Corona del Mar Village

As I sit here on this sunny Saturday afternoon at my listing that I am holding open in the Corona del Mar Village, I’m reminded how much I love it here! And what is not to love? In my first post highlighting communities in Coastal Orange County, I begin with Corona del Mar, specifically, the Village, one of several neighborhoods that you’ll find in the area, and very distinct from its fellow Corona del Mar neighborhoods of Shorecliffs, Cameo Shores, Cameo Highlands, Jasmine Creek, Jasmine Park, and Sailhouse.

Located half way between Los Angeles and San Diego at the coast, Corona del Mar (Spanish for Crown of the Sea) is an annexation of the City of Newport Beach. Located on the South side of the city and neighboring Newport Coast’s Crystal Cove on the North, Corona del Mar is home to approximately 13,000 people and 6,800 residential households (according to the 2000 census).

Once you experience the Corona del Mar Village lifestyle, you are not at all surprised by the desire to live here. Corona del Mar has become one of the most coveted communities in Coastal Orange County attracting an affluent and professional resident with its charming Village area filled with chic shops, hip restaurants, quaint gathering places, and established community events such as the CdM 5K and the annual Christmas Walk. In a community where summer barbeque’s and block parties are the norm, this social community is known for its pedestrian way of life where residents walk their dogs and stroll along the tree-lined residential streets, grassy ocean top bluffs, and sandy beaches. Weekend activities include a trip to the Village’s farmers market or a stop at Peet’s Coffee for a favorite espresso drink and a hello to friends. Brunch at Panini’s or Zinc Café might round out the morning. Situated in the distinguished Newport Mesa School District, and minutes away from the professional centers of Newport Center and Irvine, Orange County’s John Wayne airport, and world class educational resources such as UC Irvine, it is no wonder that Corona del Mar has become one of the most recession proof communities around! This community has it all…except for land. Yards are hard to come by, instead replaced by sunny patios or rooftop decks perfect for Adirondack chairs, flower pots, and a barbecue - all that is needed for outdoor entertaining, a way of life in the Village.

Here is a visual tour of the Corona del Mar Village area, its amenities: 

Here is a visual tour of the Corona del Mar beaches: 

Corona del Mar Village is densely populated with about 75% of the Village being condo ownership and about 25% single family residences. The Village is divided by Pacific Coast Hwy (PCH) and you either live on "North of PCH" or "South of PCH". Village streets are named after flowers and are (more or less) alphabetically arranged from Avocado to Poppy. The South Side of PCH is generally more coveted as you don’t have to cross PCH in order to get to the beach, however, it is never more than a mile walk to the beach from anywhere in the Village, and North of PCH is a fantastic place to live. All Village property on the North side of PCH is condo living as all lots are zoned R-2 and duplex living dominates the terrain as a result. You will run across ½ addresses (ex: 402.5 Dahlia) in order to express the back unit address found in duplex listing. "Front Unit" and "Back Unit" descriptions in real estate listings are common as a result. Duplex living also creates lots of "mini-HOA’s" in Corona del Mar, made up of two owners who share the ownership and cost of common area items such as landscaping upkeep and roof maintenance.

South of PCH you find a mix of single family and duplex zoning, sprinkled with a few rare pockets of mixed zoning where you’ll find the occasional 4-plex or 6-plex. A typical lot size is 30′ x 118′ however, it is possible to find some lots up to 45′ wide. You’ll find properties from duplexes to beach bungalows to mansions.

Here is a visual tour of residential living in Corona del Mar: 

Pricing Summary (as of April 12, 2008):

• Condo:
  • Entry level pricing is about $700,000 for a 1 bedroom condo.
  • The most expensive Village condo currently listed is $2,499,000. That gets you 4 bedrooms and harbor views.
  • More typically (based on MLS Sales data since 1/1/08):
    • A 2 bedroom condo will run an average of $1,150,000.
    • A 3 bedroom condo will run an average of $1,400,000
• Single Family Residential:
  • Entry level pricing is about $1,500,000
  • The most expensive property currently listed is $14,495,000. That gets you unobstructed ocean views, a private staircase to the beach, with 2 bedrooms and 4 baths.
  • More typically (based on MLS Sales data since 1/1/08):
    • The average sales price of a single family home is $2,200,000

State of the Market (as of April 12, 2008):

What a time to buy in Corona del Mar! Lots of choices to move to or buy a second home in the best neighborhood in Newport Beach. Pricing discounts aren’t hitting this coastal community as strongly as its inland neighbors and property in Corona del Mar is selling (see the Market Condition Report for Coastal Orange County), but if you can afford to move to the beach, this is the time to do it. Appreciation has been flattened, while the location and desirability of the neighborhood has not changed. This community is a superb investment and you’ll enjoy Village life while the market picks up steam. An added bonus is the strength of the rental market in Corona del Mar - lots of qualified professionals look to live in Corona del Mar. It is one of the best rental pools around offering a strong investment option for the long term.

Condos:

• 61 listed
• 9 in escrow
• 15 sold to date (as of 1/1/08)
  • Average list price: $1,425,000
  • Average sold price: $1,350,000
  • Average time on market: 4.5 months

Single Family Residential:

• 46 listed
• 3 in escrow
• 13 sold to date (as of 1/1/08)
  • Average list price: $2,250,000
  • Average sold price: $2,200,000
  • Average time on market: 1.7 months

If you would like more information on buying or selling a home in the Corona del Mar Village, please contact Stacey Harmon. I’ve sold three homes in the Village in the last 6 months, have two in escrow, and two more available (402 Dahila and 327.5 Marguerite)! 327.5 Marguerite is truly a Corona del Mar Best Buy - listed at $699,000 it is the most affordable property in the Village with the best styling and finishes. Totally rebuilt in 2007, there isn’t a better way to get into the Corona del Mar lifestyle.