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Monday, Dec 5, 2022

Top-Dollar Deal Nears for Pelican Crest

$45M Asking Price For Estate; in Escrow

A Pelican Crest estate has gone into escrow for near-record pricing, as the nearly 100-home community enjoys new sales interest from local buyers.

The estate at 1 Pelican Crest, a roughly 13,500-square-foot home that came on the market for $45 million last year, has entered into escrow without contingencies, according to listing broker Paul Daftarian of Luxe Real Estate.

Though Daftarian declined to share the sales price ahead of closing, he noted the deal would mark “one of the highest sales in the history of the zip code.”

Despite economic uncertainties, high-end buyers are still willing to pay top dollar for coastal homes in Orange County, brokers note.

Pelican Hill and Pelican Crest, two of the neighborhoods surrounding the Resort at Pelican Hill—the Irvine Co. development that includes a hotel, a golf course, spa, retail and meeting space—are seeing that attention, especially as limited inventory pulls prospective buyers away from nearby Crystal Cove.

“Pelican Crest is the place to buy,” said Coldwell Banker Realty’s Tim Smith, who last month represented the sellers in the $23.5 million sale of 7 Pelican Vista Drive. “The value and pricing will continue to go up to more closely align with Crystal Cove as more people realize how great the Pelican neighborhoods are.”

Premier Sale

1 Pelican Crest last sold in 2017 for $24.1 million. The home, which counts seven bedrooms and 11 bathrooms, was built in 2010 on a 0.7-acre lot.

“It’s one of most premier single lots of any property in coastal Orange County,” Daftarian said.

The undisclosed sellers decided to trade the home in lieu of a smaller property; the undisclosed buyers are planning a “massive renovation,” Daftarian said.

The home is expected to close late this month.

Lone Pelican Crest Listing

The top Orange County home sale of the year occurred in August with the $43.5 million sale of 66 Emerald Bay in Laguna Beach.

“With the examples of 66 Emerald Bay and 1 Pelican Crest, it’s clear that wealthy shoppers have their eyes on Orange County, and that’s not going to change,” said Smith, who represented the sellers of 66 Emerald Bay.

His recent sale in Pelican Crest marks a price record for the neighborhood, where just one home is listed for sale: 38 Pelican Crest Drive.

That 9,276-square-foot home sold in an off-market transaction last year for about $10.7 million; the new owners invested in a massive overhaul of the property, and put it back on the market this year for $20 million.

“They essentially took it down to the dry wall,” Daftarian said of the renovation. “I expect the home should sell not too far away from the asking price.”

A nearly 0.5-acre homesite is also on the market in Pelican Crest for $8.9 million.
The 20,000-square-foot lot “represents one of the last opportunities to build a custom coastal residence within the Pelican Crest community,” according to brokerage materials from Rex McKown and Marcy Weinstein of Compass.

“We are in uncertain times, but people realize the intrinsic value of Orange County real estate,” Smith said. “As inventory continues to shrink, prices will continue to go up in coastal neighborhoods.”

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