Newport Beach Tops Priciest Home List

Newport Beach has the most expensive real estate not just in Orange County, but throughout the U.S., according to the latest annual report from New Jersey-based real estate franchise Coldwell Banker.

The company's "Home Listing Report" tracked 4-bedroom, 2-bath houses listed from February to August of this year, covering 296 of the markets it covers. Newport Beach topped the list with an average listing price of $1.83 million.

At the bottom of the list is Detroit with an average list price of $68,000, a $1.7-million difference from Newport Beach. This means one can buy 27 homes in Michigan’s largest city for the price of a single Newport Beach home.

Newport Beach is no stranger to the list, having ranked eighth last year, seventh in 2008, and sixth in 2007. Some of its most expensive neighborhoods include Corona del Mar, Newport Coast, and the Balboa Peninsula, where homes typically top $2 million.

The next Orange County city on the list was Irvine at a distant but still impressive 23rd place, with an average price of $787,303. This is a big leap from its 34th-place finish last year and 32nd in 2008.

Mission Viejo also made the list at 39th, with homes averaging $629,428. It has also worked its way up over the year, jumping from 55th place in 2009. It ranked 39th as well in 2008 and 33rd in 2007.

Four of the top 10 homes were in California, further proving the Golden State's place as the premier spot for luxury real estate. Palo Alto came in second with a $1.48-million average price, San Francisco fourth at $1.325 million, and La Jolla fifth at$1.21 million.

 

Earlier in Newport Beach Real Estate News:
Newport Wins Award for Best Beaches
Newport Beach Home On Private Island Hits Market for $28 Million
Old Newport Beach Building To Be Transformed