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.