Condominium owners in Newport Beach, California, are looking at a steep discount to their current price as the new year begins.
But, just as important, the condominium units in their city are worth more than ever, according to a new study.
“They’re all over the place,” said Richard Brink, who is vice president of real estate and real estate consulting at the real estate research firm CoreLogic.
“The value of these units is way, way up, and there’s a lot of value in them.
It’s a beautiful piece of land.
It looks beautiful.
They’re very special properties, and they’re all very desirable.”
In the early 2020s, developers in Newport began to realize they needed to find new ways to turn around the condo boom.
They turned to real estate analysts to help them understand the future of their properties.
“We started to look at these developers who had developed properties and said, ‘How do we get a little bit more value for these properties, as opposed to what they’re selling them for today?'” said Brink.
A new approach that focused on creating high-end, mixed-use housing in communities across the city.
The most popular of these projects, the Newport Condominium Community Garden, is one of the latest to go live in the city’s Downtown Eastside.
“The thing that’s really exciting about Newport is the amount of housing that’s going to be developed in this area,” said Brinks.
“And the number of condominium developments that are going to come online, it’s a really exciting development.
It just brings in a lot more people, and that means we have more jobs and we have a more diverse community.”
A new housing stock for Newport”In the end, it was just a great way to do a lot to create more employment,” said resident and condo owner Linda Pritchard.
“It’s really, really, that’s what makes the city great.
We’re a diverse, multicultural community, so when you’re surrounded by people who want to live here, and you have a great community that’s so welcoming, it really does add a lot.
That’s what we need.”
The Newport Condo Community Garden is a mixed-used development on the site of a former railroad station, with a rooftop garden and a restaurant.
The development is planned to create a new, mixed use community.
“It’s very exciting to see a development that’s in the heart of Newport, that has all the amenities that a city has to offer, and has a great location,” said Newport Condor owner, James Luscombe.
“A lot of developers are looking to build condos, and a lot are looking for affordable housing, and I think Newport is one that’s very attractive.”
This new condominium development is part of a larger redevelopment that’s taking place on the area.
As part of that, the city is redeveloping a portion of the historic West End neighborhood, which includes the former railroad depot and former home of the Newport Hotel.
This is the second project of its kind that’s been approved by the city for the area, which has more than 1,200 homes.
The development will add a new hotel to the existing Huntington Beach Hotel, which currently houses the Newport Fire Department and is a major attraction in the area for its Newport Beach restaurants and shopping.
The building, which is expected to open in the spring, will also provide more than 100 apartments, and will include a fitness center and community space.
The Newport Beach Condominium Association, a nonprofit group of residents and condo owners, said the new development is expected be the first of its type in Newport.
“For Newport, it will be a very big change in our downtown,” said Pritcher.
“But I think that we will be very successful with the development.”
The group has been involved in planning for the project since it was first announced in 2016.
The group will work with developers to find the right mix of housing, retail, and commercial space, as well as ensure the building will not adversely impact the surrounding neighborhood.
“There will be lots of opportunities for businesses to come in,” said Luscher.
“A lot more restaurants are coming into the area and that will make a big difference in our area,” added Pritchel.
“We’ll be working with the city to really figure out what we want to do with the building, and the developers have been really supportive of that.”
For more information on the Newport Beach condominium project, visit www.council.cityofnewport.ca