A home in Newport Beach’s coveted Newport Coast neighborhood traded last month for $17.3 million.
The nearly 9,000-square-foot estate, on a corner lot at 28 Fairway Point, overlooks the golf course at the Resort at Pelican Hill and has panoramic views of the ocean.
Newport Coast listings for custom homes today range from about $17 million to about $89 million. Of the estimated 19 custom properties currently for sale in Newport Coast, two are priced under $20 million.
The 28 Fairway home sold last month has been undergoing an extensive remodel, according to Douglas Elliman’s Hailey Potok, who represented the buyer.
The makeover will include new furniture, bedding, dishes and light fixtures, among other housewares.
The buyer bought the property—located in Newport Coast’s custom, 130-home Pelican Hill community—in an off-market deal before construction on its remodel finished. The remodel, which is transforming the home from its original, Tuscan-style design to a more modern build, was completed this month, Potok said.
Work on the home comes as other properties in Newport Coast get interior and exterior upgrades, as low inventory and high interest rates deter owners from selling their houses, according to Compass’ Marcy Weinstein, who had previously listed the 28 Fairway Point property.
The home’s seller was represented by Luxury Fine Homes’ Hanna Karcho-Polselli and Remo Polselli.
52% Premium
The 28 Fairway Point home last month sold at a 52% premium since its most previous trade last September.
The property at the time traded hands for $11.4 million. Compass’ Weinstein represented the seller in that deal.
The home then was largely in its original condition. Its architecture took heavy inspiration from Tuscan countryside villas.
The property’s original designer is Richard Krantz, whose Mediterranean-style homes can be found across Newport Coast’s Crystal Cove and Pelican Crest neighborhoods and in Irvine’s Shady Canyon luxury community.
Amenities of the 28 Fairway property include an indoor pool, sauna, home theater and gym.
Lower End
While the home saw a more than 50% price increase from its last sale, its latest price tag remains on the lower end for custom properties in Newport Coast.
“There isn’t a lot under the $20 million mark in the custom area,” Compass’ Weinstein told the Business Journal.
Custom homes in the area have sold for as much as $55 million in recent years.
Coveted Community
Newport Coast’s recent surge in popularity with buyers has rapidly driven up prices in the area.
The price jumps have prompted buyers to look in other, more affordable neighborhoods in Newport Beach, such as Harbor Ridge, whose custom homes are about a decade older than those in Newport Coast.
That pivot resulted in the sale of a Harbor Ridge home in March for nearly $15 million. Like 28 Fairway Point, that property also underwent a comprehensive remodel.
