Welcome to July in Newport Beach! Bet you weren't expecting rain...I thought I would take this opportunity where no one wants to go look at houses to remind you why you want to live here. Even if you don't, you might be curious about this place where silly people pay up to $1800/SF for their homes.
So what is the Balboa Peninsula, exactly? Well for those looking for comprehensiveness, feel free to click here: http://en.wikipedia.org/wiki/Balboa_Peninsula,_Newport_Beach,_California
However, briefly, the Balboa Peninsula is at once an amalgamation of college life, wild riches and decadence, and resignation to a humble beach lifestyle. It is a place of beauty, and a haven for debauchery. Rarely and in few locations can the prudence of wealth and the irresponsibility of youth be so vividly juxtaposed. Choosing your location wisely (or having a Realtor who can help you) can make the difference between serene bliss at the beach and seriously bothersome neighbors.
This juxtaposition is reflected in not only its residents, but also the cost of living. While a 5 Bedroom duplex will run you roughly $2.5 Million, renting the bottom half of one will cost you under $1,700/month. I'm speaking from experience on one of those, and I will let you guess which one ;)
More comprehensively, there are currently 73 active listings on the Peninsula, running from $499K for a 2 Bedroom attached condo of a modest 681 Sq Ft to a $15 Million behemoth with 8 bedrooms, 11 baths, and ocean views galore. As with anywhere, the lower end of the market moves faster, as the 10 homes in escrow on the Peninsula are all under $4 Million.
Seasonal rentals must also be considered. Oceanfronts generally carry a 4X multiplier, meaning that a given unit that rents for $3,000/mo will generally rent for $3,000/week during the prime months (June-Sept).
If you've made it this far, you clearly find this as interesting a place as I do, so feel free to check back. I will be updating the Peninsula listing activity weekly, with other posts of interest whenever I can find the time.
- The OC Pro
