HomeMy WebLinkAbout12 -Approving the Residences at 1401 Quail Street Project; and Overriding OCALUC's Determination of Inconsistency - CorrespondenceReceived after Agenda Printed
April 9th, 2024
Re: City Council Agenda Item 412 - 1401 Quail, Newport Beach
Dear Members of the Newport Beach City Council,
April 9, 2024
Item No. 12
SmithGroup
As a premier realtor in the Newport Beach area specializing in luxury residences, I bring a
wealth of experience and a profound understanding of our local market dynamics. My team and I
have successfully represented over $5 billion in sales over the past decade, positioning us as
pivotal figures in Orange County's real estate sector, with a particular focus on Newport Beach.
Our insights stern from extensive dealings with a sophisticated clientele, setting the benchmark
for the luxury market.
Our observations reveal that the demand from out-of-state buyers for luxury properties in
Newport Beach has quadrupled since the onset of the COVID-19 pandemic. Previously, out-of-
state buyers constituted roughly 12% of our clientele; that figure has now surged to
approximately 50%. This demographic is drawn to the safety, lifestyle, and climate offered by
Orange County --a combination that is increasingly hard to find elsewhere. The 1401 Quail
project, with its innovative design and luxury amenities, aligns perfectly with the desires of these
out-of-state buyers, making it an exceptionally timely and relevant development. Based on
current trends and the scarcity of new development opportunities in our region, I anticipate that
the demand from these buyers will continue to rise.
The 1401 Quail project will provide:
■ 67 luxury condominiums in a stacked -flat living condition.
• S of these units will be affordable -rate homes.
• Several common area amenities consisting of a lobby, clubhouse and pool deck.
• Premiere access control for the building's residents and guests.
• Spacious rooftop decks for the penthouse suites and balconies for each unit showcasing
Newport Beach views.
■ Structured parking with access control for vehicles.
Given my extensive experience and the insights gained from a broad spectrum of luxury buyers,
I am convinced that the 1401 Quail project not only meets but significantly exceeds the current
market demands. It represents an exceptional opportunity for Newport Beach, promising to
enhance our community's housing landscape profoundly.
I am supportive of this project moving forward and recommend the City Council's approval of
this project tonight.
Sincerely,
1 COLOWELL BANKER REALTY
840 Newport Center Drive, Suite 100 1 Newport Beach, CA 92660
P: 949.478.2295 1 F: 866.532.6985