Newport Beach Short Sale Market Update | March, 2012

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.

Listings are down -9 since February 2012
Back-Up is up +11 February 2012
Pending sales are the same February 2012
Sales are up +2 since February 2012

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.

Price
Beds
Baths
For Sale / All Types
Advanced Search
Short Sale
$2,850,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
6,850
SQFT
511 Cliff Drive
Newport Beach, CA 92663
 
Short Sale
$2,400,000
Single Family Home For Sale
Active Under Contract
4
BED
6
TOTAL BATHS
5,152
SQFT
508 Westminster Avenue
Newport Beach, CA 92663
Cliffhaven (CLIF) Subdivision
Short Sale
$2,200,000
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
3,154
SQFT
22 Rue Saint Cloud
Newport Beach, CA 92660
Big Canyon Deane (BCDN) Subdivision
Short Sale
$1,150,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,675
SQFT
1500 Irvine Avenue
Newport Beach, CA 92660
Newport Heights (NEWH) Subdivision

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Sharon Paxson is a full-time REALTOR® with Compass and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords and Tenants with their real estate needs.

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DISCLAIMER: All information, photographs & content contained on this site is the property of Sharon Paxson. You must obtain written permission from Sharon Paxson if you would like to use any of this content contained herein. Opinions expressed are those of Sharon Paxson and may not necessarily be opinions of past and present brokers. Articles may be time and date sensitive. All statistical information utilized to create market reports has been obtained from the CRMLS. Information Deemed Reliable but not Guaranteed.

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