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Sunday, Sep 24, 2023

Sustained Sales Along Newport Coast for ’21

While Crystal Cove has yet to see the record-breaking deals this year that it experienced in the ones prior, Newport Coast’s priciest luxury community is staying active with strong sales volume.

Year-to-date, the average price for homes sold in the community is $8.9 million, down from about $9.8 million last year when the area had same mega-deals, according to brokerage data.

However, the median price rose to $8 million this year from $6.4 million.

“While we’re not seeing record-breaking deals, we’re still seeing strong demand and sustainable pricing, with most homes selling under $15 million for the first half of the year,” said Jacqueline Thompson of Surterre Properties.

11 High Water 

Thompson recently represented the seller in the priciest on-market sale year-to-date in Crystal Cove, in which 11 High Water sold for $20.8 million.

The 12,507-square-foot custom home was built in 2012, and last sold in 2013 for $11.5 million.

The private local seller traded the property to a buyer with business ties in China who plans to use the property as their primary residence. The home counts six bedrooms and 10 bathrooms.

Among 2021 deals in Crystal Cove, the deal trails the $41 million sale of 28 Midsummer, which traded in March.

Crystal Cove

The enclave of 700-plus homes in the hills of Newport Coast, developed by Irvine Co., has been home to the priciest home sales of the past two years, including the $61 million deal for 15 Del Mar last year and the 2019 sale of 28 Midsummer for $38 million.

The recent lack of ultra-high-end buys in the neighborhood comes as a growing number of residents relocate their primary residence to states with more favorable tax laws, Thompson said.

 “Because of the income tax environment, some home shoppers are rethinking the need for a big estate in California, instead choosing to buy smaller, coastal homes here,” Thompson said.

Pelican Point

Thompson was also involved in another nearby Newport Coast transaction, representing the seller of 4 and 6 Shoreview.

The two parcels—just north Crystal Cove State Park, and south of Coast Highway—include a six-bedroom main residence and a two-bedroom guest house and entertainment center. They traded last month for $17.3 million.

The seller first bought the home at 4 Shoreview over two decades ago, and bought the next-door 6 Shoreview when it came on the market in the early 2000s.

They then demolished the house and built a new entertainment and guest house that includes a state-of-the-art movie theater with motion technology, a club, bar, wine cellar and pool room.

The 19,374-square-foot home is on a 0.7-acre lot within Pelican Point, a guard-gated community with 50 homes.

The undisclosed buyer is relocating from Silicon Valley and will use the home as their primary residence. 

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