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300 302 South Bayfront, Newport Beach, California 92662, Newport Beach, 92662 - 10 bed, 10 bath

300 302 South Bayfront, Newport Beach, California 92662 home-pic-0
ACTIVE$17,000,000
300 302 South Bayfront, Newport Beach, California 92662
10Beds
10Baths
5,614Sqft
5,193Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Prime Waterfront Location: Rare opportunity on the South Bayfront of Balboa Island, offering a corner lot with approximately 60 feet of direct bay frontage and unparalleled access to the harbor.
Top Cons:
Complex Development Process: Building a new home requires navigating a complex process involving the City of Newport Beach, the Coastal Commission, and architectural design, which can be time-consuming and costly.

Compared to the nearby listings

Price:$17.00M vs avg $4.31M (+$12,687,500)95%
Size:5,614 sqft vs avg 2,196.5 sqft95%
Price/sqft:$3.0K vs avg $2.3K85%

More Insights

Built in 1991 (34 years old).
Condition: The property consists of two structures built in 1991 and 1968. While the listing emphasizes the opportunity to 'tear down and build' a new dream home, the existing structures are noted to provide income, indicating they are currently habitable and maintained to a functional standard. The interior images of the 1991-built home reveal an outdated kitchen with tiled countertops and traditional wood cabinets, requiring significant renovation to meet modern standards. The bathroom shown appears to have some updates but is not fully contemporary. Given the age of both properties (33 and 56 years old, respectively) and the clear signs of outdated features, particularly in the kitchen, the properties fall into the 'fair' category. They are aged but maintained, with major components functional but showing signs of being outdated, and would require substantial updates for modern living, aligning with the description's implicit suggestion for redevelopment rather than long-term use in their current state.
Year Built
1991
Close
-
List price
$17M
Original List price
$18M
Price/Sqft
$3,028
HOA
-
Days on market
-
Sold On
-
MLS number
NP25091242
Home ConditionFair
Features
Excellent View: Bay, City Lights, Harbor, Panoramic, Water
Deck
Patio
ViewBay,City Lights,Harbor,Panoramic,Water

About this home

Reduced $1,000,000.00! RARE OPPORTUNITY ON THE SOUTH BAYFRONT OF BALBOA ISLAND! Imagine, twice the home on the fabulous Newport Beach Harbor! Walk out your front door and experience the sun, the fresh air, the calmness and the beauty of the bay! Side by side South Bayfront, Balboa Island lots available on a CORNER! Wonderful location near the west end of South Bayfront. Never ending views of the harbor! Build your dream home! This is an opportunity of a lifetime! Existing structures will provide 3 incomes while you walk through the process of combining these two wonderfully located properties. Create your waterfront legacy! This listing is for both 300 South Bayfront and 302 South Bayfront combined! 300 South Bayfront is a single family home with 2 family rooms, one up and one down, 3 bedrooms, 5 baths and 2 car garage. The lot size is 2,640 sq ft. The sq ft of the existing structure is 2,429 sq ft and it was built in 1991. The property at 302 South Bayfront, the lower unit, is a 3 bedroom 2 bath and 1 carport with an electric car charger. The lot size is 2,553 sq ft. The existing structure, a duplex, was built in 1968. The upper unit has 4 bedrooms, 3 baths and 1 carport. Together the lots combined come to 5,193 sq ft and would create approximately 60 feet of south bay frontage. The undergrounding of the utilities is almost complete! No utility poles or wires in your rooftop deck view! From the sea to the mountains! Both properties have electric car charging stations installed. The duplex only on the lower unit. This fact is less important if you plan to tear down and build a single family with the required ADUs. The income on this property will go a long way in helping you get through the City of Newport Beach, the Coastal Commission and designing phase of your new home. At this point in time, the Sellers are not interested in selling the houses separately. This is a listing for two properties being sold together. (buyer to verify the information in this listing) All measurements are approximate and suggestions to build are to be verified by the City of Newport Beach, Coastal Commission and Architect as to the potential of what is allowed.

Condition Rating
Fair
The property consists of two structures built in 1991 and 1968. While the listing emphasizes the opportunity to 'tear down and build' a new dream home, the existing structures are noted to provide income, indicating they are currently habitable and maintained to a functional standard. The interior images of the 1991-built home reveal an outdated kitchen with tiled countertops and traditional wood cabinets, requiring significant renovation to meet modern standards. The bathroom shown appears to have some updates but is not fully contemporary. Given the age of both properties (33 and 56 years old, respectively) and the clear signs of outdated features, particularly in the kitchen, the properties fall into the 'fair' category. They are aged but maintained, with major components functional but showing signs of being outdated, and would require substantial updates for modern living, aligning with the description's implicit suggestion for redevelopment rather than long-term use in their current state.
Pros & Cons

Pros

Prime Waterfront Location: Rare opportunity on the South Bayfront of Balboa Island, offering a corner lot with approximately 60 feet of direct bay frontage and unparalleled access to the harbor.
Exceptional Development Potential: Two side-by-side lots combined create a significant footprint (5,193 sq ft) ideal for building a custom, large-scale waterfront legacy home.
Income-Generating During Development: Existing structures provide three separate income streams, which can help offset costs during the planning and approval phases for a new construction project.
Panoramic Views: Offers never-ending panoramic views of the harbor, bay, city lights, and even mountains, enhanced by completed underground utilities ensuring unobstructed sightlines.
Recent Price Reduction: A significant $1,000,000 price reduction from the original list price indicates potential value and a motivated seller.

Cons

Complex Development Process: Building a new home requires navigating a complex process involving the City of Newport Beach, the Coastal Commission, and architectural design, which can be time-consuming and costly.
Age and Condition of Existing Structures: The existing structures, built in 1968 and 1991, are primarily presented as income-generating assets during a tear-down and rebuild, implying they may not be in modern or high-value condition for long-term use.
High Entry Cost & Limited Buyer Pool: The $17,000,000 list price for two combined properties, intended for a major redevelopment, targets a very specific and limited buyer demographic.

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