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 the fair market value of the property. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.
Currently there are 17 active listings, 29 in back up status, 22 pending and there were 15 sales in May, 2012.
There is an average sales price over the past one year of $814,618 and a price per square foot of $384.87. Listings are down -2 since April, 2012
Active listings are down -1 since May, 2012
Back Up is down -4 since May, 2012
Pending sales are down -5 since May, 2012
Sales are up +4 since May, 2012
There is a low absorption rate for short sales in Newport Beach.
| Absorption Rate, June, 2012 | ||||
| Newport Beach Short Sale Market Update | ||||
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Information Deemed Reliable but not Guaranteed Courtesy of www.NewportBeachRealEstateCafe.com Info taken from CRMLS Do Not Use Without Permission |
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One Month |
ThreeMonths | SixMonths |
Twelve Months |
|
| Listings | 17 | 17 | 17 | 17 |
| Sold | 15 | 38 | 51 | 112 |
| AverageSold/Mo | 15 | 13 | 9 | 9 |
| Month’s Inventory | 1.1 | 1.3 | 2.0 | 1.8 |
Past months market reports for short sales in Newport Beach.
May, 2012
April, 2012
March, 2012
February, 2012
January, 2012
Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.
Showing properties
1 - 5 of 5.
See more Newport Beach Short Sale Property for Sale.
(all data current as of
5/21/2013)
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$2,595,000 : 648 Via Lido Soud, Newport Beach3 beds, 3 full, 1 part baths
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$229,000 : 43 CHANNEL Road, Newport Beach2 beds, 2 full, 1 part baths
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$3,995,000 : 207 EDGEWATER, Newport Beach5 beds, 3 full, 2 part baths
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$108,300 : 700 LIDO PARK Drive #15, Newport Beach3 beds, 2 full baths
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$2,600,000 : 226 VIA SAN REMO, Newport Beach3 beds, 4 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
