Houses on the boardwalk = less private but walking distance to food and drink which are all around the 2 piers
Houses down by the wedge = no boardwalk, just sand and no real walking options - nicer/bigger houses though
Also, Lido House just opened on the peninsula, they have bungalows and the location is walkable to a ton of things .. part of marriott's autograph collection..I send everyone there now instead of balboa bay club..
You could prob get a nice house in Manhattan Beach as well but I like Newport better