PRICE IMPROVEMENT! Welcome to this beautiful Mediterranean Villa on the bay, nestled in Balboa Coves. This jewel of a private gated community is a rarity that has ample parking and only 68 homes. When entering the house, it has a 20-foot rotunda ceiling with recessed lighting and a beautiful light fixture. The home features travertine tile flooring throughout. Upon entry, there is a bedroom to the right with an on-suite bathroom. On the left is a laundry room and guest bathroom. When walking down the hallway youre looking across the bay at Newport Island. Next on the first floor comes the beautiful tranquil master bedroom with a fireplace, and a walk-in closet. The living room has an open concept with separate bar, kitchen, living and dining areas, as well as a half bath. The living room also features a fireplace and fully retractable sliding doors that open the entire side of the home to an expansive view of the bay, the main patio and a private beach. The kitchen is equipped with modern appliances and a walk-in pantry. The upstairs has 3 bedrooms and 2 baths (one of which is currently configured as an office). There is also a bonus/media/flex room with unobstructed balcony and bay views. The main level also features a private courtyard with a built in BBQ, waterfall and a large in-ground jacuzzi. There is a spacious 3 car garage with 3 doors and a Tesla 80 amp wall charger. The property also includes a deeded boat dock that will accommodate up to a 35-foot boat. Included in the sale price of the house is a 2003 Pro Cat 29-foot motor catamaran in excellent condition with two Yamaha 300 HP engines, that were purchased in 2023. This will give you the opportunity to cruse under the bridge to the open harbor to many bay-front restaurants. Nobu the famous Japanese Cuisine Restaurant, Rusty Pelican, Billy's, The Winery and Woodys Wharf etc. A short bike ride to Lido Village, Lido Island and the ocean. Close proximity, to freeways and quick access to Orange County Airport. Just a short hop down Coast Highway to more great restaurants and the prominent Fashion Island Shopping Center. Hoag Hospital is just up the street. This is a great location that provides the opportunity to enjoy the beach life. There are seldom homes for sale in the community! *THE OWNERS WOULD PREFER TO SELL THE HOUSE FURNISHED!