10 Must Know Facts About Newport Beach CA

Jul 30

Newport Beach is a coastal city in Orange County, California. The city occupies roughly 151 square miles of coastline and has a population of approximately 204,000 as of the 2010 census. It is also known for its Mediterranean climate, cable car system, and the D Seal sand Escort program that extends along many of its smaller streets. There are several types of real estate in Newport Beach that you should know about if you’re interested in buying or selling real estate property. Here are some facts about Newport Beach you may not know. Learn about Beyond Medical Spa & Wellness Center Newport Beach CA.

What is the history of Newport Beach?

Newport Beach was founded by Alexander and James Irvine. The Irvines began developing an area named Newport Station. Newport Station was renamed Newport Beach when it began to develop as a residential community. The city of Newport Beach was incorporated on June 17, 1886.

What is the real estate market in Newport Beach?

The median home price in Newport Beach was $700,000 in January 2018. This put it in the top quarter of U.S. cities, since in most cases, the median home price is on the low end compared to cities of similar size. The city’s real estate market saw a decline in home sales between 2017 and 2018.

Most expensive homes in Newport Beach

If you’re looking to buy the most expensive home in Newport Beach, the list may surprise you. In 2017, the most expensive single-family home in the city was listed at $16,250,000. The home was built in 1935 and is located on the prestigious Balboa Peninsula. Another home on the most expensive list was a $11,995,000 single-family home that was listed in 2018.

Median home prices in Newport Beach

The median home price in Newport Beach is $684,000. This is also the city’s median listing price, meaning that half of homes on the market in Newport Beach were listed for this price. While this median is high compared to other cities, it’s still fairly low compared to other coastal areas of California, where coastal properties generally command higher prices. In 2018, the city saw a decline in home prices compared to the year before. This is likely due to the mortgage-refinance market, where individuals and businesses are looking to refinance their mortgages at lower interest rates.

Most affordable homes in Newport Beach

Affordable homes in Newport Beach cost an average of $493,000. However, there are some homes that cost as low as $318,000. This is likely due to the city’s strict affordable housing laws. As a result, you’re unlikely to find a home for less than $318,000 in Newport Beach.

Safety Tips for Buyers and Sellers in Newport Beach, CA

Before you make an offer on a home, you should make sure to check if the home meets the safety standards of the city. The city has strict building standards that mandate the structural safety of a home, especially when its built on an active earthquake fault. In addition, there are certain health and safety standards that all homes in Newport Beach must meet. These standards include: