O.C. Now

Newport Beach

Home prices jump nearly 30% in a year

Newport Beach’s median home prices jumped nearly 30% between March 2009 and March 2010, the eighth-highest increase among California cities, according to the California Assn. of Realtors.

The median price for a Newport Beach home in March was more than $1.1 million, a substantial leap of 29.7% from one year earlier, when the median price in the city was $850,000, the association reported.

The increase bested the upward statewide trend. Across California, median home prices increased 20.8% and home sales increased 2.5%.

Newport Beach’s median prices were still far above the state average, $301,790.

Newport Beach’s median home price is the fifth-highest in California, according to the report released Thursday.

Median home prices were calculated using new and existing condos and single-family homes.

— Joseph Serna

Anaheim

Billabong names its 2010 big wave king

The 2010 Billabong XXL Global Big Wave Awards over the weekend were not the expected coronation of Grant Baker as the new big wave king after all.

But Friday night at the Grove, the South African knew exactly what much of the evening was owed to, and when he had his chance, he made sure to talk about the weather.

“First of all, I’d like to thank El Nino,” Baker said as he collected his giant $50,000 check for Ride of the Year.

Baker’s turbulent plunge at Maverick’s on Feb. 13 was just one of many breathtaking rides in an El Nino-driven winter storm season that five-time XXL winner Greg Long of San Clemente declared “one of the best years in big wave surfing history.”

— OCLNN.com

Irvine

Electric carmaker receives $529M loan

The U.S. Department of Energy has closed a $529-million loan for Irvine-based Fisker Automotive as part of a program to encourage electric and other advanced technology vehicles, and to wean America from oil.

Fisker will assemble its hybrid sports sedan, called the Karma, at a Wilmington, Del., plant that was recently closed by General Motors. The plant will employ 2,000 workers, Fisker anticipates.

The $25-billion congressionally-approved program is also designed to help automakers retool factories. Full production is slated to begin in 2015.

— Mike Reicher