FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Murray Marti P   2. Issuer Name and Ticker or Trading Symbol CALIFORNIA COASTAL COMMUNITIES INC [CALC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 680 FIFTH AVENUE, SUITE 2602 3. Date of Earliest Transaction (Month/Day/Year) 01/02/2008 (Street) NEW YORK, NY 10019 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock - $.05 par value 01/02/2008   A   3,515 (1) A $ 5.69 544,716 (2) D (3)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Murray Marti P 680 FIFTH AVENUE, SUITE 2602 NEW YORK, NY 10019	X

Signatures

Marti Murray		01/04/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	These are restricted shares that were issued under the Director Fee Program of the Amended and Restated 1993 Stock Option/Stock Issuance Plan at the election of Ms. Murray. The shares vest in 25% increments at the end of each quarter during 2008. Upon vesting, Ms. Murray intends to transfer these shares to certain investment advisory clients of Murray Capital Management, Inc. for no consideration. The Reporting Person disclaims beneficial ownership of the 3,515 shares except to the extent of her pecuniary interest therein.
(2)	Includes 3,515 restricted shares issued to Ms. Murray under the Director Fee Program and 541,201 shares held by Murray Capital Management, Inc., ("MCM") a registered investment adviser. Marti P. Murray is the president and sole shareholder of MCM and has sole voting and dispositive power with respect to, and therefore may be deemed to beneficially own, the 544,716 shares of common stock held by the investment advisory clients of MCM. The Reporting Person disclaims beneficial ownership of the 544,716 shares except to the extent of her pecuniary interest therein.
(3)	Includes 3,515 restricted shares issued to Ms. Murray under the Director Fee Program and 541,201 shares held by Murray Capital Management, Inc., ("MCM") a registered investment adviser. Marti P. Murray is the president and sole shareholder of MCM and has sole voting and dispositive power with respect to, and therefore may be deemed to beneficially own, the 544,716 shares of common stock held by the investment advisory clients of MCM. Upon vesting, Ms. Murray intends to transfer the restricted shares to certain investment advisory clients of MCM for no consideration. The Reporting Person disclaims beneficial ownership of the 544,716 shares except to the extent of her pecuniary interest therein.

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