Newport Coast, California
With some of the most extravagant homes in California, Newport Coast is the prestigious residential area located near Corona del Mar and Laguna Beach at South OC ... with blue water Pacific ocean views.
As of today ... January 26, 2009 ... there are 188 homes listed for sale at Newport Coast. The average list price of homes at this luxury coastal area is one of the highest in California at $3,774,000 (average time on the market 134 days).
Does that sound too high? The market will tell us whether these homes sell and for how much.
Of the 188 Newport Coast homes now listed for sale, 37 are attached or condo homes (20 percent of the homes on the market). The average number of days on the market for those 37 active condo homes is 119 days.
There are also 151 detached SFR homes listed for sale at Newport Coast (81 percent of the homes now on the market) with average time on the market for those at 139 days.
Of the 188 Newport Coast homes now listed, only 6 are reported to be short sales not yet bank approved (just 3 percent of the local market and one of the lowest in Orange County).
We'll leave it up to the buyers and the market to tell us whether these homes are over priced.
Of the 188 Newport Coast homes now listed for sale, only four are REO bank owned (just 2 percent of the market are bank owned, one of the lowest in Southern California).
During the past thirty days from December 26, 2008 ... 14 Newport Coast homes were sold with escrow closed (only 8% as compared to the number of homes now listed for sale).
Those sold Newport Coast homes had average sold price of $2,151,000 (average time on the market of 123 days).
Of those 14 sold homes during the past thirty days, 3 were REO or lender owned homes sold (an average time on the market of 68 days).
There are now 11 Newport Coast homes under contract, pending sale and in escrow. (5.7% of market as compared to the 188 homes now listed).
At the average sold price of $2,151,000, some successful people have made decisions about value and moving forward to buy homes at Newport Coast.
If you want information about the Newport Coast community, neighorhoods, homes and properties, please contact us. Thanks.
Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.
I agree with Jonathan Washburn at AR ~ Are we statesmen or politicians? Honest Assessments of the Housing Market ~ that we as Realtor agents need to earn the trust and confidence of the consumers and will at least be providing an honest assessment of the local housing markets.
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