Balboa Peninsula in Newport Beach | Market Update | January, 2012

Balboa Peninsula  is a highly sought after area in Newport Beach with bay front as well as ocean front homes and condos for sale. There are both Newport Beach condos for sale, and  Newport Beach single family homes as well. The Balboa Peninsula in Newport Beach is a great place  to reside in Newport Beach.  The residents on the Balboa Peninsula live in this area for the lifestyle, as it is very easy to either walk to your destination or to ride your bike to your Peninsula location. Enjoy shopping and dining on the Balboa Peninsula in Newport Beach.

There is a Pavillion’s grocery store at 32nd Street, in Newport Beach, Chipotle, and some boutique shops at 32nd Street. Also there are many restaurants including El Ranchito, and Ho Sum Bistro just to name a few.

The Balboa Peninsula is home to the Pavillion in Newport Beach. It is a great place to eat dinner and watch the ever changing scenery!

Currently, there are 68 active listings (including condos and single family homes which is the same as November, 2011) on the Balboa Peninsula in Newport Beach. That includes both condos and single family homes. Only one of the active listings is a short sale – being offered for $624,000. All the others are standard sales. Since January 1, 2012 there have been 2 sales on the Balboa Peninsula in Newport Beach.

Of the property listed for sale on Balboa Peninsula and market activity for Janaury, 2012, 8 of the active 68 listings are condos, and 1 of the 2 sales on the Balboa Peninsula are condos.

68 Active listings compared to 68 in December, 2011 – the same
3 Back up listing compared to 1 in December, 2011 +2
5 Pending sales compared to 2 in December, 2011 +3
2 Sales which is the same as December, 2011

The absorption rate remains high on Balboa Peninsula in Newport Beach, where one month is generally not a trend, however, the rate to absorb the inventory at the rate the homes are selling is over 18 months for a three-month trend, and up from there. At the rate of two sales per month with that inventory and assuming that no other homes get added to the inventory, it will take up to 42 months to sell the current inventory of homes.

It is interesting that of this inventory on the Balboa Peninsula, only one is a distressed sale – a short sale, and all the others are equity sales. Additionally, the majority of properties for sale are single family homes versus condos.

One of the back up properties just sold on the Balboa Peninsula in Newport Beach. This spectacular condo is located at 206 1/2 Adams in Newport Beach just sold! However, there is another one at 206 Adams in Newport Beach, that is being offered at $795,000.

Search the MLS for homes for sale on the Balboa Peninsula, and condos for sale on the Balboa Peninsula in Newport Beach. Take advantage of this spectacular inventory on the Peninsula in Newport Beach.

 

 

 

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Sharon Paxson is a full-time REALTOR® with Compass and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords and Tenants with their real estate needs.

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