Newport Beach Short Sale | Market Update | October, 2012

Newport Beach Short Sales | Market Update | October, 2012

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  lenders or banks will attempt to obtain 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 8 active listings, 24 in back up status, 14 pending and there were 6 sales in October, 2012.

Average sales price for Newport Beach short sales over past one year is $856,585 with a price per square foot of $419.56. The highest priced short sale sold in October, 2012 in Newport Beach was $3,000,000.

8 active listings compared to 5 active listings September, 2012 – up +2
24 back up listings compared to 29 back up in September, 2012 –  down -5
14 pending listings compared to 24 pending in August, 2012 – down -10
6 sold listings compared to12 sold listings in September, 2012 – down -6

There is a low absorption rate for short sales in Newport Beach. It is favoring a seller’s market with approximately one month absorption rate (or less).

Past months market reports for short sales in Newport Beach.

November, 2012
October, 2012
September, 2012
August, 2012
July, 2012
June, 2012
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)

1. $2,595,000 : 648 Via Lido Soud, Newport Beach
   
   3 beds, 3 full, 1 part baths

   Home size: 2,600 sq ft

   Lot size: 2,816 sqft
2. $229,000 : 43 CHANNEL Road, Newport Beach
   
   2 beds, 2 full, 1 part baths

   Home size: 1,385 sq ft
3. $3,995,000 : 207 EDGEWATER, Newport Beach
   
   5 beds, 3 full, 2 part baths

   Home size: 3,000 sq ft

   Lot size: 2,700 sqft
4. $108,300 : 700 LIDO PARK Drive #15, Newport Beach
   
   3 beds, 2 full baths

   Home size: 1,162 sq ft
5. $2,600,000 : 226 VIA SAN REMO, Newport Beach
   
   3 beds, 4 full baths

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

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