Irvine Terrace, a crown jewel location, was described in the original 1950s brochure as:
“Irvine Terrace, the chicest spot of the historic 98,000-acre Irvine Ranch, is the latest available location lying between the Coast Highway and Newport Harbor. Located adjacent to The Irvine Coast Country Club (now Newport Beach Country Club)…within walking distance of beaches, golf course and yachting facilities.
A few minutes drive to Riding Stables and California’s finest location for ideal year round living and is an intelligently planned development in the hands of responsible men of experience and ability. Macco Corporation caters to the definite ideas of your family’s living requirements. If you are tired of a home that is merely a pause between work and going someplace, consider Irvine Terrace, where you can ‘live where you play.'”
Bordered By: Located in Corona del Mar, the area is bordered on the east by Corona del Mar Village, south by Balboa Island, west by Jamboree Road and the Back Bay, and north by Pacific Coast Highway, Newport Beach Country Club and Fashion Island.
Views: Many of the homes in Irvine Terrace have spectacular views of Newport Bay, the Pacific Ocean and Santa Catalina Island. Visit Irvine Terrace Park in the late afternoon and get treated to an amazing sunset over the ocean and enjoy the lights reflected on the bay from the Balboa Pavilion.
History: In 1952, The Irvine Company along with Kenneth Schmidt, John MacLeod and the Macco Company began turning this bluff into a unique housing development of 384 homes. Another section from the 1950s Irvine Terrace brochure sums up what living here is still like more than 50 years later:
“From preliminary model to completed development The Irvine Company has spared no expense in making Irvine Terrace the finest residential area ever offered in Newport Beach. After careful engineering, Macco Corporation’s giant equipment moved over 700,000 cubic yards of earth to convert this rough site into the finest development now available. Nowhere else in the Harbor area has so much been invested to create an area of lasting values. Irvine Terrace is the last of its kind. You’II be glad you stopped dreaming and ‘started living now before it was too late.'”
Homes/How the Community Has Evolved: There are many different styles of homes in Irvine Terrace. They are primarily single story due to height restrictions in the architectural controls of the CC&Rs. The style and architecture range from traditional, ranch style and modern, as well as contemporary which adds to the unique feel of the neighborhood. The lot sizes vary from approximately 7,000 to 29,000 square feet. Initially, The Irvine Company sold the tract through leasehold ownership. Leases were very moderate, between $300 and $600 per annum. In 1971, the association pressured The Irvine Company to allow the residents to buy their lots. In return, the homeowners agreed to a set of CC&Rs and membership in the association became mandatory. Original sales prices in The Old Terrace were between $25,000 and $40,000 and in The New Terrace between $29,000 and $50,000.
Why I Love Living Here: Growing up in Irvine Terrace, then raising my family here makes this neighborhood very special to me. I love the location and close proximity to everything. Some of my favorite things to do are walk or ride my bike to Balboa Island, take the ferry over to Balboa Peninsula, walk to Big or Little Corona, having bonfires and watching the boats come in and out of the jetty. When we have large waves I enjoy heading to The Wedge to watch the body surfers, or the waves crash on the jetty. I enjoy a long walk or bike ride in the Back Bay to bird watch, then catch a meal at The Back Bay Bistro or walk into the Village to one of the many favorite restaurants. In the summer, I look forward to kayaking in the harbor and pulling up on a beach for a picnic or cruising the harbor in a Duffy.
Current Market Activity:
The SoCal MLS lists two homes for sale ranging from $1,750,000 to $2,580,000. Due to the eclectic mix of architecture, there is no average per square foot sales price, as it depends on the location, style and age of the property. There have been eight sales since January 2011 ranging from $1,210,000 to $5,325,000. Market information for Irvine Terrace, as of April 20, 2011.
Brochure Information from the original 1950s Macco Corporation’s sales literature.
Information provided by Leanne Boman, Prudential California Realty specializing in Corona del Mar and Newport Beach. Reach her at 1400 Newport Center Drive #200, Newport Beach. Call 949.887.9871 or email her at email@example.com. www.leanneboman.com.