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Enjoy Newport Beach

Nestling nestled between the Balboa peninsula and Balboa Island, Newport Beach is a small city in Pacific Coast. It is located in Orange County and has neighbors as Huntington Beach, Costa Mesa and Irvine. There are about 85,000 citizens in the city. The average age of people here is about 47,1 years. There are 4,6% of the city’s population is children under five years old. The people are 65 years old and older hold 16,8%. African-Americans residents are less than a half percent. Hispanic residents are 4.7% of the population.

Newport Beach is one of the top of the country for well-paid single men and women and for its family and household income. In 2005, the average annual income is $97,428. The families earned about $127,698 per year. The unemployment rate is about 3% which is well below the state average. From 2000 to 2005 year, the growth of job increased over 10%.

The national average for family income was $55,832, according to the U.S. Census Bureau. Newport Beach easily out earned the nearby communities of Irvine ($85,624) and Laguna Beach ($100,778). At 3%, unemployment was well below the state average, while job growth rose by over 10% from 2000 to 2005. There are some of the wealthiest people in California from Newport Beach. In 2001, Newport Coast and San Joaquin Hills were merged with Newport Beach city. Newport Coast is home to many of the wealthy and famous. Newport Beach homes for sale will cost much from ones wallet. In 2005, the average home value was $1.36 million while in 2000, it was $708,000 only. The priciest homes continue to increase in value.

Newport Beach has a low risk of both personal and property crime. The University of Phoenix-Southern California located here with around 18,075 full-time students, California State University-Fullerton with 22,345, and 19,533 enrolled University of California-Irvine. There is 58,5% of Newport Beach residents holding a Bachelor’s degree, including 96.7% who graduated from high school and 21.4% of residents had a graduate or professional degree.

The climate here is very comfortable with a lot of sunshine and mild. It is about 44 degree to 67 degree in January. In July the average high is about 77 degree. The annual rain average is about 12,5 inches. If you can afford Newport Beach homes for sale, you will find a crowded harbor full of boats, streets busy with shoppers, and over six miles of beaches filled with surfers and swimmers.

As years go by, many rich and famous people have bought Newport Beach homes for sale. Some of them are John Wayne, Shirley Temple, James Cagney, Humphrey Bogart, Errol Flynn, George Burns, Kobe Bryant, Nicolas Cage, Gwen Stefani, Vanna White …

The Newport Beach real estate market continues to face conflicting signs, although it is arguably the strongest-recovering market in the entire country. According to a November 27, 2009 article from Michael Gerrity of the Real Estate Channel, “According to the California Association of Realtors (CAR), home sales increased 1 percent in October in California compared with the same period a year ago, while the median price of an existing home declined 3.2 percent. ‘Home sales historically trail off during the fall and winter months as we move to the off-peak season for the housing market,’ said C.A.R. President Steve Goddard. ‘However, with affordable home prices, mortgage rates hovering around 5 percent, and the extension and expansion of the federal tax credit, we expect first-time and move-up home buyers to drive home sales through the end of this year and into early 2010.”

Newport Beach home sales, as well as those in Orange County and the rest of the Golden State, increased steadily during the month of October, according to a November 25, 2009 report released by the California Association of Realtors. The press release noted that “Closed escrow sales of existing, single-family detached homes in California totaled 562,400 in October at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity increased 1 percent from the revised 557,050 sales pace recorded in October 2008. Sales in October 2009 increased 5.9 percent compared with the previous month.”

Perhaps the brightest news for real estate in Newport Beach came from an article written by Jon Lansner in the Orange County Register. The piece, written on November 25, 2009, found that “Housing markets in four Newport Beach ZIPs enjoyed Orange County’s biggest improvement in their Zippy market-strength rankings in the third quarter…Newport Beach 92663 had the biggest gain, up 74 spots to 4th place in the third-quarter Zippy rankings. The four Newport gainers by no means suggests that there was something magical about seaside property in the past quarter. Dana Point‘s two ZIP codes could be found among the 10 ZIPs with the biggest declines in Zippy rankings.”