Newport Beach Bank Owned Property | Market Update, December, 2011

by Sharon Paxson on January 30, 2012 · 1 comment

Newport Beach REO home buyers usually face the challenge of competing with multiple offers on the properties. Also, Newport Beach REO home buyers are competing with cash buyers as well.

Newport Beach currently has an inventory of REO or bank owned homes. Currently, there is one active listings, four in back up, four pending, and there have been six sales Newport Beach bank owned sales in December, 2011.

Listings are down -4 since November, 2011
Back Up is the same since November, 2011
Pending is the same since November, 2011
Solds are up +2 since November, 2011

There has been a total of 55 REO sales in Newport Beach in 2011, compared to 61 REO sales in 2010.

There is a low absorption rate  of the REO property as you can see on the graph. These properties move quickly as buyer’s perceive them as the best deal. Keep in mind when buying an REO property – they are purchased “as is”.  Also, remember that the bank will want fair market value and go to great lengths to obtain that value, including obtaining several BPO (broker price opinions) and appraisals.

In my opinion, the absorption rate will remain low, as the inventory of the REO properties is so low.

Search the MLS for Newport Beach REO property, and Newport Beach homes for sale.

See all Newport Beach REO Property for Sale.
(all data current as of 4/23/2014)

  1. 5 beds, 3 full baths
    Home size: 7,000 sq ft
    Lot size: 14,375 sqft
    Year built: 1973
    Parking spots: 6
    Days on market: 61

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 

 

Sharon Paxson

I write about my passion of living the SoCal lifestyle in beautiful Newport Beach. I like to write about the local events, beaches, restaurants, and real estate updates in the area. Call or text me - 949.280.0681

More Posts - Website - Twitter - Facebook - LinkedIn - Pinterest - Google Plus

{ 1 comment… read it below or add one }

Larry Brewer January 31, 2012 at 6:40 AM

I guess the buyers of Newport Beach bank owner property are not having a good year. With only one Newport Beach REO home to fight over, it may go for a premium price.

Reply

Leave a Comment

Please type the characters of this captcha image in the input box

Please type the characters of this captcha image in the input box

Previous post:

Next post: