Newport Coast markets continue to struggle with record low inventory of custom homes for sale, while demand from out-of-town buyers has yet to dwindle.
Such high-end buyers are willing to pay top dollar for homes and lure hesitant sellers to make deals, pushing prices higher and listings lower.
“The market is still strong, with limited inventory and an increase in buyers from other markets,” Compass’ Marcy Weinstein told the Business Journal.
In the past year, Weinstein notes 22 custom homes have sold in Crystal Cove, Pelican Crest and Pelican Hill, with just 10 homes left on the market.
“That’s less than a half-year’s supply,” Weinstein said.
“We used to sell about one custom home per month, and that’s doubled during the pandemic as all markets have become more active.”
Pelican Crest, Hill Deals
Pelican Hill and Pelican Crest, two of the neighborhoods surrounding the Resort at Pelican Hill—the Irvine Co. development that includes a hotel, a golf course, spa, retail and meeting space—continue to benefit from that activity.
Weinstein is involved in the sale of 1 Pelican Crest, a roughly 13,500-square-foot home that came on the market for $45 million last year and has entered into escrow without contingencies.
Rob Smith and Michael Franco of the McKown, Weinstein & Associates team are representing the buyers, while Paul Daftarian of Luxe Real Estate has the listing.
“Interest rates aren’t impacting the high end, but shrinking inventory and a strong desire to live in Orange County are,” Weinstein said.
A notable deal for Pelican Hill occurred late last month with the $17.8 million sale of 10 Fair Harbor, a 7,368-square-foot estate that wrapped an extensive renovation earlier this year.
Michelle Linovitz of Villa Real Estate had the listing for the five-bedroom, seven-bathroom home; Cesi Pagano and Karen Forbes of Keller Williams Realty repped the buyers.
Crystal Cove Standout
In a sign of strong demand from out-of-town buyers, a Beverly Hills couple hailing from Asia paid $55 million for a Crystal Cove mansion previously owned by
Newport Beach plastic surgeon Terry Dubrow and reality television star Heather Dubrow.
The sale is the fourth priciest on record in Orange County, brokers note, though some questioned the true value of the home due to its location and its nearly decade-old age.
Other brokers point to the sprawling size of the home—22,000 square feet—and the limited inventory of custom homes for sale as evidence for the home’s high value.
“I believe that’s a fair price for the home, considering today’s market,” Weinstein, who has previously represented the Dubrows in their local real estate holdings, said.
Josh Altman of Douglas Elliman represented the Dubrows in that deal, while the undisclosed buyers were repped by Compass’ Ginger Glass.
Weinstein and brokerage partner Rex McKown have six active listings in the three Newport Coast markets ranging from a nearly $15 million Pelican Hill home to a $69.8 million one in Crystal Cove.
The latter listing was the priciest on the market as of last week in Orange County.