The Newport Beach Real Estate market saw a number of record sales in 2012 with 10 banner sales over the $10 million dollar price point. Newport Beach is widely known as the most expensive real estate market in the country and the luxury real estate market is very much alive and increasing. The most expensive home sold was the luxury estate called "One Pelican Hill Road." The home is located in the Pelican Hill area of Newport Beach and situated on one of the largest lots in the area. The property was sold in it's current state where construction was in the final stages. Upon completion of the home, the property would featured a 17 car garage, lush landscaping, multiple terraces, a private lake, tennis court, vineyards, wine cave, horse stable and riding area, and a gatehouse. The property was bought at auction with final paid sales price of $19,425,000.
3 of the top 10 properties were sold in the Corona Del Mar area of Newport Beach and 4 of the top were sold in the upscale Newport Coast area of Newport Beach. When deciding where to buy a luxury home in Newport Beach you have many options. Some luxury home buyers prefer the opulent and impressive Newport Coast area for it's large scale architecture and secure gated communities. Others prefer a bay front or oceanfront location in the heart of the city. No matter what price you are interested in spending you have many options in Newport Beach. Please contact Sam Smith at 949-444-1901 to start your Newport Beach Real Estate search.