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.
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
