The bayfront home at 808 Via Lido Nord recently sold for $8.4 million, about the same as its asking price when listed in June.
It was the first time in 62 years that the home—situated on Lido Isle in Newport Beach—had been on the market.
Jon Flagg, an agent with Newport Beach-based HÔM Sotheby’s International Realty, represented the seller.
Sharon McKinnon, also with HÔM Sotheby’s, represented the buyer.
The 70-year-old home had been owned by the same family for generations. It was sold by the family trust to a local buyer, who was a prior resident of Lido Isle. The family who controls the trust is also local.
The buyer, a local business owner, plans to tear down the home and build a dream home, Flagg said. The home is on a double lot, rare for the island.
There was interest in the property from local and international buyers, Flagg said.
“Most of the activity was driven by local people,” the agent said. “The people in-the-know understand the value of it.”
The seller received a couple of offers, said Flagg, who lives on Lido and specializes in sales on the island.
Lido Isle is made up of Via Lido Nord, which faces Pacific Coast Highway, and Via Lido Soud, which faces the ocean. It has about 850 homes.
Lido Isle can only be accessed by bridge. The island was developed in the 1920s.
Quick Sale
The waterfront home at 81 Linda Isle in Newport Beach was listed Sept. 28 for $5.9 million and sold within three weeks for $5.7 million.
The buyer and the seller are local.
Larry Schmitz, owner of Newport Beach-based L.D. Schmitz Properties, represented the seller. Andrea Routh, an agent with Fountain Valley-based Star Real Estate, represented the buyer.
The luxury home market has picked up in the past six months.
Sales of waterfront properties have continued to sell past Labor Day, when sales are usually slow.
The three-story, 5,982-square-foot home on Linda Isle has five bedrooms and five bathrooms.
Linda Isle, which is smaller than Lido Isle, is a horseshoe-shaped island that has 107 homes, all of which face the water. It is ultraprivate with a 24-hour, seven-day-a-week guarded gate.
The home at 81 Linda Isle has room for two large yachts. Home sales on the island in recent years have ranged from $5 million to $20 million.
Busier Year
There already have been more homes sold this year for $4 million or more than in all of 2011, according to Redfin.com.
A total of 107 homes at that price level sold last year. There have been 128 such home sales since Jan. 1.
Thirteen luxury homes were sold last month through Oct. 28. Ten homes were sold in September and 23 in August.
Recent Transactions
• 337 Via Lido Soud in Newport Beach sold for $4.7 million, down from $5.3 million in February.
Jan Langford and Sherri Moore, agents with Prudential California Realty in Newport Beach, represented the seller and buyer, respectively. The 3,160-square-foot home on Lido Isle has four bedrooms and three bathrooms.
• 22 Coral Cay in Newport Coast sold for $4.7 million, which was the price it was listed for in May. Susan Scanlan, an agent with Coldwell Banker Previews International, represented the seller.
The 4,534-square-foot oceanfront home in the gated Crystal Cove neighborhood has four bedrooms and five bathrooms.
• 311 Kings Road in Newport Beach sold for $4.5 million, down from $5.5 million in May.
Teri Armstrong Hardke, an agent with Coldwell Banker Previews International in Newport Beach, represented the seller. Karen Markovich, an agent with Coldwell Banker Platinum Properties in Irvine, represented the buyer.
The 6,511-square-foot harbor-view home has five bedrooms and five baths.
• 3 Vista Luci in Newport Coast sold for $4.1 million, down from $4.3 million in September.
Katrina Smith, an agent with Pinpoint Properties in Newport Beach, represented the seller and buyer.
The 4,800-square-foot, oceanview home in Pelican Heights has five bedrooms and five bathrooms.
