A 7,338-square-foot home in Newport Beach’s Harbor Ridge traded last month for $14.8 million.
The property, at 29 Ridgeline, underwent a remodel, which was completed in early 2023.
Builders gutted the previous structure down to its skeleton before reworking the floor plan, which includes six bedrooms and eight bathrooms.
“It’s as close to new construction as you can get without knocking it down to the dirt,” listing agent John Cain of Pacific Sotheby’s International Realty told the Business Journal.
The recently redone home has panoramic, 180-degree views that stretch from Newport Beach to Catalina Island.
The seller, who was repped by Cain, is staying local. Tianyu Wang of Pinnacle Real Estate represented the buyer.
A.I. Smart-Home System
The 29 Ridgeline property boasts several amenities, such as a guest casita that’s accessible through a separate entrance.
Voice commands can control the home’s lighting and speakers through the Josh.ai smart-home system.
Other features of the home include a fitness room, a pool, a golf green, four washers and dryers and a 15-camera security system.
The property is less than a 10-minute drive to Fashion Island.
“Harbor Ridge is central to the hub of Newport, close to pristine beaches, upscale shopping and dining, and easy access to freeways and John Wayne Airport,” marketing materials for the home said.
Harbor Ridge Resurgence
Homes in the Harbor Ridge neighborhood have become increasingly popular with buyers, due to the high, competitive prices of estates in Newport Beach’s coveted Newport Coast.
Prices in Harbor Ridge max out at over $20 million, while the highest-priced home sold in Newport Coast traded for $61 million. A nearly 15,000-square-foot, newly built Newport Coast home is currently on the market for $89 million, which is $19 million more than OC’s current record for a home sale.
Harbor Ridge is about a decade older than Newport Coast. The guard-gated community got its start in the 1980s and is comprised mostly of custom homes.
The neighborhood’s older homes lately have been getting torn down to make way for new construction, due to a “resurgence of interest” in the community, Cain said.
Los Angeles Angels centerfielder Mike Trout in 2019 paid $9.2 million for a home in Harbor Ridge.
Slow Deal Volume
Deals among OC luxury homes have begun to slow as of late, especially among homes above $15 million.
“Many sellers are overreaching,” Cain said. “Buyers in today’s market are not willing to comply with sellers’ aspirational pricing.”
Another reason for the slow transaction volume is the limited inventory of turnkey product, a property type that buyers are willing to pay more for, Cain added.
