Located in sun-soaked Orange County, approximately an hour away from Los Angeles, Newport Beach remains one of the ideal communities in Southern California for those who prefer to live a luxurious coastal lifestyle.
Think boat-filled marinas, days sailing out in the open sea, postcard-worthy views of Catalina Island across the water, and a lovely Mediterranean climate that can be enjoyed for most of the year. Such an environment gives way to a slower pace of life, where residents can feel like they have all the time in the world to savor Newport Beach’s delights on and off the water.
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A Short Primer About Newport Beach
Newport Beach is a medium-sized coastal city, with almost 53 sq. mi. of total area to its name. It comprises several neighborhoods, including several locales that are strictly residential as well as a few island communities.
Once upon a time, Newport Beach and its harbor were tied to various maritime industries, but the Newport Beach of the 21st century is primarily known for its recreation and nearly 7 miles of coastline– approximately 10 miles if the Crystal Cove State Park is included. This coastline is a hub of activity: residents and visitors alike can find a variety of restaurants, shops, and guided tours and excursions along its length.
Before we take a closer look at Newport Beach, CA luxury real estate, here are some of the notable trends impacting the market as of April 30, 2024:
- Homes for sale in Newport Beach have a median list price of $5.9 million, which continues the upward trend the market has been experiencing after a significant dip in October, 2023.
- The local inventory has increased to 126 homes, with new listings having a median list price of over $6.3 million. Home sales continue to outnumber the supply, which gives sellers in Newport Beach a slight market advantage.
- Listed homes are spending less days waiting for buyers as indicated by the average days on market, which is currently at 89 days.
With local median home values hovering over the $3 million mark, Newport Beach, CA luxury real estate remains among the most expensive not only in California, but in the country. A vast majority of homes in the city– 85%– have values exceeding $880,000. A quick look at current listings show a price range that swings from $375,000 for a humble starter home to $89 million for a 5-bedroom, 6.5-bathroom estate on a half-acre lot in Newport Coast.
High-Value Neighborhoods In Newport Beach
Newport Beach, CA’s luxury real estate offerings are scattered throughout several sought-after neighborhoods. Each of these communities has unique characteristics that can greatly enhance your lifestyle and overall living experience.
Linda Isle
Newport Beach, CA luxury real estate is at its best in Linda Isle, a guard-gated community that dates back to the 1950s and 1960s. It’s a crescent-shaped island in the Lower Newport Bay area that is almost entirely surrounded by water. The only way to access it by land is from Bayside Drive, from where you will turn left to Aloha Drive and Linda Isle’s gate. Linda Isle Drive is the only street in the neighborhood.
There are only about 100 home sites on Linda Isle, all of which feature significant water frontage and private docking features; a yacht ranging from 65 to 120 feet can easily fit into these spaces. Properties on Linda Isle range from 2,770- to over 8,000 sq. ft. in size and often have three to five bedrooms.
Despite Linda Isle’s “isolation,” it is well-situated near some of Newport Beach’s best-known attractions. These include Fashion Island and Corona del Mar Beach State Park. Two country clubs– Newport Beach and Big Canyon– are also located within easy driving distance from Linda Isle.
Newport Coast
Newport Coast was originally its own community– a census-designated place– until it was annexed into Newport Beach in 2001. This move has since enriched the local luxury real estate market, as Newport Coast is home to several prestigious communities. What’s more, the neighborhood is bordered by the great Crystal Cove State Park to the east.
Developed in the 1990s as the Pacific Riviera, Newport Coast is bisected by Newport Coast Drive. This roadway connects two major highways that run parallel to each other: State Route 1, which extends along the coastline, and State Route 73, which provides access to Orange County’s inland communities.
Palatial luxury estates and spacious single-family homes dot the Newport Coast landscape. They are located in well-regarded neighborhoods, such as Pelican Hill, Pelican Point, Sancerre, and Pelican Crest. Many people consider Crystal Cove a part of Newport Coast, but the community deserves its own spotlight and is discussed below.
Corona del Mar
The seaside village of Corona del Mar, which is Spanish for “crown of the sea,” has long been one of the pillars of Newport Beach, CA luxury real estate. Properties here are incredibly valuable and have weathered multiple market fluctuations over the years. With that in mind, it is easy to see why many real estate investors view homes in Corona del Mar as fantastic hedges against inflation.
Homes in Corona del Mar vary in price, with current listings ranging from $1.6 million to over $25 million. Residents enjoy a variety of lifestyle advantages, such as proximity to Big Canyon Country Club and access to Buck Gully Reserve. Down by the coast, you can find Corona del Mar State Beach, which spans 30 acres and features a half-mile-long sandy beach ideal for swimming and other water recreational activities.
There are several smaller communities located within Corona del Mar’s bounds. These include Shore Cliffs, Cameo Shores, the main Corona del Mar Village, Cameo Highlands, and Irvine Terrace, which you will learn more about next.
Irvine Terrace
One of Corona del Mar’s esteemed neighborhoods, Irvine Terrace has an enviable location almost next door to Fashion Island. But this location isn’t the community’s main draw– the collection of luxury properties dating back to the 1950s is.
