Markets on the Newport coast continue to struggle with a record inventory of custom homes for sale, while demand from out-of-town buyers has yet to abate.
These high-end buyers are willing to pay top dollar for homes and entice hesitant sellers to close deals, driving prices up and listings down.
“The market is still strong, with limited inventory and an increase in buyers from other markets,” Compass’ Marcy Weinstein told the Business Journal.
Over the past year, Weinstein notes that 22 custom homes have been sold in crystal cove, pelican crest and Pelican Hillwith only 10 homes remaining on the market.
“That’s less than a six-month supply,” Weinstein said.
“We used to sell about one custom home per month, and that doubled during the pandemic as all markets became more active.”
Pelican Crest, Offers Hill
Pelican Hill and Pelican Crest, two of the neighborhoods surrounding the Resort at Pelican Hill-the Irvine Co. development that includes a hotel, golf course, spa, retail and meeting space – continues to benefit from this activity.
Weinstein is involved in the sale of 1 Pelican Crest, a roughly 13,500 square foot home that was put on the market for $45 million last year and went into receivership without contingencies.
Robert Smith and Michael Franco of the McKown, Weinstein & Associates the team represents buyers, while Paul Daftarian of Luxury real estate to the list.
“Interest rates don’t impact the high end, but dwindling inventory and a strong desire to live in Orange County do,” Weinstein said.
A notable deal for Pelican Hill came late last month with the $17.8 million sale of 10 Fair Harbor, a 7,368-square-foot estate that underwent a full renovation earlier. This year.
Michelle Linovitz of Villa real estate had the listing for the five-bedroom, seven-bathroom home; Cesi Pagano and Karen Forbes of Keller Williams Realty resumed the buyers.
Cristal Cove standout
In a sign of strong demand from out-of-town buyers, a Beverly Hills couple from Asia have paid $55 million for a Crystal Cove mansion formerly owned by
Newport Beach Plastic Surgeon Terry Dubrow and reality TV star Heather Dubrow.
The sale is the fourth most expensive on record in Orange County, brokers note, though some have questioned the home’s true value due to its location and nearly ten-year age.
Other brokers point to the home’s sprawling size — 22,000 square feet — and limited inventory of custom homes for sale as evidence of the home’s high value.
“I think it’s a fair price for the house, given today’s market,” said Weinstein, who previously represented the Dubrows at their local real estate properties.
Josh Altman of Douglas Elliman represented the Dubrows in this transaction, while the undisclosed buyers were replaced by Compass Ginger Glass.
Weinstein and brokerage partner Rex McKown have six active listings in all three Newport Coast markets, ranging from a nearly $15 million home in Pelican Hill to a $69.8 million home in Crystal Cove.
This latest listing was the most expensive on the market last week in Orange County.