Beachfront Property in Newport Beach
In addition to being a great vacation spot, Newport Beach is a great place to own a vacation condo or rental, but only if you can afford it. Even in the face of the recent recession, beachfront property prices in most neighborhoods have held up relatively well for several reasons, but there are still other storm clouds that could affect them in the near future. Despite this, if you have the extra cash and long to live the good life in a chic neighborhood, it doesn’t get much better than Newport Beach.
Newport Beach is one of the most exclusive areas to live in Southern California. It’s home to almost any different water activity that you can think of and the weather is great year round. There are hundreds of restaurants that you can choose from to eat at and many high end realtors that make for great shopping. The most popular neighborhoods to own property include Corona del Mar, Mariner’s Mile, Balboa Island, and the Balboa Peninsula. However, the great weather and atmosphere will set you back a pretty penny. Beachfront condos and homes range anywhere from $700,000 to $17 million.
While it is incredibly expensive to get into Newport Beach, the fact that it is home to some of the richest people in the area makes the property prices relatively stable overall. While you might find a few, you won’t find large-scale foreclosure that you will in other communities.
But this isn’t to say that there won’t be problems affecting Newport Beach property prices in the near future. Because the homes are so expensive in the area, most people that are going to buy them need to qualify for jumbo loans from lending institutions. However, these have gotten increasingly difficult to obtain since the beginning of the credit crunch. Buyers may have to wait longer to buy because they will need a larger down payment or might not even qualify because of stricter lending practices. This will put a damper on the amount of people able to buy and affect property prices at least somewhat.
If you think you want to buy property in Newport Beach, the best thing that you can do is to get in contact with a realtor in the area that can be trusted. A realtor should help you with their knowledge of the area and which neighborhoods are the best ones to buy in and also should be able to help you understand your financing options. Realtors also have a lot of resources that they can use to put you in touch with sellers and provide some due diligence
If you can afford it, Newport Beach is a great place to own property. The market is stable and the atmosphere the area offers is unmatched. Just make sure that you know what you are doing and get in touch with a trustworthy realtor first.
Tags: Balboa, balboa island, balboa peninsula, beachfront condos, beachfront property, California, Corona Del, corona del mar, Newport, newport beach, Southern California, vacation condo, vacation spot, water activity