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.

Lido Island in Newport Beach

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).

Search the MLS for Newport Beach short sales, and Newport Beach homes for sale.

Short Sale
Single Family Home For Sale
Active Under Contract
508 Westminster Avenue
Newport Beach, CA 92663
Cliffhaven (CLIF) 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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