RESIDENTIAL REAL ESTATE

Newport Coast Lots Selling: The Irvine Co. reports that it has closed escrow on 32 custom home sites in its new Newport Coast development, a 9,500-acre piece of the heretofore empty stretch of hills and coastal scrub between Newport Beach and Laguna Beach.

In all, the company has put 115 sites on the market since August: 55 at its Pelican Point neighborhood on the bluffs overlooking the Pacific Ocean and 60 at Ocean Ridge, in the hills just inland of Coast Highway.

Prices for these if-you-have-to-ask-you-can’t-afford-’em lots run from just under $1 million to a bit over $3 million in Pelican Point, and from $500,000 to $800,000 in Ocean Ridge.

Escrows have closed on 13 of the Pelican Point lots since sales opened in August, while 19 of the Ocean Ridge sites have been sold since opening day in February.