subject: Is The Newport Beach Real Estate Market Scenario Any Different? [print this page] It is no secret that Newport Beach real estate is among the most prestigious in the country, and it doesnt take an expert to see why. From the great views and fun crowds to the local services and economy, its really got something for everyone.
Of course, Newport Beach wasnt entirely spared from the housing slumpmany of its neighborhoods slowed down and home prices dropped significantly in the past few months. But its also one of the fastest to recover, and the market remains one of the strongest in Orange County. If youre considering investing in Newport real estate, here are some quick facts worth knowing.
Upscale markets
Orange County is easily considered a high-end market, but Newport Beach is on a yet higher scale. Some groups have ranked Newport Beach real estate the most expensive in the country. In fact, the high price tags accounted for much of its slowdown, as more million-dollar homes entered the market with fewer buyers able to afford them. The average price as of late 2009 was over $2 million, compared to the O.C. average of $400,000.
Selling times
Newport Beach homes are generally slower to sell than the rest of O.C., again because of the high home prices. On average, homes over the million-dollar mark take around 7 months to sell. Some Newport Beach neighborhoods have seen market times of over 12 months this year, and one even topped the list of O.Cs slowest markets. For buyers, this can mean better bargaining power as owners struggle to sell their homes.
Price disparities
A lot of factors go into Newport real estate pricing, and its fairly common for similar homes in the same neighborhood to vary significantly in price. Property type, location, features, and age are some of the most cited factors. Often, the difference can be in the hundred thousands or even millions. As a buyer, its your job to read through all your options and make sure youre getting your moneys worth.
Distressed homes
The housing crisis has caused an onslaught of distressed properties in the Newport Beach real estate market, including bank-owned homes, REOs, short sales, and foreclosures. While these can offer great opportunities for some buyers, its important to know exactly what youre getting. Remember, prices go down for a reasonand the last thing you need is to spend your savings on a home thats more trouble than its worth.
