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Monday, Jul 22, 2024

Lido Isle Home Trades for $19M

A 6,757-square-foot bayfront home on Newport Beach’s Lido Isle this month sold for $18.75 million.

The deal, for 924 Via Lido Nord, marks the second-priciest single-property sale for the 117-year-old community, the largest of Newport Harbor’s nine islands. Prices for homes in the neighborhood have more than tripled in recent years, according to brokers.

Last year, Lido Isle saw a new record with the $24 million sale of 103 Via Lido Soud, which bested the prior record by over $5 million.

Alison McCormick of Arbor Real Estate represented the seller for the island’s latest sale. Pacific Sotheby’s International Realty’s Elizabeth Thamer and Steve High negotiated the deal on behalf of the buyer.

Original State

The most recent trade for 924 Via Lido Nord is the home’s first in nearly 40 years.
The sellers bought the home in 1987.

“This was a part-time home for them,” McCormick told the Business Journal.

The five-bedroom, seven-bathroom home, built in 1967, is still in its original state.
The property’s dock can fit a large yacht; other amenities include a pool and bayfront balcony.

New Home, Seawall Required

McCormick received multiple offers for the home when it hit the market in April, listed at $19.75 million. In five days, one of those offers was accepted.

The homebuyers, who are reportedly local to Orange County, initially planned a remodel for the property.

However, a new regulation by the Federal Emergency Management Agency is requiring them to tear down and rebuild the home.

“They want the seawalls built up,” since the seawall is in the original state, McCormick said.

Construction-Heavy Neighborhood

The 924 Via Lido Nord property joins the host of Lido Isle homes that have undergone some at least degree of construction.

“It’s the last one left directly on the Newport Bay Turning Basin that hasn’t been rebuilt or remodeled,” McCormick said.

Quiet billionaire homeowners and local executives—who are drawn to Lido Isle’s large lots and redevelopment opportunities—are driving up values in the neighborhood.

In comparison to its other island counterparts, Lido Isle has seen more investment due to its older inventory of homes for sale, according to brokers.

Seven of the 10 Lido Isle homes currently listed for sale were built before 2000, according to data from Zillow.

The neighborhood likely counts more notable names in OC business circles than any other island in Newport Beach.

Prominent residents on Lido Isle include Oculus VR and Anduril Industries founder Palmer Luckey; City Ventures Chairman Craig Atkins; homebuilder Bill H. Lyon, the son of the late Gen. William Lyon; and Allergan co-founder Gavin Herbert­.

The island is also home to former Apria Healthcare CEO Larry Higby, Boardwalk Investments Group and ioXt Alliance founder Gary Jabara, and local entrepreneur and philanthropist Mike Gray.

Many of these executives live on the island’s east side with turning basin—or open channel—views.

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Sonia Chung
Sonia Chung
Sonia Chung joined the Orange County Business Journal in 2021 as their Marketing Creative Director. In her role she creates all visual content as it relates to the marketing needs for the sales and events teams. Her responsibilities include the creation of marketing materials for six annual corporate events, weekly print advertisements, sales flyers in correspondence to the editorial calendar, social media graphics, PowerPoint presentation decks, e-blasts, and maintains the online presence for Orange County Business Journal’s corporate events.

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