Condos in Newport Beach, Irvine, and the surrounding area are a great option for getting into the Southern California real estate market on a budget. Their convenience and low-maintenance make them ideal for part-time or transient residents, investors, busy professionals, or those looking to relax and have more free time. Condos are also an excellent way to get a foot in the property market, in a great area, without breaking the bank. Orange County condo communities are some of the best in the country, thanks to their luxury amenities, proximity to a fantastic array of local attractions, and their value within one of the country's most competitive real estate markets. Read More About Orange County Condos.
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Condominium Real Estate Information
Condos in Southern California, specifically in the Irvine and Newport Beach areas, range between $400,000 and $500,000 in price. This is significantly cheaper than the average single-family home, which usually falls between $800,000 and $900,000. This is the primary benefit of buying a condo, the opportunity to own property in a great area at a lower price.
Other benefits of condominium ownership and living include:
- Less maintenance
- Consistent community expectations
- Having a say in how the community is run
Some downsides of condo living are the added community restrictions, smaller living spaces, and closer proximity to other residents (potentially meaning more noise and less privacy).
Living in a condominium community will involve paying a monthly or yearly Homeowner Association (HOA) fee. These fees go to maintaining and fixing common amenities like gardens, exterior building features, pools, gyms, clubhouses, and so on. While this may seem like a downside of condo ownership, it's important to remember that many fee-simple home communities in Irvine, Newport Beach, and Southern California, include membership in an HOA as well.
While high-rise condos are the norm in other cities, the two most common types of condo communities in Orange County are garden complexes and townhouse complexes. Garden complexes offer units in low-rise buildings around park-like grounds, while townhouse (or townhome) complexes offer semi-detached homes, usually more than one story high.
For some excellent examples, University Park is known for its fantastic mid-century garden condos, while townhouse condos can be found nearer to central Newport Beach in developments like Versailles or Seawind.
Luxury Condo Developments In Newport Beach And Irvine, California
Orange County is home to many fantastic condo developments at a variety of price points. These may be garden complexes or rows of modern townhomes. Here is a list of some condominium complexes to check out:
- Central Park West: Rockefeller by Lennar
- Travata: Castillo by Lennar - 55+ community in Cypress Village
- Sea Island - 82 mid-sized condos next to Newport Beach Country Club
- The Summit - Newport Coast area, next to Buck Gully Reserve
- Trovare - 2 to 3 bedroom townhouse in Newport Coast
- Ziani - 168 mid-sized condos in the Newport Coast area
- Villa Balboa - In Newport Heights next to Hoag Hospital
- Seawind - In Newport Heights next to Hoag Hospital
- Big Canyon McLain - Part of the Big Canyon community in East Bluff
- Laguna Woods Village - Large 55+ community south of Irvine
- Watermarke Irvine - Spacious condos in the University Town Center area of Irvine
- Newport Crest -In Newport Heights near Seawind and Villa Balboa
- Versailles - Condos next to Hoag Hospital in Newport Heights
What Is A Condominium?
A condominium or “condo” is a privately owned residential unit, usually within a collection of similar units.
The land and amenities associated with these units are usually owned or administered in common with other residents.
Condos are usually attached units, but some are detached, resembling typical single-family homes.
One characteristic that typically distinguishes condos from other forms of real estate ownership is that they don't include ownership of the land that the condo is built on.