Home prices soar in Newport Coast
Paul Clinton
Newport Coast’s white-hot home market bolstered a mostly healthy
increase in median-home values in March, a regional real estate group
said Friday.
In March, the value of the middle-range home grew 33.39% during
the month in the down-coast section of Newport Beach, the California
Assn. of Realtors reported. The mid-range home that was worth
$856,500 a year ago is now worth $1.14 million.
“It’s one of the few areas where you can still find beachfront
homes,” said Robert Kleinhenz, a senior economist with the group.
“It’s a very hot area now.”
The report measures single-family homes; condominiums are not
included.
Growth in southern Newport Beach continues to outpace any of the
other areas of Costa Mesa or Newport Beach. However, mid-level homes
in Corona del Mar and Costa Mesa are still seeing hefty increases in
its value.
During the month, Costa Mesa’s median home value rose 14.86%, from
$350,000 to $402,000. In Corona del Mar, median home values rose
15.89%, from $755,000 to $875,000.
In Newport Beach, excluding the coast and Corona del Mar,
median-home values fell 1.38%, from $725,000 to $715,000.
The number of homes that sold in Corona del Mar, 23, and Newport
Coast, 28, was on the low end.
Local real estate agents and executives echoed the news that
Newport Coast is perhaps the most desirable location for wealthy home
buyers. While the market now shows a shortage of new homes, several
high-profile communities are set to increase supply, Strada
Properties President Steve High said.
“Newport Coast has been very strong,” High said. “There’s just not
much in new house development. We’re seeing a shortage of product.”
The Irvine Co. is readying four new communities to begin selling
during the summer. Brookfield Homes began offering the first phase of
its Ziani community, which includes 168 townhomes, on March 22.
Prices started at $500,000. Floor plans range from 1,610 to 2,632
square feet.
Greystone Homes’ Verona project has sold about 60% of its homes,
which start at slightly more than $700,000 and offer between 1,773
and 2,105 square feet of space.
Overall, in Orange County, mid-level homes soared 18.01%, from
$320,000 to $380,000 over the past year, the association reported.
Statewide, these homes rose 15.3%.
“While consumers remain concerned about the general direction of
the economy, buying a home continues to be a safe haven,” said Toby
Bradley, the group’s president.
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