A bayfront home in the Peninsula Point neighborhood has sold for $14.4 million, about 9% below its original asking price.
The home was originally listed on Nov. 10 for $15.9 million.
Completely remodeled in 2017, the four-bedroom home at 1909 E. Bay Ave. boasts sweeping views of Newport Harbor and the Fashion Island skyline, and a private dock with space for a boat and a side tie for a Duffy, according to the listing. The 3,558-square-foot residence also has three-and-a-half bathrooms and a bonus room.
Kimberly Bibb, a real estate agent with Pacific Sotheby’s International Realty, represented the buyer. Joshua Altman of Douglas Elliman of California represented the seller, according to Redfin.
Bibb told the Business Journal the property has changed hands only a few times in recent years after being held by the same family for decades.
“The home was in one family for many, many years,” said Bibb. “About eight years ago, it was completely remodeled—taken down to the studs and redone. The most recent seller purchased it already renovated and used it as a second home for about five or six years.”
The buyer, Bibb said, already owns a home within roughly 100 yards of the property but not on the water.
When approached about a potential sale of their nearby residence, the family said they would only consider moving if something “special on the water” became available.
“There was a house just three homes away from them, right on the bay,” said Bibb. “They love, love, love Peninsula Point. Once they saw it, the family loved it and decided to buy.”
Bibb said she plans to list the buyer’s home for lease in the coming month.
Peninsula Point sits at the southernmost end of the Balboa Peninsula, bordered by the Pacific Ocean on one side and Newport Harbor on the other. The neighborhood is about a mile from the Balboa Fun Zone and the Balboa Island Ferry, and within walking distance of the beach.
Bibb described the enclave as quieter and more residential than areas closer to the piers, with a mix of full-time residents and second-home owners who use their properties year-round.
“It’s beach living,” she said. “The homes aren’t as grand as you might find in Crystal Cove, but you’re right at the water. That’s what people are looking for when they come here.”
Bibb said she has completed seven transactions totaling $50 million since the beginning of the year and remains optimistic about the luxury market in Newport Beach, particularly along the coast.
“I think the buyers in this price range aren’t as tied to interest rates,” she said. “They’re buying a lifestyle, whether it’s a second home for the family or an investment in a secure coastal market.”
She added that she has seen an influx of buyers from Los Angeles—some affected by last year’s Palisades Fire—entering the Newport Beach market, both to purchase and to lease high-end homes.
“Last year we had a lot of people coming down from LA, and that’s continued into this year,” Bibb said. “I’m very optimistic about coastal Orange County.”
