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
$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

About The Author

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ABOUT ME

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.

If you are thinking about buying, selling or renting your home, condo or other Real Estate in the following areas including Newport Beach, Newport Coast, Corona del Mar, Huntington Beach there are thousands of Realtors to choose from. However, it doesn't cost you any more to work with a top Newport Beach CA Realtor. We welcome the opportunity to show you how we get outstanding real estate results with specific and targeted marketing. If you are looking for a top real estate agent who will make a difference you have come to the right place. Use this real estate website to learn about communities and homes for sale.

REAL ESTATE BROKERAGE SERVICES

  • Newport Beach Homes for Sale/Sharon Paxson®
  • Newport Beach area buyers, sellers, renters
  • 520 Newport Center Drive Suite 330
    Newport BeachCA 92660
  • 949-280-0681 | DRE 01501912

DISCLAIMER

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.

Copyright © 2019 Newport Beach Real Estate

Scroll to Top