Newport Beach Real Estate Market Archives - Southern California Luxury Homes

A Few Palatial Homes Stand Out in the Luxury Newport Beach Real Estate Market

Once upon a mansion multiplies itself time and again in the Newport Beach real estate market. Forget the dark cold European mansions. These fashionable Newport Beach homes breathe beautifully with the coastal ocean air. Sellers are now expecting more for their properties in the Newport area—Newport Beach, Corona del Mar, Balboa Island, and Newport Coast.

Spectacular Estates

Born of someone’s dreams, each splendid home tells a unique story. An outstanding property is highlighted at realdeal.com. A 12-acre spread on Pelican Hill Road North in Newport Coast has the artful distinction of being the largest private residence in Orange County. The home features 17,000 square feet with 8 bedrooms and 14 baths and fine custom finishes—marble to gold leaf and iron.

The wow factor for this estate is not necessarily the size but the grandeur. The Villa del Lago estate boasts fabulous grounds and backs up to Buck Gully Reserve, about a mile from Pelican Hill Resort. It features panoramic views of the Pacific Ocean, lush canyons, and the city lights. A gatehouse entry, elegant landscaping with an acre cascading lake, tennis court, stable and riding ring, putting green, swimming pool and pavilion, and even an organic garden. Winemaking is next. Once valued at $87 million, it recently sold for $40 million.

Worth mentioning, a current MLS listing in guard-gated Harbor Island offers over 14,000 square feet right on the water. The distinctive classic architecture sits on a landmark promontory on Newport Harbor. This property has been flawlessly re-mastered with beautiful formal and informal spaces – along with accommodations for a large yacht.

A 9500 square foot masterpiece on Balboa Peninsula Point is priced at $29,995,000. The waterfront estate showcases extraordinary views and Italianate architecture. This one has all the bells and whistles inside and out, including a large private boat dock.

Price Fluctuations for Top Tier Real Estate

We might ask ourselves, why the substantial price drop? The California ultra-luxury market tends to fluctuate dramatically. Built in 2000, this example property leaped from a million dollars in tax assessment value to $22 million. Yet its actual sales prices waivered substantially. It listed for $57, then $67 million in 2007 and sold for under $20 million in 2012. Last year it came on the market for $55 million before selling for $15 less.

However, as realdeal.com explains, potential sellers may overprice their homes and then they take a substantial hit to close. It averages out to 10 percent. And sellers who overprice take longer to get the right buyers. So best to price a luxury property right from the get-go and avoid the ups and downs.

Luxury Home Prices in Newport Beach

High prices are trending in the Newport Beach real estate market. Another Newport Coast home sold for $19.5 million at the end of 2017 and about 20 more homes nearby sold for over $15 million. Just a few years ago, only an occasional home for sale fell into this price range. Nonetheless, the median price for the area is about $3.2 million.

Remember, many of the homes in Newport Beach were built decades ago. Luxury home buyers love the beach area, however, and are willing to invest millions into a property with the right neighborhood and views. Older homes may get razed to make room for palatial alternatives with the modern, sought-after features.