Kim Cole, Coldwell Banker Previews International
Introduction to the enclave: As a local Newport Ridge in Newport Coast homeowner, it is a genuine pleasure showing my clients the many wonderful amenities the Newport coastal experience offers. The 371-acre Newport Ridge community includes several gated home communities and a generous 38 acres of parks, open space and landscaped paseos.
Bordered By: The communities within Newport Ridge are bordered on the east by Turtle Ridge in Irvine, on the south with Crystal Cove and Laguna Beach, west with Spyglass Hill and the Village of Corona del Mar to the north
Views: Many of the rare properties in the Newport Ridge communities offer views from the canyons to the ocean, and to the east there are city lights and mountain views.
Homes: The homes are mostly French Contemporary architecture and were built in the mid 1990s. There are approximately 875 homes in Newport Ridge offering square footage from 1,500 to 4,000.
History of the Area: The area is part of the Irvine Ranch and was developed by the Irvine Company in the early 1990s. The Newport Ridge area of Newport Coast was one of the last areas for the Irvine Company to develop along the coast. When developed, Donald Bren only planted trees that reminded him of Northern California – only pine trees – and utilized fire-resistant foliage in the park areas. In the early 2000s, Newport Coast was annexed to the City of Newport Beach, offering the residents the use of the city’s services. Newport Ridge has its own fire station and full time fire department. Its own shopping center is centrally located with a Pavilion’s; Dogma, a pet supplies store; Newport Animal Veterinary hospital (for our wonderful pets!); and sushi.
How the Community has Evolved: The community now accesses several scenic walking and bicycling trails that lead to popular coastal destinations, including Crystal Cove State Beach. Other destinations include world-renowned Pelican Hill Resort and Golf Club, recently renovated. In the Ridge, the Newport Coast Community Center was built in the mid 2000s and offers classes and activities for all ages along with an indoor basketball court and a concierge service.
Community Features/Amenities/Special Events: Amenities include: browsing the charming boutiques of Corona del Mar, strolling the sandy beach at Crystal Cove State Park and shopping at nearby Fashion Island. Newport Ridge puts on annual events that are fun for couples or families with children. There is the summer film festival at the Newport Ridge Community Park which shows evening movies throughout the summer – just bring your chairs! The event center also puts on an annual Community Sleep Over for moms, dads and children in mid-summer. It is a lifestyle that would be my pleasure to show you. As a homeowner in Newport Ridge since its inception, I can offer you a very unique home finding experience. Why You Love Living Here: I love living here because of the lifestyle that Newport Ridge offers. There is always something exciting to do only moments away. You’ll find Newport Ridge residents enjoying beautiful days and benefiting from the best in shopping, dining and entertainment.
Current Market Activity: ZIP code – 92657
Median List Price of all Current Listings: $1,474,500
Average List Price of all Current Listings: $1,531,275
March Median Sales Price: $1,747,500
March Average Sales Price: $1,610,500
Total Properties Currently for Sale (Inventory): 32
Current Active Listings: 10 single-family homes (ranging between 3 and 5 bedrooms with 3 to 4 baths.) There is one community with condos with 2 active listings.
March Number of Properties Sold: 6
Ave. Days-on-Market: 130
Asking Price per Square Foot (based on New Listings): $523
March Sold Price per Square Foot: $481
March Month’s Supply of Inventory: 5.3
March Sale Price vs List Price Ratio: 98.4%
Market Activity has picked up since the holidays. Current listings include several communities in Newport Ridge. March property sales were 6, up 50% from 4 in March 2010 and equal to 0% 6 sales last month. March 2011 sales were at their highest level compared to March 2010 and 2009. March YTD sales of 18 are running 38.5% ahead of last year’s year-to-date sales of 13. Listing prices for single family homes range from $1,000,000 – $2,000,000. The Median Sales Price in March was $1,747,500, up 11.8% from $1,562,500 in March 2010 and up 40.4% from $1,245,000 last month. The Average Sales Price in March was $1,610,500, up 5.5% from $1,526,250 in March 2010 and up 16.7% from $1,380,510 last month. March 2011 Ave. Price Sold was at a mid range compared to March 2010 and 2009. The Total Inventory of Properties available for sale as of March was 32, up 10.3% from 29 last month and down -8.6% from 35 in March of last year. March 2011 Inventory was at the lowest level compared to March 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. (The March 2011 MSI of 5.3 months was at its lowest level compared with March of 2010 and 2009. MSI is the number of months needed to sell all of the inventory at the monthly sales price.) Days-On-Market for March was 130, up 39.8% from 93 days last month and up 14.0% from 114 days in March of last year. The March 2011 DOM was at a mid range compared with March 2010 and 2009. The March 2011 Selling Price per Square Foot of $481 was up 3.0% from $467 last month and up 2.3% from $470 in March of last year.
Information provided by Kim Cole. Contact her at Coldwell Banker Previews International. Call 949.466.3703, or email her at kimcole@cox.net. Her office is located at 4 San Joaquin Plaza, Suite 260, Newport Beach, Calif. 92660. www.TheHomesAlongtheCoast.com
