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 is one active listings, four in back up, four pending, and there have been six sales Newport Beach bank owned sales in December, 2011.

Listings are down -4 since November, 2011
Back Up is the same since November, 2011
Pending is the same since November, 2011
Solds are up +2 since November, 2011

There has been a total of 55 REO sales in Newport Beach in 2011, compared to 61 REO sales in 2010.

There is a low absorption rate  of the REO property as you can see on the graph. 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.

In my opinion, the absorption rate will remain low, as the inventory of the REO properties is so low.

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

Jasmine Creek in Corona del Mar, CA 

Real Estate Market Update

1.1.2010 to 3.16.2011

Jasmine Creek in Corona del Mar is a gated community and is located in highly sought after Corona del Mar. Jasmine Creek was originally built by M.J. Brock,  and it was designed by an Architect by the name of Walter J. Richardson 1970′s. Jasmine Creek was originally designed with height limitations so that other Corona del Mar homes would be able to maintain their views. 

Jasmine Creek is located off Marguerite in Corona del Mar, and many of the homes have Pacific Ocean and Catalina Island views (on a clear day).

Jasmine Creek in Corona del Mar has two pools, and there are tennis courts as well. There is also a community clubhouse. Jasmine Creek has both condos and single family residences located in Jasmine Creek. T

Jasmine Creek in Corona del Mar has five different floor plans, and they range in size from approximately 1800 to 2500 square feet. Jasmine Creek in Corona del Mar has community amenities for the residents. including tennis courts, a community clubhouse and pool for the residents to enjoy. Jasmine Creek in Corona del Mar is a highly sought after community.

There are 4 active listings in Jasmine Creek, one property in back up, one in pending, and there have been six sales since 1.1.2010. One of the six sales closed in February, 2011.

Cameo Highlands in Corona del Mar – Market Update

Cameo Highlands in Corona del Mar is a beautiful community of single family homes. There are approximately 142 home sites located in Cameo Highlands in Corona del Mar. Cameo Highlands is located across from Cameo Shores in Corona del Mar. Both communities share access to the private gated beaches located in Cameo Shores, and Roxbury Park which is located in Cameo Shores.

The residents of Cameo Highlands in Corona del Mar, and Cameo Shores attend Harbor View  Elementary School, and Corona del Mar High School for both middle school and high school.

There is one active listing, one in back up, and there have been seven sales since January 1, 2010.

Search the MLS for Corona del Mar Real Estate, and homes for sale in Cameo Highlands in Corona del Mar.

Trovare in Newport Coast, Market Update

September 1, 2010 – December 14, 2010

Trovare is a gated community which is located in Newport Coast. The homes in Trovare are condos and the style of architecture is mediterranean. There are approximately 168 condos in the builder tract, and there are six different floor plans. The square footage for the condos range in size from 1094 square feet to 1742 square feet. There are two floor plans which offer three bedrooms, and the other floor plans have two bedrooms.

Trovare in Newport Coast was orignally built  from 1994 to 1996. Some of the condos do have ocean views, and there are some which have city lights and mountain views. Trovare offers a salt water private pool, spa, and fireplace for community  gatherings. Trovare has private tennis courts for the sports enthusiast.

Currently, there is one active listing, two in back up, and there has been one sale since September 1, 2010 which was on Sorrento, and it sold for $565,000.

For more detailed information on the properties for sale in Trovare in Newport Coast, please view the map below. Search for all real estate for sale in Newport Coast.

If you have any additional questions regarding properties for sale in Newport Coast, please contact me. 

Market Update
6.1.2010 – 11.9.2010

Lido Isle is a beautiful residential area located which is located in Newport Beach. It is truly is an island and there are both bay front homes which have spectacular bay views, and interior homes located on stradas. Some of the interior homes features bay views as well. The homes on Via Lido Nord enjoy the morning sunshine, and homes on Via Lido Soud enjoy the afternoon sunsets.

Lido Isle features approximately 873 home sites on the island. There is the Lido Island Yacht Club which is a club available for the exclusive use of the residents of Lido Isle. Additionally, the residents of Lido Isle enjoy private tennis courts as well as private beaches located on the bay. The lifestyle in Lido Isle in Newport Beach is an area which encourages out door activities including tennis, and a junior sailing program. During the summer months, many of the children utilize the Lido Isle Yacht Club for swimming, sailing and socializing. 

