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Friday, 16 August 2019 19:35

Appraising West Newport Beach Oceanfront

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The West Newport Beach oceanfront properties marketing area is considered bound on the east by Peninsula Point, on the south by the Pacific Ocean, on the north by Hwy 1 and on the west by the Santa Ana River. The subject neighborhood is made up of mostly average to excellent quality SFRs and small income properties (primarily duplex units). West Newport Beach 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, Newport Harbor and recreation. 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 or ocean views which can be a major value contributor depending on the quality and distance of the water view. The majority of bay 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. 600 to 7,670 SF, average was apx. 2,415 SF. Lot areas were from 1,307 to 9,902 SF, average was apx. 3,088 SF. Days on the market was from 0 to 714 and the average was 89 days. Sale/List price ratio was 94.71%.

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