Newport Beach Real Estate Prices
Posted by Sam Smith on Wednesday, July 12th, 2017 at 6:14pm.
Newport Beach is considered one of the most expensive beach towns in Orange County, California with real estate two to three times higher that surrounding cities. What makes Newport Beach so desirable and in high demand it's close proximity to both the Newport Bay and the Pacific Ocean. Many of the most exclusive neighborhoods are not beach front but guard gated bay front communities. The lure for bay front homes is the offering of a private boat dock as many high wealth residents who live in Newport Beach have their own private boat or yacht. Our guide here showcases the various Newport Beach Real Estate prices for both condos and single family homes.
As of July 2017, the lowest priced single family home in Newport Beach, California is listed at $824,900 in the gated Bayview Terrace community. Residential condos currently start at $380,000 for a one bedroom condo in the Versailles Newport Beach complex. This does not take into account homes that are located in the Lido Peninsula which are technically manufactured homes even though they are listed in our MLS as single family homes.
Condos are essentially broken down by the size of bedrooms with 1 bedroom units starting at $380,000 and averaging around 800 square feet. 2 bedroom condos currently start at $515,000 in the Newport Terrace community with 980 square feet. Larger 3 bedrooms condos start at $609,000 that can also be found in the Newport Terrace neighborhood. All of these starter condos are located in the Newport Heights which is the most affordable area to buy a condo in Newport Beach. The location is close to Hoag Hospital and just minutes to the beach.
The most affordable single family homes are mainly located in the Santa Ana Heights neighborhood of Newport Beach. This area is located on the east side of the Newport Back Bay Area near the 73 freeway. The area borders the cities of Costa Mesa which tends to be much more affordable then the city of Newport Beach. 2 bedroom single family homes currently start at $824,9000 for a 1,217 square foot detached home in a gated community. Larger 3 bedroom homes start at $925,000 for a 1,704 square foot home.
The real estate market is very strong right now in Newport Beach and we expect this continue through the summer and fall months. There are debates on both sides on which direction the market will go next year but the demand for people wanting to live in Newport Beach is not expected to go down.
