Newport Beach is known locally in California and much of the American West for being home to some of the most expensive and prestigious properties in the Orange County area. Newport Beach real estate routine costs millions of dollars, with even the most inexpensive properties averaging well over seven hundred and fifty thousand dollars. Simply put, Newport Beach is an upscale community with very high measures of wealth such as per capita income. This means that the Newport Beach real estate market was affected and will continue to be affected by the recession differently than many other California communities. Newport Beach real estate did suffer some ill effects because of the real estate bubble and the sub prime mortgage crisis, but seems to be experiencing a rebound. Newport Beach is a heavily residential area, meaning that the Newport Beach real estate market is not suffering many of the ill effects of the commercial and industrial real estate crises, as reported by the Orange County Register. According to Realtor Suzanne Hefni-Pyle's blog in the Realty Times, “The Newport Beach market is showing signs of picking up with buyer activity. Now in 2009, the markets have finally adjusted down in prices close to 2004. Price ranges under $400,000 are seeing multiple offers coming in.” In other words, prices on prime real estate have dropped so low that even severely undervalued homes that would ordinarily sell for much more are being snatched up quickly. According to the most current Orange County Real Estate Report (from, Newport Beach real estate, especially homes and condos, have been steadily recovering from the bottom reached around February and March of 2009. The Orange County Real Estate Blog wrote just over a year ago that single family home prices in Newport Beach were doing much better than the OC market at large -“Orange County is going through a major price correction currently, but property values in Newport Beach are doing much better than most other cities in Orange County.” The primary difference between then and now is that Newport Beach is doing even better at the present time.