The Newport Beach market has seen a big increase in activity and real estate prices with homes selling at record speed with many homes selling over asking price. The reason why we are seeing this activity is a combination of low interest rates combined with low inventory of homes causing many buyers to bid against each other on the same property. Since the inventory of homes is so low it's the perfect time for home builders who are building homes in order to sell when they are finished. We have seen a flurry of activity of new homes being built with many brand new listings coming on the market in various areas throughout Newport Beach. The cost to build a home has also gone up in the last year as lumber prices among other building materials has gone up in price. It's important to keep this in mind when looking at real estate prices for these new homes.
The large majority of new construction homes available for sale right now is located in the Balboa Peninsula area of Newport Beach. This is a small stretch of land that sits between the Newport Bay and the Pacific Ocean, basically water on each side of you within a matter of blocks away. This is a very popular place to live due to the close proximity to the beach and is where you will find the famous Wedge surf break. This area is also very popular with tourists and vacation renters so keep this in mind when looking for a home here. It's a very active area with people walking along the boardwalk to riding bikes throughout the neighborhood. Real Estate prices in this area for new construction homes currently starts at $2,195,000 for a three bedroom condo with an approximate 1,264 square feet and up to $5,499,000 for a four bedroom home with a three car garage which has already accepted an offer. Other places to look for new construction properties would be Balboa Island, Lido Island and the Newport Heights area. For information on any Newport Beach property please call our local real estate agents at 949-444-1901.