Gorgeous Newport Beach, CA – an ideal retirement and vacation spot for so many. Balboa Peninsula is seeing lots of changes this year – a new marina going in, lots of new restaurants and shops, multiple properties adding 2nd and 3rd stories – the area is truly in a ‘build up’ phase similiar to what we saw with Huntington Beach 10-15 years ago.For many, the “Newport” lifestyle is far out of reach. Currently there is only ONE lonely condo on Balboa Peninsula under 1 million dollars, and it’s HOA is almost $800/mo – OUCH! Is there anything affordable? Are there any opportunities? There sure are. Lots of times with the higher end areas, buyers will opt for a multi-unit property as a stepping stone to get up to their McMansion. They live in one unit, and rent out the other(s) so that the mortgage becomes affordable. Many property owners keep the multi-unit forever, because rental rates on the peninsula can be insane. Newport Beach vacation rents range from $150-1000 per NIGHT, so you can see the potential a second unit could have on your mortgage payment! If you don’t like the vacation rental crowd, you can still rent on a 6 month or 1 year lease for a minimum of $2000/mo, even if the unit is the size of a closet without a garage or parking. Ya, Newport Beach CA is that expensive and exclusive.
Here are the 3 best property duplex deals on Balboa Peninsula right now:
2 BR/1 BATH Lower unit
2 BR/1 BATH upper unit
1,900 sq ft
2,666 lot size
Situated in the bustling area of the peninsula, this duplex is walking distance to shops, beach, harbor, nightlife, and a ton of restaurants. It is only one block to the sand.
2 BR/1 BATH Front unit
2 BR/1 BATH Rear unit
2,119 sq ft
2,178 lot size
Harding is a quiet, interior peninsula street (rare!) walking distance to the Balboa Ferry, Fun Zone, harbor, beach, shops, bars, Sunday Classic Car show, Catalina Flyer and Balboa Pier. Such an ideal location. A tear down recently sold a couple doors down for about the same price.. so this property also offers big opportunity.
2 BR/2 BATH unit
3 BR/3 BATH unit
2118 sq ft
2563 lot size
The only available peninsula duplex that offers units with more than 1 bath, this cottage style property is on the ocean side of Balboa Blvd with bigger units than the first two options. It’s the closest listing to the new marina under development, and it’s still close to the Newport Pier, harbor, shops, restaurants and nightlife.
Balboa’s Best Deals
If you’re interested in more properties in Newport Beach, or Balboa Island’s best deals, just give us a call toll free at 877-230-3211, or tweet @AngieWeeks or @AskAngieTeam with your questions so we can get details. You can also register your own property search through our website at: http://properties.askangie.com
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