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Thursday, Jul 18, 2024

Port Streets Home Sets Neighborhood Record

A 5,347-square-foot home in Newport Beach sold last month for $12 million, setting a record for the city’s Port Streets neighborhood, an inland part of the city which sits on the opposite side of MacArthur Boulevard as the Big Canyon community.

The prior record for the Port Streets—whose collection of community roads count the Port name—was $11 million, according to Heather Kidder of the Kidder Group, which represented the seller and buyer in the latest deal.

The five-bedroom, seven-bathroom home on 1701 Port Barmouth Place is part of a roughly 1,000-home neighborhood whose Roy O. Andersen Elementary School—the top elementary school of the 22 in the Newport-Mesa Unified School District, according to U.S. News & World Report—is a major draw for homeowners.

Other popular community features include the Port Streets’ swim team, Olympic-sized communal pools and club houses, which all “create a lot of activities for families,” Kidder told the Business Journal.

Rebuilt Home

The Port Streets have been getting more attention from prospective buyers due to its idyllic, suburban vibe, brokers said.

“People are fleeing private schools and city traffic and seeking a community where the kids feel safe and can ride their bike to their friend’s house,” Kidder said.

Many of the homes in the Port Streets neighborhood have been torn down and rebuilt or renovated in recent years, as was the case of 1701 Port Barmouth.

The home was rebuilt in 2017 with Costa Mesa-based architecture firm Brandon Architects, which has constructed over 180 homes, many of which in Newport Beach and Corona del Mar.

Brandon Architects’ rebuild of 1701 Port Barmouth includes a pool as well as glass doors that open up to a patio with a fireplace. The home, intended for a family, comes with a playroom, which is adjacent to the pool.

Interior design firm Brooke Wagner Design also worked on the property. Brooke Wagner, the firm’s founder, owned the home before it was bought by Kidder’s client.

“She took the time to make this home extra special since it was her own,” Kidder said.

Record Prices

Homes in more suburban submarkets of Newport Beach have been selling for record setting prices of late, due to high demand and limited supply.

In June, a 2.5-acre ranch in the Newport Beach part of the Santa Ana Heights community sold for a record $15 million. The prior neighborhood record was $10.6 million.

“These homes are owned by people that don’t need to sell,” Kidder said. “So, in order to sell, they are demanding prices that are setting records in all neighborhoods, from Port Streets to Dover Shores and Bay Shores.”

The supply of Newport Beach homes is further narrowed by buyers wanting turnkey homes.

“They don’t want to have to build or remodel,” Kidder said.

She attributes buyers’ growing reluctance to high building costs, fueled by inflation, and the time-consuming, laborious application review process by not only the city but also homeowner associations.

“They want to be able to move their families into these homes and begin enjoying day one,” Kidder said.

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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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