Newport Beach REO home buyers?face the challenge of competing with?multiple offers?on the properties. This is not only happening with REO property but with traditional sales as well. ?Also, Newport Beach REO ?or bank owned home buyers are competing with?cash buyers?when making an offer on the home.
Newport Beach?currently has an?inventory of REO or bank owned homes. Currently there are 2 active listings, 0 in back up status, 4 in pending status, and 2 sales.
The average sales price over the past one year is $713,388 with a price per square foot of $390.00. T\
The highest priced Newport Beach REO home sold this past year was $2,030,000 (time frame from November 30, 2011 to November, 30, 2012).
Comparison from prior month is below.
2 active listings?compared to 0 active in October, 2012 ? up +2
0 back up listing?compared to 0 back up in?October,?2012 ? the same
4 pending listings?compared to 7 pending in?October,?2012 ? down -3
2 sold listings?compared to 6 sold in?October,?2012 ? down -4
There is a low?absorption rate ?of the REO property, especially now since there are zero active REO properties for sale.?Keep in mind banks will want fair market value and go to great lengths to obtain that value, including obtaining several BPO (broker price opinions) and appraisals.
Market absorption rate?is declining with the decrease in inventory.
Past month?s market reports:
November, 2012
October, 2012
September, 2012
August, 2012
July, 2012
June, 2012
May, 2012
April, 2012
March, 2012
February, 2012
January, 2012
Search the MLS for Newport Beach REO property, and Newport Beach homes for sale.
Showing properties 1 - 2 of 2. See more Newport Beach REO Property for Sale.
(all data current as of 12/26/2012)
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5 beds, 1 full, 4 part baths
Home size: 6,000 sq ft
Lot size: 10,450 sqft
Year built: 2012
Parking spots: 4
Days on market: 13
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3 beds, 2 full baths
Home size: 1,129 sq ft
Year built: 1975
Parking spots: 3
Days on market: 15
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Sharon Paxson
I write about my passion of living the SoCal lifestyle in beautiful Newport Beach. I like to write about the local events, beaches, restaurants, and real estate updates in the area. Call or text me - 949.280.0681
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