Newport Beach Real Estate News and Information

Balboa Peninsula is a narrow piece of real estate with white sand beaches and perfect waves on one side, and the yacht-filled, picturesque Newport Harbor on the other side of the peninsula.  The peninsula acts as a jetty enclosing the Newport Harbor and its islands. About three miles long, the Peninsula consists of all the contiguous land east of 45th Street in Newport Beach.

The Balboa Peninsula is a subsection of the city of Newport Beach, California, and is comprised predominately or residential detached homes and estates, with some attached condominiums and commercial real estate. Most of the business is concentrated along Balboa Boulevard where it meets Pacific Coast Highway, McFadden Place, and Main Street.

Newport Beach as well as Balboa Peninsula is home to some of California's most luxurious real estate.   In the 1st half of 2008', there have been 21 properties sold and closed in  Balboa Peninsula.  Ranging in price from $950,000 for a 2 bedroom, 2 bath, 1,123 square foot condo on Oceanfront Ave boasting of an Ocean view.  On up to $10,150,000 for a beachfront estate comprising of 5 bedroom, 5.5 bath, and 4,000 square foot estate, located on Oceanfront Dr., with sweeping Ocean views.  The median price of the 21 properties sold is $1,460,000 and the average price is $2,736,761.  The average price per square foot is $1,026 and the average days on market is 65 days.  Below is a more detailed assessment of  the current market values of various types of properties in Balboa Peninsula: 

• Non-Ocean View and Non-bayfront detached homes range in price from $1.1 Million up to $5Million, and sell in the range of $830/SqFt up to $950/SqFt.
  
• Ocean view and/or Bayfront detached homes range in price from $3Million on up to $30 Million, and sell in the range of $1,300/SqFt to $2,500/SqFt.
• Attached Condominiums range in price from $700K to $3 Million, and have been selling in the range of $650/SqFt to $750/SqFt.

We are featuring a new listing of a fine home comprising of 4 bedrooms, 3 baths, 2,878 square feet of living area with many fine upgrades.  The property is located on Plaza Del Sur and is priced to sell.  For more details of this fine home, plus pricing, visit our website at:  www.ViewBalboaHomes.com 

The word "Balboa," came from the famous Spanish explorer, Vasco Núñez de Balboa, who was the first European explorer to reach the Pacific ocean from the new world.  Since 1936, tourists have played at the Fun Zone. Built like a tiny amusement park, the Fun Zone boasts arcade games, a carousel, bumper cars and a even a Ferris wheel.

The Balboa Pavilion is Newport's most recognizable landmark, which is a turn-of-the-century building which holds the Harborside Restaurant, bar, an upstairs ballroom and boat launch amenities. Newport's best-kept secret is the Auto Ferry, a fleet of boats which cross the harbor to quaint Balboa Island in only seven minutes. Ferry-goers walk, blade, bike or even take the car over the water for a memorable ride, especially during the annual Christmas boat parade. Pavilion Park is another popular spot located in front of the pier, with lots of grass, gazebo and picnic tables.

The famed beachside concrete boardwalk stretches all the way to 36th Street and is filled with outdoor enthusiasts from bicyclists to bladers to joggers. Balboa Pier juts out into the surf with fabulous views of heaving hills and cliffs to the south and northward to nearby Newport Pier.

For more information about real estate for sale in Newport Beach, feel free to visit our website at:  Newport Beach Real Estate, or drop us an email at:  Info@OCRealtyGroup.com 

There are currently 37 Oceanfront and Bayfront detached homes for sale, and 7 Oceanfront/Bayfront Condos for sale  in Newport Beach, CA.   The lowest price detached  home is a bay front property on Finley Ave currently listed for $1.575 Million (subject to change) and incorporates 2 bedrooms, 1 bath, and 1,030 square feet of living area, with a dock for 2 boats.  The highest priced property is currently for sale $38,500,000, and this French neoclassic Bayfront estate located on Harbor Island Dr incorporates 10 bedrooms, 12 baths, 18,000 square feet of living area on a 1/2 Acre lot.  The Median price waterfront home is $5 Million and the Average price water front home is $6.47 Million.  The average price per square foot is $1,752/SqFt, although this indicator is of little use for the Land price is a large percentage of the value of the typical property.

Currently there are 2 waterfront properties under contract in Escrow in Newport Beach, Ca.  One estate is located on Lido Island on Via Lido Nord.  This bay front property consists of 3 bedroom, 2 baths, and includes a private dock, and the asking price was $4,299,000.   The other estate is located on Balboa Peninsula on Oceanfront Ave.  This  Ocean Front property incorporates 5 bedroom, 5.5 baths, 4,000 square feet of living area and a private roof top deck with sweeping ocean views.  The asking price of the property was $11,575,000. 

