March 2012

As the market continues to change in Newport Beach one thing is true that the deals are becoming harder to find as the bottom of the real estate market has passed us.  Local media outlets have reported that the Newport Beach Real Estate market is now on an upswing which is causing many home buyers who were on the fence to get out and start looking at properties.  Interest Mortgage rates are still low making this the perfect storm for locating a home.  Currently, the inventory of homes is at a very low point making it even more difficult to find the "good deals."  When looking for well priced homes we always recommend distressed properties.  In the last several years the common thread for most home buyers is finding the nicest home for the lowest price. 

The Newport Beach Real Estate market is definitely picking up as recent reports in the OC Register indicate a spike in the number of buyers making offers on property.  A perfect example of this is an ocean view condo in the Newport Heights area that I was showing over the weekend.  The condo was located in the Versailles gated community, which is located just a couple blocks to the pacific ocean and the sandy beach.  The condo was located on the penthouse level with two large bedrooms and great ocean views from the living room and master bedroom.  Being bank owned and priced very low at $275,000, the condo accepted an offer with only being on the market for 8 short days.  If you are in the market to buy property in Newport Beach keep in mind other buyers

Newport Beach home prices have really come down especially when looking at beachfront homes.  Long gone are the days when beachfront and ocean front homes were selling for well above $5 million dollars.  With today's economy finding an oceanfront home in Newport Beach under $5 million has become a lot easier to find.  Currently, there are 21 beach front homes for sale under this price point with a great selection of architectural gems on the market.  We got inspired when we saw a price reduction on this beachfront home located on the Balboa Peninsula that really captures the lifestyle of living on the beach.  We find that a lot of beach front buyers have a lot of choices now when considering a home.  There are various homes located on the sand up and down

West Newport Is one of the best places to find waterfront condos in the Newport Beach area.  Where is West Newport located?  Well, if you look at the photo below you will see that condos located in the West Newport area are located right between the Pacific Ocean and the Newport Bay and situated on the small balboa peninsula strip and near Lido Isle. 

The condos in this area with waterfront and bayfront view will typically start right above the $1 million dollar market and currently go as high as $1.8 range.  These condos are typically two to three bedrooms and have an approximate 1,800 square feet of living space.  This truly is a prime location in Newport Beach and is a great place to watch the boats & yachts go by right in front of your bayfront