All About Newport Beach

The Newport Beach real estate market has both foreclosures, and short sales for sale . 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.

There are more short sales for sale in the Newport Beach area than foreclosures. In December, 2011, there are 9 active REO listings.   The short sale market in the Newport Beach area has many considerations. There are both back up and pending status, and some of these short sales may not get approved by the lenders. If that is the case, then the property may go back to the bank.

The bank also wants fair market value for the property and will go great lengths in order to obtain information. A bank or lender may request more than one BPO (broker price opinion) and obtain independent appraisals.

In Newport Beach, there are currently 42 active listings, 45 in back up, 13 pending, and there have been 5 sales during the month of the January, 2012

Listings are down -5 since December, 2011
Back Up is up +12 since December, 2011
Pending sales is down -1 since December, 2011
Sales are up +3 since December, 2011

There is a low absorption rate for short sales in Newport Beach. One month does not signify a trend, however the three month to one year indicates a 9 month absorption rate.

A Newport Beach short sale may be the right property for you. They can be great opportunities and deals. However, there can also be associated costs with purchasing a short sale that the bank will not pay for, and these are considerations when purchasing a short sale.

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

Originally posted at NewportBeachRealEstateCafe.com

Open House in Newport Beach, CA | Balboa Peninsula Point Open House

1730 East Ocean Boulevard
Newport Beach, CA

Open Sunday February 26, 2012
from 1 pm to 4 pm

This charming cottage style home located on the Balboa Peninsula Point in Newport Beach features three bedrooms and two and three quarters bathrooms. With a nice outside patio and entry area, enjoy the Newport Beach climate. The fantastic Balboa Peninsula Point home is being offered for $1,795,000.

This home located on Balboa Peninsula Point has a great room with open feelings, creating an open and airy feel. The living area has a fireplace to enjoy gatherings with friends and family.

This Balboa Peninsula Point home located in Newport Beach is charming and has an open feeling the living room. The stunning kitchen opens onto the great room and is ideal for entertaining.

Come and view this beautiful home Sunday, February 26, 2012 from 1-4pm.

Offered for consideration at $1,795,000.

For more information, view the property website at BalboaPeninsulaPointHome.com

Originally posted at NewportBeachRealEstateCafe.com

Newport Beach REO home buyers usually face the challenge of competing with multiple offers on the properties. Also, Newport Beach REO home buyers are competing with cash buyers as well.

Newport Beach currently has an inventory of REO or bank owned homes. Currently, there are 7 active listings, two in back up, two pending, and there have been nine sales Newport Beach bank owned sales in January, 2012.

Listings are up +6 since December, 2011
Back Up is  down -2 from December, 2011
Pending is down -2 from December, 2011
Sold properties are are up +3 since December, 2011

There is a low absorption rate  of the REO property  of approximately one month. These properties move quickly as buyer’s perceive them as the best deal. Keep in mind when buying an REO property – they are purchased “as is”.  Also, remember that the bank will want fair market value and go to great lengths to obtain that value, including obtaining several BPO (broker price opinions) and appraisals.

Search the MLS for Newport Beach REO property, and Newport Beach homes for sale.

Originally posted at NewportBeachRealEstateCafe.com

Homes for Sale in Cameo Shores in Corona del Mar | Cameo Shores Homes for Sale

Linda Isle in Newport Beach | Market Update | January, 2011

Linda Isle is a beautiful guard gated community located in Newport Beach. There is a guard gate, and a bridge to get onto the island. Linda Isle is shaped like a horse shoe and all the homes are designed to be bay front. Linda Isle in Newport Beach is a yacht’s man dream location with bay front homes and incredible bay front views.

The architecture on Linda Isle in Newport Beach is varied, and the bay front homes are incredible.

Currently there are 9 active listings on Linda Isle (one is a short sale) in Newport Beach and one in back up status (this property in back up status is a short sale). The last sale on Linda Isle in Newport Beach was in November, 2011 and it was a standard sale..

One month is generally not a trend, however the absorption rate is fairly high over the past one year and it indicated it is a buyers market.

Listings are down  -1 from November, 2011
Back Up  is up +1 from November, 2011
Sold properties are down -1 from November, 2011

Search the MLS for homes for sale on Linda Isle in Newport Beach, and Newport Beach real estate.

Originally posted at NewportBeachRealEstateCafe.com

1730 East Ocean Boulevard, Newport Beach | Balboa Peninsula Point Homes for Sale

Newport Beach Open House 2.19.2012 from 1pm to 4pm

This beautiful single family home located on Balboa Peninsula Point in Newport Beach has just been listed for sale. This three bedroom home is being offered for consideration at $1,795,000.

This charming single family home located on highly sought after Balboa Peninsula Point in Newport Beach. This charming Balboa Peninsula Point home features three bedrooms and two and 3/4 bathrooms. Enjoy entertaining family and friends with the beautifully upgraded kitchen with beautiful granite counter tops, stainless appliances, and beautiful cabinets. Enjoy the great room and fireplace for gatherings with friends and family. Walk to the beach and to the bay, and enjoy the consummate beach lifestyle.

This spectacular home will be open tomorrow from 1 pm to 4 pm. For more information, please view the property website at BalboaPeninsulaPointHome.com.

This charming Balboa Peninsula Point Home is being offered for consideration at $1,795,000.

For more information, please contact me and view the property website at BalboaPeninsulaPointHome.com.

Originally posted at NewportBeachRealEstateCafe.com

Homes for Sale in One Ford Road in Newport Beach | One Ford Road Homes for Sale in Newport Beach

One Ford Road in Newport Beach is a 24 hour guard gated community located in Newport Beach. One Ford Road is bordered by Ford Road, Bison, Jamboree and MacArthur.

One Ford Road in Newport Beach was originally built in the late 1990′s by Pacific Bay Homes. The original plan for this Newport Beach gated community was to create a neighborhood that reflected older, gracious homes. Six distinctive neighborhoods were designed in One Ford Road in a variety of designs. The six different areas inside One Ford Road include Balboa – and there are 53 homes in the Balboa tract. Carmel is another tract in One Ford Road with 61 homes; Summerhouse has 60 homes; Stonybrook has 100 homes; Providence has 50 homes; and Pacific Heights has 8 custom home sites. One Ford Road has beautiful grounds and amenities for the residents including two pools.

Currently, in One Ford Road in Newport Beach, there are 7 active listings (2 are short sales) , 1 in back up (short sale), and there have been four sales since October, 2011.

The absorption rate is as follows. One month does not indicate a trend, however, three months of sales show a high absorption rate indicating a buyers market.

Search the MLS for homes for sale in One Ford Road, and real estate in Newport Beach.