Just under $40 million sought for Newport Coast home with expansive views

The first thing people notice about 1 Shoreridge is how stylistically designed it is for families, according to listing agent Abraham Lim.

“That’s been a striking feature of the home,” Lim said. “Everything in every nook and cranny has really been considered. It was supposed to be a wellness retreat for [the owner’s] entire family, so he put a lot of love and care into it. When you’re doing a flip, you’re usually going with the quickest, cheapest material, but he really thought about his family’s use ... and so people really get that when they come into the home.”

The 12,000-square-foot home sits on double lot of about 34,373 square feet and faces southwest, which makes both unobstructed sunrise and sunset views possible from the back. It includes six ensuite bedrooms, seven bathrooms, four pools, a gym, game room, sauna, kitchen, living room, master suite, office, wine cellar and a four-car garage.

An overhead shot of the 1 Shoreridge property in Newport Coast.

(Courtesy of Circa Properties)

“The lot itself is rare,” Lim said. “A lot of the homes here in this neighborhood are skinnier lots that have nice views but aren’t as expansive as this one.”

The two-story home, built in 2010, is located inside the Pelican Crest neighborhood and has been listed for close to $40 million for the last two weeks. Lim said that they’ve already received offers for the property, but did not confirm if any have been accepted by the seller.

The current median listing price in Newport Coast is around $5.3 million, according to Realtor.com.

“The market overall has been seeing a downturn in a lot of places, but the luxury markets are still thriving — particularly properties that are well designed and ready to move in are kind of flying off the shelves,” Lim said.

Pictured is the entryway for 1 Shoreridge, which is currently being listed at almost $40 million.

(Courtesy of Circa Properties)

He noted one other property in Pelican Crest that was first priced at $45 million sold for $30.6 million in January. Lim noted that he and Circa Properties co-founder Matt Hartman felt that, given the views, turnkey-nature and style of the Shoreridge home, its current listing price was achievable.

“There’s a lot of listings out there in Newport Coast,” Lim said. “After the Super Bowl, there were some mega lists that kind of debuted on the market. There are two stratospheres. The highest stratosphere is the $60-million-plus properties. Not too many of those come online and actually sell at over $60 million,” said Lim, adding that he believed only two such sales have been made in Orange County.

It is Lim’s hope that this property will be able to surpass the $30.6 million sale of 1 Pelican Crest Drive.

“The $60-million-plus is one stratosphere and below that are your $25-million to $40-million [properties],” he continued, adding it’s difficult to find properties that strike in the middle like 1 Shoreridge.

“In that stratosphere, you cannot really find something that’s ready to go like with this lot, which creates a little more urgency in people’s minds.”

The listing is held by Lim and Hartman of Circa Properties and Paul Daftarian, who is with Luxe Real Estate.

One of the outdoor spaces and pools included in the property at 1 Shoreridge on the Newport Coast.

(Courtesy of Circa Properties)

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