Newport Beach Ultra Luxe Home Market Sees Upswing

The latest entry to Newport Beach’s ultra luxe listings is 3 Del Mar, coming in at about $54 million. It is the sixth priciest listing in Newport Beach, following the No. 5 property, 28 Tide Watch at $55 million. The most expensive house for sale in the beachside city is 20 Harbor Island, listed for $74 million.

Asks & sales for ultraluxe homes increasing in Newport Coast and Newport Beach — Daftarian Group’s Paul Daftarian

The six homes asking more than $50 million show how this summer, prices in Newport Beach have ratcheted up to rival Malibu and Beverly Hills numbers. Last year, the priciest sale in the beachside market was 22 Midsummer, a 12,000-square-foot newly constructed mansion that listed at about $35 million and sold for $29 million in September 2022. The price worked out to $2,482 per square foot. So far this year, the priciest Newport Beach sale is 1 Shoreridge, a 9,600-square foot resale that traded for $34 million, or $3,035 per square foot, said Paul Daftarian of Daftarian Group, based in Newport Beach’s Corona Del Mar district.

The luxe market has been marked by a great performance in the city’s Newport Coast neighborhood. In July, the median price for a Newport Coast home was $4.7 million, according to Redfin, up more than 23 percent in a year-over-year comparison. Length of time on Newport Coast’s market has declined from 48 days in July 2022 to 28 days in July 2023, according to Redfin.

“Since Covid, prices have rapidly been going up and everything has been selling for record or notable prices,” Daftarian said of the enclave. “The strategy has been to list it high and hold out. If you get it sold quickly, great; if not, wait it out because the price is going up.”

WIth an asking of $54 million, 3 Del Mar in the Crystal Cove neighborhood offers 12,000 square feet with a wine cellar, a gym, a 15-seat theater and a subterranean nine-car garage. Tim Smith and Yasmeen Berri of Coldwell Banker Realty hold the listing. Its 6,300-square-foot neighbor, 5 Del Mar, sold on Sept. 7 for $27 million, or about $4,305 per square foot, which listing agent Smith claims is a Crystal Cove record.