The Newport Beach real estate market has both short sales and foreclosures. The definition of a short sale is when a bank or lien holder lender agrees to accept a discounted payoff on a loan balance as a result of either economic or a financial hardship on the part of the mortgagor.
The lenders or banks wants fair market value for the property and will go great lengths in order to obtain the appropriate value of the home. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.
Currently there are 29 active listings, 54 in back up status, 15 pending and there were 7 sales in March, 2012.
There is an average sales price over the past one year of $808, 870 and a price per square foot of $362.19.
There is a low absorption rate for short sales in Newport Beach. One month does not signify a trend, however the trend for absorption rate is declining from February, 2012. There is a two month trend of the absorption rate declining.
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
View map below for distressed property in Newport Beach.
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1 - 5 of 5.
See more Newport Beach Short Sale Property for Sale.
(all data current as of 5/21/2013)
$2,595,000 : 648 Via Lido Soud, Newport Beach3 beds, 3 full, 1 part baths
$229,000 : 43 CHANNEL Road, Newport Beach2 beds, 2 full, 1 part baths
$3,995,000 : 207 EDGEWATER, Newport Beach5 beds, 3 full, 2 part baths
$108,300 : 700 LIDO PARK Drive #15, Newport Beach3 beds, 2 full baths
$2,600,000 : 226 VIA SAN REMO, Newport Beach3 beds, 4 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.