Balboa Island is well known for having some of the best curb appeal homes in all of Newport Beach. The small island is filled with one and two story traditional style homes that can sit on the waters edge with direct bay front views. For the most part the island is filled with single family homes with no residential condos. There are however many duplex properties properties located on both the main and little island that offer homeowners and investors alike investment opportunities.
Balboa Island itself is not a cheap place to live with real estate starting well just under the $2 million dollar price point. Duplex properties will typically start at just above $2 million and can be found in older homes that were built anywhere from the 1920's to the 1950's. At this price point you can expect to find the main house with two to three bedrooms with a guest casita offering two bedrooms. These older homes are often referred to as beach cottages with many living in the front part of the home and renting out the back house as a short or long term lease. It's important to keep in mind that homes in the lower $2 million price point are not located on the water and typically will have no views.
Homes located on the water or the grand canal will typically be priced around $2.6 million dollars and up. The benefits of owning a home on the canal is often these come with tier own private boat docks that can accommodate multiple 17 foot boats. Homes located on the grand canal tend to rent out very well, especially with tenants that have their own private boats which becomes very useful during the annual Newport Beach Boat parade. Of course, one of the very best features of owning a home on Balboa Island is having no homeowners association dues with no association rules and regulations. The pros of living here is being located within a community that has a lot of charm and character to it with a very active town center, especially during the high season summer months. The cons would be that many of the homes are located very close to each other so it's not best suited for those seeking a large parcel of land.