In theory, 700 watts is enough. In practice, it depends on the PSU. Some Chinese models advertise peak power output, not continuous power output. For example, the Sentey BXP-65-OR is marketed as a 650 watt PSU but only supplies up to 320 watts of continuous power.
Also, when estimating power requirements, don't forget that fans, pumps, drives, and lighting all draw power. They don't draw much alone, but when combined they can be significant.
Finally, when you know how much power things need, add in 20-30% for overclocking to each component you intend to overclock depending, and then a 10-20% safety factor for the total power consumption. This will give you a bit more power than you probably need, but the extra capacity can improve...