for $21.9 million
• 53 Strand Beach Drive in Monarch Beach, for $23.5 million
• 24 Harbor Island Road, no home but vacant land listed by Pacific Investment Management Co.’s Bill Gross for $26.5 million
• 21 Montage Way, Laguna Beach, $27.5 million
• 2692 Bayshore Drive, Newport Beach, $28.5 million
• 3 Montage Way in Laguna Beach, $32.5 million.
Most of the luxury homes for sale in OC are in Newport Beach and Laguna Beach. Eleven homes are listed in Coto de Caza, ranging from $4.3 million to $14.5 million.
For inclusion in the column, email transactions greater than $4 million to cruz@ocbj.com.
