Tagged : Balboa Peninsula Newport Beach Homes

The Newport Beach real estate market saw several properties sell for over the $15 million dollar price point with the top three highest sales consisting of properties located right next to the water in the Linda Isle and Balboa Peninsula neighborhoods.  These included luxury bay front homes as well and beach front properties located next to the sandy beach.  It's been a crazy year in real estate that was a total switch as what we experienced in 2021.  We no longer see multiple offers on a lot of properties and homes are typically staying on the market longer than we have seen in several years.  The higher end market for prime properties is still seeing home sell within one to two months if priced correctly.  The top 3 highest sales this year in Newport

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

Newport Beach has a wide variety of homes to choose from luxury bay front properties to those located in the many gated communities that exist within the city.  Many like looking for homes that have extra space and that allow room for extended guests or for additional revenue streams.  No matter what the reason, duplex properties are very much south after in Newport Beach and often command a premium in price depending on it's location, size and condition.  R2 Zoning often refers to homes that are duplex properties and are often advertised in the property description as having this kind of zoning.

One of the best areas to find these homes is located in the Balboa Peninsula area.  This is such a great area that is widely popular due to having the Newport