January has come to an end and the market has been very active in Newport Beach, California. The majority of homes sales in Jan 2013 were between the $1,000,000 to $2,500,000 price point in Newport Beach. The highest grossing sale was a four bedroom, 2,345 square foot ocean front home that sold for $3,350,000. We have been reporting for some time now that some of the best oceanfront deals are to be found in Newport Beach as similar homes in neighboring towns like Laguna Beach and Dana Point have beachfront homes at much higher price points. The lowest sale in Jan 2013 in Newport Beach was a probate sale in the Versailles condo building where a 2 bedroom, 2 bath condo sold for $275,000. Versailles is a small complex where you can find condos under the $300,000 price point and is located about 4 blocks to the beach in the Newport Heights area.
Overall, activity has picked up for the Newport Beach Real Estate market and the momentum is strong for very heathly sales activity for 2013. There has been a lot of talk of the foreclosure bubble as many banks are still holding on to "shadow inventory" of distressed properties. Many banks are now looking to convert these distressed properties into short sales and let the owners stay in the home while the short sale is negotiated. If this is the case this year expect to see more short sale listings come on the market. Buyers are able to pick up below market values on short sales but must understand the buying process can take several months with no guarantee's.
Below are the Jan 2013 homes sales in Newport Beach. Please use this as a reference if you are thinking about buying a home in the Newport Beach area. For seller's thinking about selling the market has truly turned in your favor. The low inventory of housing has created a pint up demand for buyers looking to buy in certain neighborhoods. Newport Beach is still considered one of the most desirable locations in the world to live and 2013 is a great year to buy while prices are still low.