One of only eight homes on the Balboa Island community of Collins Island in Newport Beach has hit the market.
A deal would mark the first sale in five years for the gated neighborhood, which is located on the northwestern tip of Balboa Island, and whose homes are a few hundred yards across the bay from Harbor Island.
Collins Island is perhaps best known for its previous ownership ties; it was acquired in 1938 by James Cagney, the famed actor whose credits include “The Public Enemy” and “Angels with Dirty Faces.”
Local lore says he won the island as part of a poker game, though newspaper clippings from the time report he bought the island for $32,000. Reports indicate he sold the island in 1948.
Rare Sales
Current homeowners have a fee simple interest in the land, owning their individual properties and the land it sits on, according to Steve High of Villa Real Estate.
Collins Island is accessible by a private bridge situated off the tip of Balboa Island, and represents the best of both worlds, High said.
“Balboa Island to me is this quintessential recreational community that represents the beginning of Newport Beach, and Collins Island is the best of that lifestyle,” High said. “You get the fun and action of Balboa Island, but you also get security and privacy.”
Owners rarely sell their properties; new listings typically occur only if the seller has died.
“In my 35 years of selling real estate, I’ve maybe only seen four homes in Collins Island trade,” High said.
New Homes
High and Villa’s Evan Corkett have the listing for 1 Collins Island, a 3,116-square-foot home that’s on the market for $10 million.
That would mark a new record price for the community, according to data from Zillow.
The four-bedroom, five-bathroom property sits on a 7,003-square-foot lot with 140 feet of water frontage with a dock that can accommodate a boat of up to 60 feet.
The home, built in 1961, is likely to be demolished to make way for a new home, according to High.
That’s typically the case for Collins Island, with new owners investing in a custom home.
It happened in 2015 with the sale of 5 Collins Island, the last transaction for the neighborhood; that 3,635-square-foot home traded for $5.8 million.
“The demand is for new, and there’s an opportunity to build a much bigger house than what’s there now,” High said.
Buyers are typically local, notes High, and most existing owners use the homes as their primary residence.
“It’s likely that prospective buyers already live on Balboa Island and know the area well,” he said.
