8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) December 27, 2007

California Coastal Communities, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware
(State or Other Jurisdiction of Incorporation)

0-17189	02-0426634
(Commission File Number)	(I.R.S. Employer Identification No.)
6 Executive Circle, Suite 250, Irvine, California	92614
(Address of principal executive offices)	(Zip Code)

(949) 250-7700
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01               Regulation FD Disclosure

On December 27, 2007, the Registrant issued a press release announcing the delivery of the first nine homes at its 356-home Brightwater community in Huntington Beach, California which generated cash proceeds of $11 million, or $1.2 million per home (the “Press Release”).  Attached hereto as Exhibit 99.1 and incorporated by reference herein is a copy of the Press Release.

The information in this Current Report on Form 8-K, including the exhibit hereto, is being furnished under Item 7.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference into any future registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01               Financial Statements and Exhibits

(d) Exhibits

99.1Press Release of the Registrant, dated December 27, 2007, announcing the delivery of the first nine homes at its 356-home Brightwater community in Huntington Beach, California.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 27, 2007	California Coastal Communities, Inc.
	By:	/s/ SANDRA G. SCIUTTO
		Sandra G. Sciutto
		Chief Financial Officer and
		Senior Vice President

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EX-99.1

EXHIBIT 99.1

Press Release

Contact:	Raymond J. Pacini
	Chief Executive Officer	December 27, 2007
	949-250-7781

CALC Delivers First Homes at Brightwater

IRVINE, California — California Coastal Communities, Inc. (NASDAQ:CALC) announced that it recently delivered the first nine homes at its 356-home Brightwater community.  These nine homes generated cash proceeds of $11 million, or $1.2 million per home.  In addition, $7.8 million of restricted cash was released to the Company upon commencement of home deliveries at Brightwater under the Company’s term loan agreement. The Company has also delivered 31 homes during the fourth quarter to date at its various inland projects, which generated an additional $13.5 million of cash.  After required debt repayments and other uses of cash, the Company expects its year end cash balance to be in excess of $24 million, compared with $10.6 million of cash at December 31, 2006.

Raymond J. Pacini, CEO of the Company commented: “We are pleased to welcome our first homebuyers at Brightwater.  After all the years it took to get this community approved, it is rewarding to see our first homeowners move in. Given Brightwater’s unique coastal location, the superior product that we are offering, the limited supply of new coastal home communities and the absence of competition from other homebuilders in Huntington Beach, we look forward to opening sales of our larger homes at Brightwater in February 2008.”

Mr. Pacini continued, “The Company’s financial position is solid and while we expect 2008 will be another challenging year in the homebuilding industry, we are prepared for it”

The Company’s 105-acre Brightwater project is located near the corner of Pacific Coast Highway and Warner Avenue, and overlooks the Pacific Ocean and the recently restored 1,200-acre Bolsa Chica Wetlands.  It is the largest asset in the Company’s portfolio, representing approximately 74% of real estate inventories as of September 30, 2007.  Brightwater is currently expected to generate gross margins of approximately 30-40% due to the Company’s low carrying value in Brightwater; however, there can be no assurance that such margins will be realized.

The Company is a residential land development and homebuilding company operating in Southern California.  The Company’s principal subsidiaries are Hearthside Homes which is a home building company, and Signal Landmark which owns 110 acres on the Bolsa Chica mesa.  Hearthside Homes is building all of the homes at

Brightwater and has delivered over 2,000 homes to families throughout Southern California since its formation in 1994.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Certain of the foregoing information contains forward-looking statements that relate to future events or the Company’s future financial performance.  These statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements.  In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of such terms or other comparable terminology.  These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, goals, expectations and intentions, the number and types of homes and number of acres of land that the Company may develop and sell, the timing and outcomes of any such development, the timing and outcomes of regulatory approval processes or administrative proceedings, cash flows or sales, and other statements contained herein that are not historical facts.

The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements.  The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release.  No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

***END***

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