The Newport Beach real estate market has both short sales and foreclosures. The definition of a short sale is when a lien holder or bank 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 banks or lenders want fair market value for the property and will attempt 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 18 active listings, 33 in back up status, 27 pending and there were 11 sales in May, 2012.
There is an average sales price over the past one year of $808, 870 and a price per square foot of $362.19. This is an increase from last month (April, 2012) as average price last month was $808,870 with an average price per square foot of 362.19.
Listings are down -2 since April, 2012 (trend is continuing this year with declining number of active listings)
Back Up is down -17 since April, 2012
Pending sales are up +3 since April, 2012
Sales are up up +2 since April, 2012
There is a low absorption rate for short sales in Newport Beach.
|Absorption Rate, May, 2012|
|Newport Beach Short Sale Market Update|
Information Deemed Reliable but not Guaranteed
Courtesy of www.NewportBeachRealEstateCafe.com
Info taken from CRMLS
Do Not Use Without Permission
Past months market reports for short sales in Newport Beach.
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
1 - 5 of 5.
See more Newport Beach Short Sale Property for Sale.
(all data current as of 5/19/2013)
$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.