In the past 90 days, there have been 3 bayfront/oceanfront properties that have sold and closed escrow.  Based upon the number of homes Pending in escrow, and 3 homes sold and the current inventory of 37 homes, the Months of Inventory is running at about 30 months for Newport Beach water front property currently.   The basic details on the 3 waterfront properties that sold along with the sales prices are listed below: 

• Lido Island - Via Lido Soud - 5 Bdrm, 3 Bath, 2,580 SqFt, Bayfront with dock - $3.9Mil
  
• Balboa Pen - Bay Ave. - 5 Bdrm, 3 Bath, 2,358 SqFt, Bayfront with dock - $4.9Mil
• West Newport - Oceanfront Ave - 5 Bdrm, 5.5 Bath, 2,744 SqFt, Oceanfront - $6.2Mil
  

Of the 7 bay front and ocean front condos currently listed for sale in Newport Beach, Ca., the lowest priced property is $1,095,000 for a 1 bedroom, 2 bath, 1,200 square foot  condo on Lido Park Dr. in the Cannery Village high-rise.   The highest price condominium is a beachfront 3 bedroom, 3 bath, 2,000 square foot with sweeping panoramic views of the beach and pacific ocean.   The current asking price is $2,695,000 and is located on Balboa Peninsula on Balboa Blvd.   The Average priced waterfront condo currently for sale is $2.05 Million, and the Average Price per square foot is $1,125/SqFt. 

In the past 3 months, there were 2 waterfront condos that sold and closed escrow in Newport Beach.  The lowest priced unit was a 3 bedroom, 2 bath, 1,561 square foot ground floor beach-front condo facing the back bay.  The other sold unit is located in West Newport in Newport Marina Villas on Coast Hwy.  This bayfront property incorporated 3 bedrooms, 3 baths, 1,849 square feet, and sold for $1.375,000.

For a private email list, with updates, of all oceanfront and bayfront properties listed for sale in Newport Beach, Ca. , visit our website at:  www.OCJustListed.com, or give us a call for a private showing at:  949-388-3396  (NOTE:  All prices stated in the article are subject to change at anytime.)

Orange County is going through a major price correction currently, but property values in Newport Beach are doing much better then most other cities in Orange County.  For south Orange County, detached homes have dropped in price from Spring of 2006' (the peak of the market) to today, by about 20% for Single Family homes, and around 28% for Attached Condos.  These Stats are gathered from the Multiple Listing Service (MLS) and are calculated using Price per Square Foot.  

In Newport Beach, single family detached homes have only dropped 6% since the Spring of 2006' and attached Condos have decreased 14% since early 2006'.    A more in depth review of the Sales statistics reveals the following:

Detached Homes Sold in Past 90 Days:
Total = 77,  Average Price= $2.13Mil, Median Price= $1.7Mil, Days on Market= 91

Attached Condos Sold in Past 90 Days:
Total = 50,  Average Price= $994,000, Median Price= $700,000, Days on Market= 103

Detached Homes Sold in March, April, May of 2006':
Total = 91,  Average Price= $2.23Mil, Median Price= $1.8Mil, Days on Market= 89

Attached Condos Sold in March, April, May of 2006':
Total = 77,  Average Price= $1.08Mil, Median Price= $850,000, Days on Market= 95

We have found similar results in other high end coastal communities such as Newport Coast, Corona Del Mar and Laguna Beach.  If you would like to view all homes or condos listed for sale in Newport Beach, CA., visit our website at:  Newport Beach Homes and Condos.

A beautiful 6 bedroom, 6.5 bath luxury home was recently placed on the market for sale in the upper $2 Million price range.  This fine property is located in the Baycrest Newport Estates subdivision on Hampshire Circle.  This home consists of 4,789 square feet of living area and is situated on a large 10,000 lot.  This home was originally built in 1965, and has many fine renovations and upgrades since that time. 

This craftsman property boasts of  a private sparkling pool and soothing spa surrounded by a private courtyard, perfect for entertaining. Elegant formal living and dining rooms plus casual dining off the kitchen which looks out onto multiple family rooms one which is a Billiard room. There is an an office adjacent to the downstairs master bedroom with a partners desk plus a dedicated fax/ copier room storage. There are 4 bedrooms and 2 bathrooms on the second level over the main house plus additional guest quarters above the 3 car garage. The guest quarters include a bedroom 1.5 bathrooms a gym/sitting room. Floor to ceiling windows in the downstairs lets in maximum light Great location on one of the best streets in Baycrest.

Baycrest South was developed in the early to mid 1960's by Lyons and Cashion.  The orginal development consisted of three expansive floor plans as follows:  Plan 2 - 4 bedrooms, 3 baths, 2,445 square feet,  Plan 3 - 4 bedrooms, 3 baths, 2,557 square feet,  Plan 5 - 5 bedrooms, 3.5 baths, 3,210 square feet.  Each model caem with a 3 car garage, and since that time, many of the homes in this fine community have been expanded and added onto.  The streets that comprise of Baycrest Newport Estates are:  Santiago Dr., Antigua Way and Hampshire Circle.  This subdivision is located in the Dover Shores area of Newport Beach, and is adjacent to the Upper Newport Bay Eco Reserve.  

For the current asking price of the above featured home, or to view any home listed for sale in Newport Beach, please feel free to call us at:  949-388-3396, or email us at: Info@OCRealtyGroup.com   or Text Message at:  949-283-4679   This featured home is Listed by Keith Randle of Coldwell Banker Previews International