News Summary
Newport Beach’s real estate market sees a major transaction with a $10.2 million home sale while Newport Beach Vacation Properties merges with Burr White Realty to dominate the vacation property management sector. The newly constructed luxury home features modern amenities and reflects the high-value landscape of the Port Streets area. As the largest vacation property management company in Newport Beach now, NBVP aims to enhance guest experiences and uphold its legacy amidst changing market dynamics.
Newport Beach Real Estate Market Sees $10.2 Million Sale and Major Vacation Property Management Merger
Newport Beach experienced a significant real estate transaction as a newly constructed home sold for nearly $10.2 million on July 2, 2023. The luxury property, located at 1991 Port Claridge Place, offers a spacious layout of 4,450 square feet with five bedrooms and 5.5 bathrooms, all situated on a 7,475-square-foot lot. The home was on the market for 24 days before closing at 12% less than its list price.
The house was designed and constructed by Greg Clarke Construction and features modern amenities, including a home office, a saltwater pool, a barbecue island, and a comprehensive outdoor entertainment system, making it an attractive option for luxury buyers.
Port Streets Area of Newport Beach
The Port Streets area, where the home is located, encompasses nearly two dozen “port” streets, such as Port Abbey Place and Port Albans Circle. This neighborhood comprises over 1,000 homes, with property values ranging from $2.5 million to over $12 million. Many homes in this area have undergone extensive renovations, transforming them from their original 1960s and 1970s styles into custom masterpieces that reflect a diverse architecture and pricing landscape.
Vacation Property Management Merger
In another significant development, Newport Beach Vacation Properties (NBVP) has announced its acquisition of Burr White Realty, a decision that will substantially grow its vacation property management portfolio. With this merger, NBVP has become the largest vacation property management company in Newport Beach and is among the top players in Orange County. However, the transaction value of the acquisition remains undisclosed.
Burr White Realty has been a staple in the area since its inception in 1967 and is recognized as the longest continuously operating vacation rental management company in Orange County. The company has previously set industry standards, including the launch of the first vacation management website, implementing professional cleaning service standards, and allowing credit card payments.
Expanding Vacation Management Offerings
The merger will enable NBVP to better meet the luxury expectations of vacation renters. Currently, NBVP manages over 150 vacation homes, collectively providing accommodations that exceed the occupancy capacity of a 600-room hotel. This expansion also benefits Balboa Realty, NBVP’s sister company, with the addition of over 600 residential units into its management portfolio.
To enhance guest experiences, NBVP has partnered with Duffy Electric Boats to offer discounted boat rides to guests renting their properties. The company prioritizes creating memorable experiences for visitors, which in turn promotes increased revenue for property owners.
Honoring Legacy Amid Change
The founders of NBVP, Aaron and Alex Batley, along with partner Arthur Dorr, have deep roots in Newport Beach, having established the company in 2007. The Batleys acquired Burr White Realty from their father, who had purchased it from the original White family in 1997. After nearly 60 years in business, Burr White Realty has endured many changes in the real estate market while facing increasing competition from local rivals in recent years.
The aim of the Batleys is to merge modern technology and standards with the legacy of Burr White Realty, ensuring that the company not only honors its past but also adapts to the evolving vacation rental landscape in Newport Beach.
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Additional Resources
- Orange County Business Journal: $10.2 Million Newport Beach Home Sale
- Newport Beach Independent: NB Vacation Properties Acquires Burr White Realty
- Press Telegram: Dream Home Nightmare in Long Beach
- Realtor.com: Tarek and Heather El Moussa’s Beach House
- Google Search: Newport Beach real estate
