by OC Register
At 20 years old, an ornate, 7,800-square-foot, six-bedroom house in Newport Coast’s Pelican Hill is being sold as ripe for a teardown.
“We’re trying to get people to see the vision,” said co-listing agent Gregory Lynch of HOM Sotheby’s International Realty, speaking with agents at a broker preview last week.
“And the vision is this: 17,000 square feet.”
He gestured to plans for a new mansion that could be built on the lot. The manse would include 7,000 feet of subterranean space, he said, take more advantage of the Pacific Ocean views, and be ever mindful of Feng Shui, a traditional Asian practice using design to achieve harmony within a home.
Though the house today is mostly empty, it still has some of a previous owner’s signature touches.
The entry is flanked by two statues of lions. On one side a tall, round observation deck sits in the middle of a winding pond stocked with large koi. The two-story grand foyer leads to a circuitous flow of halls and rooms. The floors are marble, and the master suite includes black and gold toilets and sinks.
Grounds include a swimming pool and spa, plus a barbeque area with a poolside bar.
A luxury builder bought the house from the last owner, Lynch said, and is ready to rebuild, or at least, remodel it.
Lynch said the architect understands the Feng Shui design elements that are in demand among many high-end, Newport Coast buyers. Continue reading the OC Register article here
Cheryl Lynch shares her thoughts on the Active Inventory Peak of Orange County real estate:
The active inventory has been low for years, but this year it has been exceptionally low. The Orange County housing market has been frustrating buyers for years now and 2017 has proved to be especially frustrating. With 7% fewer FOR SALE signs this year compared to last year, there just have not been enough homes to satiate the voracious appetite of buyers. As a result of low inventory and off-the-chart demand, Orange County homes have appreciated non-stop since 2012. In the past year alone (July ’17 over July ’16), the median sales price has risen by 5.5%, and since 2012 has risen by 80%.
Even with a rising median sales price, the historically low interest rate environment is keeping homes affordable. And, interest rates are projected to remain low for the rest of the year and into 2018 as well. An anemic inventory is only going to fuel future appreciation. Buyers will continue to compete with limited choices and multiple offers will persist, especially in the lower ranges, homes priced below $750,000. The inventory will remain low for quite some time because the active listing inventory peaked about a month ago, not quite reaching the 6,000 home mark. For perspective, the active inventory needs to remain above 8,000 homes for quite some time in order for the housing market to move from a seller’s market to a balanced market, one that does not favor a buyer or seller. Continue reading here.
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