Versailles Newport Beach

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

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The Newport Beach Real Estate market saw a number of record sales in 2012 with 10 banner sales over the $10 million dollar price point.  Newport Beach is widely known as the most expensive real estate market in the country and the luxury real estate market is very much alive and increasing.  The most expensive home sold was the luxury estate called "One Pelican Hill Road."  The home is located in the Pelican Hill area of Newport Beach and situated on one of the largest lots in the area.  The property was sold in it's current state where construction was in the final stages.  Upon completion of the home, the property would featured a 17 car garage, lush landscaping, multiple terraces, a private lake, tennis court, vineyards, wine cave, horse stable and

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2012 has been a busy year for Newport Beach Real Estate as many home and condos buyers are back in the market and prices are starting to inch their way up.  In a typical slow fall and winter season we are seeing a huge activity of buyers actively looking to buy.  One of the main reasons their such a huge demand and a low supply is that many home buyers believe that we have already passed the bottom of the market and they are doing whatever it takes to buy while prices are still low. 

One of the main problems is the lack of inventory.  If you are looking for a condo then you will be surprised to learn that you can still find a quality condo in the Newport Beach area for under $600,000.  One of the communities we like is the Brookview II condos in the

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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. 

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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

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Finding a quality Realtor can be tricky if you are not familiar with the area you would like to live.  Typically most quality agents come from referrals from friends who have good experience with a certain Realtor.  The fact is that most Realtors have left the profession since the economy has taken a downturn while leaving just a handful of agents who tend to do 90% of the business.  In addition, each quality Realtor has a specific niche that they are good at.  You will find waterfront & oceanfront specialists, community and short sale experts for example.  If you are looking for a Realtor who specializes in the $1 million dollar range homes then you are best bet is to work with an agent that has professional web exposure and understands the local…

Finding Fixer Upper Homes For Sale In Newport Beach is easy to find if you know where to look and are ready to act quick.  With the recent downturn in the economy it seems like a lot of buyers are looking for homes that are completely redone and for the lowest prices.  Days of buying fixer upper homes, doing simple renovations and flipping them back on the market are gone.  Today's home buyers are more savvy and know they can be a totally renovated home at bargain prices which will save them more money in not having any renovation costs after the buy the home.  Now with the economy starting to pick back up more and more Newport Beach home buyers are looking for fixer upper homes.  Of course, they still want these homes at a deep discount but the demand for…

If you have been thinking about investing in Newport Beach Real Estate in 2012 you are not alone.  The real estate market has seen a lot of ups and downs in the last 5 years and many wonder if we are at the bottom of the market?  The Newport Beach Real Estate market is unique to it's own as many Newport Beach home owners pay all cash or a large sum down when purchasing a home.  The result of this habit is the lower number of distressed properties on the market.  In fact, in 2008 when the rest of the country started to go down, the Newport Beach Luxury Real Estate market saw some of the highest sales and seemed to be sheltered from the mortgage fall out.  There is no doubt that we have seen a decrease in prices in Newport Beach but we are starting to see a

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Finding foreclosures in today's Newport Beach Real Estate market is harder than you think.  With the latest trend of home owners selling their homes as short sales instead of letting their home going into foreclosure has significantly dried up the foreclosure market.  That doesn't mean that you will no longer see foreclosure and bank owned properties on the market anymore.  What it does mean is that these foreclosed listings will come on the market at a slower pace and typically sell in rather quick amount of time due to it's scarcity if priced correctly.  If you are looking to invest in a Newport Beach condo under $350,000 then you should consider this new foreclosure listing that just came on the market for $314,000.  The condo is located in the…