Below is a photo of the Lido Isle Yacht Club taken from across the bay on the Balboa Peninsula. The Lido Isle Yacht Club has a clubhouse for gatherings with friends and family, and a beach to enjoy the Newport Beach climate. Additionally, there is a swim dock that the kids utilize during the summer months.

Currently, there are 29 active listings ranging in price from $1,095,000 to $22,950,000. There are 3 in back up status, and 2 homes in pending status.

There have been 10 sales since June 1, 2010 ranging in price from $1,300,000 to $6,000,000.

If I can answer any questions about Lido Island homes for sale, or Newport Beach Real Estate, please contact me.

Phone or Text: 949.280.0681

Email Me

What's Happening in Your Neighborhood in Southern California?

What’s happening in your neighborhood in So Cal or the OC? Do you know the home prices? Are you looking to find out information about a specific neighborhood you might be interested in relocating to? Are you monitoring market trends?

Please email me if you would like to receive updated market reports. Indicate which area you are interested in, and I will make sure that you receive that information.

Then you will receive a Market Report of the neighborhood in your area right to your email. The Market Statistics look like this area which is in Newport Shores in Newport Beach.

If you have any questions about the real estate market in Newport Beach or the surrounding area, please contact me.

The Castaways in Newport Beach Market Update

The Castaways is a guard gated community which is located in Newport Beach. The Castaways is bordered by Dover Drive which is located near the Dover Shores area of Newport Beach. The Castaways has approximately 119 homes, and they were originally built in 1997 and 1998 by Taylor Woodrow.

The homes which are located in the Castaways have spacious floor plans, and the homes range in square footage from approximately 3200 to 4200 square feet. Some of the homes have three car garages as well. The architectural design of the homes is Cape Cod style. The Castaways in Newport Beach is a highly sought after community.

Currently, there are five active listings in the Castaways:

17 Castaways North, Newport Beach – Priced at $1,949,000

28 Castaways, Newport Beach – Priced at $2,250,000

29 Cape Andover, Newport Beach – Priced at $2,459,000

35 Cape Andover, Newport Beach – Priced at $2,675,000

67 Cape Andover, Newport Beach – Priced  at $2,750,000

There has been one sale in March, 2010 at 31 Cape Andover in Newport Beach. for $2,450,000.

If I can answer any questions about the Castaways in Newport Beach, please contact me.

Phone or Text: 949.280.0681

Email Me

Information taken from SoCalMLS is deemed accurate, but not guaranteed. Market reports are time sensitive.

Newport Shores Market Update

Market Update since January 1, 2010

Newport Shores in Newport Beach is located at the west end of Newport Beach and is across the street from one of the most desirable beaches in Newport Beach. There are approximately 440 homes located in Newport Shores. There is also a community clubhouse in Newport Shores  heated pool, tennis court, sand volley ball court, basketball court and two play ground areas.

Currently, there are nine active listings on the market:

215 Cedar Street, Newport Beach - Priced at $810,900

222 Lugonia Street – Priced at $899,000

This single family home has three bedrooms and two bathrooms.

218 Colton Street - Priced at $929,000

This home has four bedrooms and two and one half bathrooms. The kitchen has granite counter tops and updated flooring.

304 Colton Street – Priced at $950,000

This home has four bedrooms and two and one half bathrooms.

227 Walnut Street – Priced at $999,000

This remodeled homes features three bedrooms and three bathrooms. The kitchen is updated with granite counter tops.

342 Walnut Street – Priced at $1,300,000

This beautiful home features four bedrooms, three bathrooms, and the kitchen has granite counters and stainless appliances.

331 Walnut Street, Newport Beach - Priced at $1,349,000

315 Canal Street, Newport Beach – Priced at $1,649,000

225 Canal Street, Newport Beach – Priced at $1,850,000

There are two properties in back up status:

215 62nd Street, Newport Beach – Priced at $699,000

242 Prospect Street, Newport Beach – Priced at $699,000

There has been one sold since January 1, 2010:

329 Colton Street, Newport Beach – Sold for $690,000

If I can answer any questions about Newport Shores in Newport Beach, please contact me.

Phone or Text: 949.280.0681

Email: Spaxson@roadrunner.com

Originally posted at NewportBeachRealEstateCafe.com