A home in Newport Coast’s gated Pelican Hill neighborhood this month traded hands for nearly $16 million.
The price for the estate, 5 Sail View, is not unusual for the roughly 130-home Pelican Hill, one of the oldest communities in Newport Coast, according to listing agent Marcy Weinstein of Compass.
“It would’ve fetched a higher price if it was newer,” Weinstein, a more than 30-year resident of Pelican Hill, told the Business Journal.
The estate is the fifth-priciest home to sell in its neighborhood.
The current price record for Pelican Hill is $50 million, set in 2020 by the home that best-selling author Dean Koontz sold to mortgage industry exec Glenn Stearns, founder and CEO of Kind Lending.
The 9,219-square-foot estate, with panoramic ocean views overlooking Newport Harbor, counts six bedrooms and eight bathrooms across three stories.
The seller, who Weinstein declined to disclose, settled in Orange County after doing business abroad. The buyer also worked overseas.
Weinstein and Compass’ Rex McKown represented the seller, while Daisy Dai of Coldwell Banker Realty repped the unidentified buyer.
Resort-style Pool
The estate’s amenities include a custom pool complete with a waterfall.
“It’s very much like a resort in Maui,” Weinstein said.
The home, built in 1996, remains mostly in its original condition. The previous owners only renovated its secondary bathrooms shortly after they bought it for $10 million in 2017.
Five years later, 5 Sailview returned to the market with an asking price of $18.7 million. It was taken off the market again this year before selling this month for $15.95 million.
Pelican Hill
Pelican Hill’s custom homes, large lots, level of privacy and ocean views have drawn a host of wealthy residents, especially from the entrepreneurial crowd, according to Weinstein.
The neighborhood sports a variety of French, Italian, Spanish and Mediterranean architecture, and is home to a tight-knit community, whose residents who are likely to stay put, according to Weinstein.
“People refinanced with the low interest rates we had two years ago,” Weinstein said.
“They’re not going to leave.”
Residents who do leave their Newport Coast neighborhood typically find a home in another nearby community, such as Pelican Crest, Crystal Cove and Pelican Ridge, Weinstein added.
“There are just so many different varieties of neighborhoods,” she said. What they all have in common, however, are sizable properties, scenic views and security, which are highly desirable to prospective residents.
Pelican Hill is adjacent to Pelican Crest, a roughly 170-home guard-gated community with a host of newer-built estates that tend to fetch higher prices than its sister neighborhood.
Before the 700-home enclave of Crystal Cove was developed, Pelican Hill and Pelican Crest were Newport Coast’s original custom home neighborhoods.
Little Inventory
While several homes in Pelican Hill are currently undergoing renovations, there is only one home under construction, according to Weinstein.
“If you want a new home, you’d have to buy one and tear it down,” she said. “There’s no more that can be developed.”
The neighborhood currently has four homes for sale, all of which are priced above $10 million. Its most expensive listing available, 1 Rim Ridge, has an asking price of $25 million.
Weinstein expects prices for Pelican Hill to continue to rise due to its limited supply, much like the rest of OC.
“The volume of luxury home sales is not affected as much by the current high interest rate, since the greater portion of all sales are cash,” she said. “What affects the market is the inventory of homes,” which remains low.
