Here’s What $22 Million Can Buy You In Newport Beach

by stephanieargyros on October 11, 2017

in Latest News

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If you’re wondering what $22 million can buy you in Newport Beach, here’s an exclusive and attractively-priced property for your consideration:

$22 Million Polynesian Contemporary on Bay Island

  • Up for sale on Bay Island (at the end of Newport Beach) is a delightful contemporary home with the feel of Polynesia. Bay Island offers ultra-privacy for those who demand it. Cars aren’t allowed to enter Bay Island, the home of just 23 residential properties. Whether you’re a resident or visitor, you must park at the Balboa Peninsula, then walk (or take a golf cart) to arrive at Bay Island’s private gate.
  • The property at 12 Bay Island is offered at $21.995 million. It has four beds and 6 baths (5,226 square feet), a butler’s pantry, elevator, formal living and dining room. The master offers a Juliet balcony, wraparound patio, and an in-bathroom fireplace. A second patio, perfect for intimate entertaining, is available on the roof. The property has a private dock.
  • Bay Island is the only natural island in Newport Harbor. Its botanical gardens, private beaches, and tennis court—and exclusive 92661 zip code—offer the best of the best to discriminating buyers. The median sales price is attractive, too. According to CoreLogic, a real estate data provider, the average median sales price on Bay Island is $2.6 million (July 2017) vs. Newport Beach’s average $3.4 million for a single-family home/condo.

If you’re looking for something truly unique, take a look at this listing:

$8 Million “Rock House” on Laguna Beach

An unconventional beach house that took builders four years to complete—and three years to sell—is back on the market after nine months. The original owner, Dennis Morin, a software entrepreneur, died and the property was listed in 2014 at $15 million:

  • In November 2016, the house was sold at a substantial discount–$6.5 million.
  • The home was recently relisted at an asking price of $7.995 million.
  • The 3,000 square foot property, originally designed by architect Brion Jeannette, is a distinctive steel-glass beach house. It’s fitted into a boulder on the sandy beach.

For many reasons, the pricing of a one-of-a-kind home is the key to marketing the Rock House. Buying a distinctive property like this one could be an outstanding long-term investment, considering its original 2014 offer price and today’s rising market.

Or, the current owner could be forced to cut the price below his or her purchase price.

What do you think? If you’re in the market for an exclusive property in Newport Beach, call The Argyros Group real estate professionals to begin your home search at 949-500-4470.

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Post by Stephanie Argyros

Stephanie has written 252 articles.

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