Luxury Newport Beach Home Sells In A Month

A luxury home in Newport Beach is drawing much attention both for its high selling price—a cool $12.75 million—and the fact that it sold in such a short time given the tough conditions and historically high market times of the past few months.

The home, located in Balboa Peninsula, spent just a little over one month in the market. This compares to the average market time of close to 12 months, commonly seen in Orange County’s upscale areas including Newport Beach and the South Coast.

The two-story, 6,600-square foot property boasts four bedrooms, six baths, and a private backyard sandy beach. It sits right on the bayside of the Balboa Peninsula and includes a pier and slip with room for up to three boats.

Also among the main attractions were a spacious living room with a fireplace, a formal dining room, a large island kitchen featuring a separate butler’s pantry and eating nook, and a den that could double as a family room.

The home was designed by architect Don Stine and features a flowing floor plan built around a center courtyard, which is accessible from most of the major rooms. This gives the home a breezy feel with lots of natural light and warmth.

Listing agent Evan Corkett said such a home was sure to be an easy sale, with all its added features and the appeal of being on the bayside. The buyer, according to him, was looking for a second home. He had also been the first to take a tour of the property.

Another Balboa Peninsula home, approximately 800 feet away, is currently for sale at $19.5 million. Experts are eager to see whether the same mix of location and luxury would come into play, or if the high price tag will slow down its sale.

 

Earlier in Newport Beach Real Estate News:
Newport Beach Home Prices Up Over Year
Newport Beach Among O.C.’s Slowest Markets
Newport Beach ZIP Sees Sales Spike as Prices Plunge