Newport Beach is a medium sized city with a population of just over 85,000. The median income here is relatively high, with more than 25% of the households in Newport Beach having an income that is over $200,000. Newport Beach covers 53 square miles, including beachfront property and parts of the San Joaquin Hills.
This city is known for its large, partially man made harbor. Private residences surround the majority of its coast, each with its own private dock. Most of the traffic through the harbor is recreational, with people going out to fish, swim, boat, and paddleboard. Several artificial islands can be found in the harbor, each covered with its own collection of upscale, single family homes. Newport Beach is also the site of The Wedge, a popular surf spot, several historical sites, and periodic boat shows and boat races.
Living in Newport Beach
Newport Beach can be subdivided into several smaller communities, including Balboa Peninsula, Corona del Mar, Newport Coast, and San Joaquin Hills. Balboa Peninsula, frequently shortened to “Balboa” or “the Peninsula,” was named after the Spanish explorer who traveled to California in the 1500s, Vasco Nunez de Balboa. This is a primarily residential area, but it also includes a few blocks of commercial properties. The neighborhood also includes several historic sites, including the Balboa Pavilion, the Balboa Theater, and the Balboa Inn.
Corona del Mar, or the “Crown of the Sea,” covers the seaward side of the San Joaquin Hills. This area is filled with great beaches that are known for their tide pools, tiny boutiques, and spectacular cliffside views. The Corona del Mar State Beach covers about 30 acres and is part of California’s state park system. Another of the area’s state parks is Crystal Cove State Park, which includes towering cliffs and canyons as well as a sandy section of the coastline. It also includes the Crystal Cove Historic District, which is part of the National Register of Historic Places. This neighborhood includes 46 cottages that date back to the 1920s, each of which has been restored and is now available for overnight rentals.
Real Estate in Newport Beach
Newport Beach has the most expensive housing market in the entire United States. The median property value here is over $2.5 million, nearly $900,000 more than that of the 2nd most expensive housing market. (Coming in at a distant 2nd is the city of Pacific Palisades.) Many of the homes here are on the water, driving up the prices. In Newport Beach, you can choose from a selection of beachfront homes, bay front homes, and oceanfront homes. There are also a number of luxurious golf course homes and other properties in gated communities.
If living a life of luxury in Newport Beach sounds like it would be a good fit for you and your family, contact one of our team members today. We would be happy to answer all of your questions and assist you in your property search.