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Thursday, 28 June 2018 23:47

Peninsula Point, Newport Beach (Balboa Peninsula)

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The subject neighborhood known as Peninsula Point is located at the end of the Balboa Peninsula and made up of mostly good to excellent quality SFRs. Newport Harbor houses the largest number of pleasure boats in the world and includes four yacht clubs and the Balboa Bay Club (Social).  Many homes have harbor views which can be a major value contributor depending on the quality and distance of the water view. The majority of the water front properties include boat docks, generally in the 30-60 ft. range.  Location is primary in this market and it is common that the purchase of a "typical of the neighborhood SFR or duplex" will be torn down in favor of the purchasers exact needs and wants. Living areas for sales over the past 2 years range from apx. 589 to 8,081 SF, average was apx. 2,859 SF. Lot areas were from 880 to 15,820 SF, average was apx. 3,711 SF. Days on the market was from 0 to 748 and the average was 88 days.  Sale/List price ratio was 94.36%. The subject is close to major support facilities including shopping (Fashion Island), schools (Newport Harbor HS, Corona Del Mar HS), hospital (Hoag Memorial Hospital Presbyterian), airport (John Wayne)  and employment (Newport Center, Irvine/Newport business district). The neighborhood is close to local beaches and recreation.

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