Location, Location, Location: Newport Beach
May 1, 2005
“We’re seeing a huge demand for
relaxed Tuscan-style homes in Shady Canyon—it’s the hottest segment of
the
market right now,” says realtor John McMonigle of Strada
Properties, who notes
that his Newport-area sales have topped $500
million since 2000. “It’s eight
minutes from Fashion Island but is very
rustic in nature and feels like it’s two
hours away.”
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The Sea
Greens estate was designed by Fari
International and is
currently on the market
for $11.95
million. (Click image to enlarge)Old Newport Beach has not lost its luster, however. Harbor Island is one of Newport’s most coveted addresses, with only a handful of houses—all nestled on oversize waterfront lots. Homes rarely change hands, but when they do, Wright claims, they set sales records. “A few years ago you could have had the nicest home for $15 million, but today it would be much more,” he says, also noting that Newport Coast might soon take the prize for priciest sales, even though most homes have yet to be resold. Real estate on nearby Bay Island is not likely to bring the same prices as Harbor Island, but it is more remote. Connected to the mainland only by a gated pedestrian bridge (motor vehicles are prohibited on the island), the island’s vintage beach houses are regarded as family legacies and rarely come on the market. “Most people are unaware that they even exist,” Wright says. “It’s a great example of what Newport Beach was, and how it still is in some places.”
According to McMonigle, whether buyers are considering a clean-lined oceanfront house or a 15,000-square-foot villa with views—the two categories that are most in demand—they should expect to spend $10 million to $14 million. “On the waterfront, you’re buying frontage,” Wright says. “In Newport Coast or Shady Canyon, you’re buying square footage.”
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