The luxury housing market is vastly different from that of the traditional market in many ways. From the pristine and exquisite properties to the small pool of qualified buyers, the luxury housing market features a unique breed. While sometimes it takes a bit longer for a property to sell, especially an extremely high-end one, there’s one Newport Coast property that has been on the market for a whopping year and a half with no buyers and it’s current owner’s celebrity hasn’t swayed any interest.
The $6.45 million home belongs to Kobe Bryant and it is chock full of high-end features, one of a kind amenities and truly over-the-top details. But why no interested buyers? The property was originally listed for $8.599 million. Located on a one-half-acre lot and built in 1997, the home is a custom estate built for a basketball great and his family. Some of the most notable features are the shark tank in the office and the unbelievable view of the ocean.
However, it perhaps could be because of it’s intricate customization that the home was never sought after by buyers. Many buyers in the region are typically interested in new properties, but the lack of interest is still strange for such a high-profile owner.
The home has four bedrooms and five and a half bathrooms, a massive master suite with a sitting area, an outdoor kitchen, 850-square-foot gym and fitness center, fire pit, a large pool and spa and a theater with a wet bar. And with all these features, the home isn’t too far out of reach of the median Newport Coast home buyer.
Current Newport Coast housing market conditions
This exclusive community has seen an influx in demand as of recently and the home values are reflecting that. While in the past year the median home value hasn’t skyrocketed as it has in some other areas, it has upticked pretty substantially considering the already high price point here. According to Altos Research, a California-based real estate analytics company, the median single-family home value was reported at $4,891,881 as of April 3.
Compare this figure to about a year ago when the median home value was just about $4.33 million. At the start of March the demand for homes here began to increase substantially and figures are considerably different than they were a year ago. Home buyers wanting to get into the Newport Coast housing market will be met with few homes to choose from, which brings up another reason why it’s so strange the Bryant property has been listed for so long.
Altos’ unique figure the Market Action Index measures from a neutral 30 whether conditions are trending in favor of home buyers or sellers. The index was most recently reported at a seller-favored 34.16.
If you’re interested in learning more about luxury properties in Newport Coast, give us a call. Our experienced team of real estate professionals are here to assist you every step of the way.
Check out these available Newport Coast homes between $3.5 million and $5 million
$3,795,000 : 2 Lantana, Newport Coast4 beds, 6 baths
$4,785,000 : 32 Twilight Bluff, Newport Coast4 beds, 4 baths
$4,780,000 : 16 Dunes Bluff, Newport Coast5 beds, 5 baths
$4,399,000 : 10 Telescope, Newport Coast4 beds, 5 baths
$3,880,000 : 3 Camden Court, Newport Coast3 beds, 5 baths
See all City of Newport Coast Luxury Homes For Sale.
(all data current as of 11/22/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.