Investing in Newport Beach Realty - FAQs
Think of Newport Beach and you probably picture sun and surf, wide open spaces, and the fun, laid-back lifestyle of beach dwellers. You might also imagine luxury estates with great waterfront views. After all, that’s what makes Newport Beach realty one of the most coveted properties in the market. Most Newport Beach Realtors agree that when it comes to luxury coastal living, this is certainly the place to go.
But buying a luxury home is different from buying a regular home. It’s not just the price difference—it’s also the upkeep, the neighbors, the cost of living in a luxury community. And since each buyer is different, there’s no single formula that works for everyone. It’s certainly not a decision you make overnight. To make sure you pick the right Newport Beach real estate, ask yourself these questions before settling on a home.
Where is it located?
Location accounts for much of the value of Newport realty, and that’s especially true when it comes to luxury homes. But just because it’s in a posh area doesn’t mean it’s the best choice. Make sure the home is close to all the things you need: schools and offices, transport stations, shops, parks and recreational centers. Also check how accessible it is from the main roads, what the views are like, and whether there are any potential noise or pollution sources.
Who are your neighbors?
A neighborhood’s residents can say a lot about what it’s like to live there. Do most of the people have the same age and household makeup as you? Are they friendly and accommodating? Do you fit in with the community’s general interests? Unfortunately, you’ll often get the answers only after having lived there for a while. The next best thing you can do is ask around. Don’t hesitate to consult Newport realtors and interview the locals to get real-world advice on your potential community.
What are the rules?
Gated communities and private villages make up much of Newport real estate. As such, you’ll probably have to live with a few rules and regulations (and usually pay monthly dues). Some areas are pretty lenient, but luxury communities tend to be stricter as they have certain living standards to uphold. There may be restrictions on parking, exterior colors or yard maintenance. Get a copy of the association rules and go over it with your agent, and decide whether you can live with the rules.
Are there zoning laws in place?
Zoning laws are pretty common in coastal areas like Newport Beach, where good views are a home’s main selling point. However, some areas put in more effort than others. When you spend millions on a home with a view, the last thing you want is for some developer to build a mall in front of it. Make sure your community is protected against such developments—you can usually find the information from newspapers or city records. If possible, ask residents and real estate agents if the area has had previous zoning problems.
Some other Newport Beach Real Estate Market trends you need to consider:
1). Banks have become very tough, as they are asking sellers for the complete sales data to prove that their asking price is appropriate and is in accordance with present market trend.
2). Another fact is that the overall average price fall for all Newport Beach Real Estate Properties seems to be in between 21% - 25% (approx) when compared to their highest prices way back in 2006.
3). According to Newport Beach Real Estate Experts real estate prices will continue to show this downtrend for at least 6 months i.e. till December-2009 and if this worldwide recession shows signs to stabilize by the end of the year, then most probably the Newport Beach Real Estate prices will not fall much more then 5%-10%.
4). As per the latest reports dated July, 2009 on Newport Beach Real estate Market shows a uptrend in Sales, Newport Beach Homes prices are significantly lower and Inventory is down when compared to the period July, 2006.
5). If we compare the Present Real Estate prices of Newport Beach Homes, Newport Coast Homes and Corona Del Mar Homes to their prices way back in 2006, then we can say that prices in 2006 were at their highest levels and very few people can afford to buy a property in these areas.
The Best Neighborhoods in Newport Beach
If you’re part of the young, active, and fun-loving beach crowd, then Balboa Peninsula may be the place for you. About three miles long, the Peninsula lies east of 45th street and serves as a jetty around the famous Newport Harbor. It’s primarily residential, but has its share of commercial attractions such as the Balboa Fun Zone, an amusement park, and the Balboa Beach, which includes a pier and a scenic lookout point.
Corona del Mar
People looking for more secluded Newport realty may want to consider Corona del Mar, a small seaside village in the city’s east side. Private gated communities make up most of the area, and strict building rules help ensure great views from most of the area. Buyers are mainly drawn to its location, a coastal bluff with scenic roads leading up the sides. Less commercial than Balboa but close to many beachside attractions, it’s perfect for those who want to enjoy coastal living minus the beach crowds.
This is a popular choice for urban dwellers who want to stay close to the city center. Just minutes from the downtown area and the world-famous Fashion Island, Harbor Ridge offers the most centralized location for view properties. It gets its name from its location, a hillside sprawl offering great views of the Newport Beach skyline, the Southern California Coast, and nearby islands like Catalina and Palos Verdes.
Lido Isle is an artificial island located built on Newport Harbor, just between Balboa and the Newport Beach mainland. Solely residential with a population just under 2,000, it’s one of the most exclusive areas when it comes to Newport Beach real estate. Some homes are listed through private agents. The area is known for its tight-knit community and local activities, most of them organized by the Lido Isle Yacht Club.
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