Newport Beach is a wonderful place to find water front properties as the Newport Bay touches many areas of the mainland. One such neighborhood is called "Balboa Coves" and is located in the most northern section of the bay near Pacific Coast Highway and the Balboa Peninsula. Many are not aware of this community since the area is very small but offers homes that sit adjacent to the water. One of the perks of living here is having a private boat slip that often can handle a boat up to 35 feet. Some of the first homes were built here in the late 1940's with a large majority of them built in the 1950's. These are classic beach style bungalow homes that just happen to sit next to the bay which also offers a small sandy beach area.
Since 1990, there has been a surge of new construction homes that are more grand than the prior 1950's style architecture. This has changed the makeup of the community a little as most of the newer homes are large two story residences that average 3,500 square feet of living space. On average, 4 to 5 homes will sell every year in this neighborhood with real estate prices holding steady in the mid $2,500,000 range. In 2014, 4 homes sold between $1,900,000 to $2,800,000. In 2013, 5 homes sold between $1,725,000 to $4,050,000. Currently there is only one home for sale in the Balboa Coves neighborhood which is listed for $2,599,000. It's only been on the market for a short 33 days and already has an accepted offer on it. The property is taking back-up offers in case the buyers backs out. Compared to other water front neighborhoods in Newport Beach, the Balboa Coves neighborhood is one of the most affordable communities on the water. We encourage you to contact us with any questions about this great community at 949-444-1901 today.