Amidst the newer construction and renovated homes, one can still find original beach homes that ooze with vintage appeal. Luxury real estate in this part of Newport Beach, CA range from 1,500 sq. ft. to over 10,000 sq. ft. in size.
Close to the sea, many homes in Irvine Terrace are blessed with beautiful vistas of the bay, Balboa Island, Newport Harbor, and even Catalina Island. This is due to one of Irvine Terrace’s unique characteristics: terraced lots on tiered streets that snake up to the higher parts of the neighborhood. Building codes ensure that views are maintained despite frequent rebuilding projects in Irvine Terrace.
The Pacific Coast Highway, which links Irvine Terrace to the rest of Newport Beach and Orange County, is just right outside of the neighborhood. As a result, residents are only minutes away from a wide array of dining, shopping, recreation, and entertainment options. These include Newport Beach Country Club, Fashion Island, and Balboa Island.
Lido Isle
Lido Isle is a man-made island with a history that can be traced back to the early 20th century, making it one of the more established communities in Newport Beach. Today, it’s one of the city’s most esteemed neighborhoods, connected to the mainland by a lone bridge: Via Lido. Both water and Newport Beach surround Lido Isle, with Balboa Peninsula just across the water.
One look at Lido Isle and it can be challenging to imagine its origins as a humble mudflat that came to be known as Huntington Island. Eventually, it was renamed as Lido Isle and became one of the first resort-style master-planned communities in the region. Some of the most expensive luxury real estate in Newport Beach, CA can be found here; recent listings have prices that range from $4 million to nearly $40 million.
There is one roadway that loops around Lido Isle and is named depending on its location: Via Lido Nord and Via Lido Soud. A network of smaller streets connect both sides. Properties located along both Via Lido Nord and Via Lido Soud feature water views and access.
Harbor View
It is fairly easy to trace the origins of Harbor View’s name. Situated in Newport Beach’s East Bluff area, it enjoys close proximity to none other than Newport Harbor. Harbor View is one of the city’s older communities and is known by another name: Port Streets.
Unlike the previously discussed neighborhoods, Harbor View is located entirely inland. While it doesn’t feature water frontage, the community does enjoy a quieter environment with considerably less traffic and crowds. Many residents don’t seem to mind this trade off, as the median real estate price in Harbor View is estimated to be around $4.2 million.
Harbor View also possesses an “East Coast” atmosphere that is quite rare in Southern California. This is due to the neighborhood’s collection of Traditional and Cape Cod-style homes. There are several community amenities– community pools and sports fields– that are maintained by the local neighborhood association.
Crystal Cove
Many treat the community as a part of Newport Coast, while others consider it as its own distinct locale. Regardless, Crystal Cove is one of the most scenic neighborhoods not only in Newport Beach, but in Orange County as well. Many of the luxury real estate options here face Crystal Cove Beach and enjoy proximity to a wealth of outdoor activities both on and off the water.
Being a hillside community, homes in Crystal Cove also often feature uninterrupted vistas of the ocean. Residents who want a change of scenery often venture to Brian’s Head Trailhead, which wraps around the neighborhood. As for architecture, Mediterranean-inspired designs are the norm in Crystal Cove, with distinctive red-tile roofs that contrast sharply with the surrounding greenery.
Crystal Cove’s location and crop of luxury estates command premium prices. Current listings in the market range from $7.9 million to over $81 million in price. The latter is a newly constructed custom estate with five bedrooms, eight bathrooms, and an approximate living space of over 14,000 square feet.
Balboa Island
Balboa Island, linked to the mainland by Marine Avenue, is a man-made island community and among the most recognizable neighborhoods in Newport Beach. A grand canal bisects the locale and divides it into two areas: Little Balboa Island on the eastern side and Main Island on the opposite direction.
Balboa Island is synonymous with bayfront and oceanfront luxury real estate, many of which feature private boating or sailing amenities. These properties typically offer three bedrooms, three bathrooms, and approximately 2,500 square feet of living space. Compared to homes in other parts of Newport Beach, Balboa Island real estate is on the smaller side, but the neighborhood’s central location on Newport Bay.
A major point to consider when buying Balboa Island real estate is the local tourism. As one of Newport Beach’s most popular attractions, the neighborhood attracts its fair share of tourists every year. This can be turned into an opportunity, however, for real estate investors who want to venture into the vacation rental market.
Work With Shauna And Leita Covington
Shauna and Leita can be your guides to exploring Newport Beach, CA luxury real estate. A mother-and-daughter team, they possess extensive knowledge of the local high-end housing market.
One of the top real estate professionals in the country, Shauna has a background in Education and over 35 years of experience in the real estate industry. She is especially talented in the sales and marketing of new single-family home tracts in Orange County and San Diego County.
Shauna introduced her daughter Leita to the wonderful world of luxury real estate at an early age, so much so that Leita has decided to pursue a career in real estate. A natural in selling luxury homes, Leita is also adept in digital marketing, contract management, and negotiations.
You’re in expert hands when you work with Shauna and Leita Covington. Get in touch with the team today by your preferred method to plan a private real estate consultation at your most convenient time.
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