You can already buy condos in a NB zip for under $500K. The higher end properties have recently started to feel some pain. It seemed they were immune for a while there and most likely they have the biggest falls to come. You may want to consider Costa Mesa as you will get a lot more bang for your buck. There's a neighborhood of condos that seem like they should be in CM, but have a NB zip code and even those can be had for under $400K.

In CM you are minutes to the beach and get the nice sea breeze. Canyon Park area is especially nice and in the really nice part of that neighborhood the SFR's are sub $500K and falling.

Nathan ... thanks for these good questions about buying in Newport Beach. Please use http://www.BuyersExploreHomes.com and set up your own search for NB homes. You will find there what is available on active for sale listings, and some of those are indeed within your range of interest.

Harrison K. Long, Explore Real Estate group. http://www.ExploreTheOC.com

Sounds of Irish and Happy St. Patrick's day greeting to you. ♫ http://blip.fm/~32l5r

Hi Nathan, If I had a crystal ball I wouldn't be working this hard. You can use a web site and set up your own search. I know that sounds like you are doing the work but truly you will know that I am not leaving anything out, that you might like. You can change it to higher price, more rooms. You decide and you don't have to ask me or call me. You can drive by them if you want. My clients love it because it only comes once a day with new listings and any price changes. Good luck, hope you find what your looking for.

http://homesbyval.listingbook.com/?node=3

Hi Nathan - set yourself up with your own search website, on Listingbook:

http://coto.listingbook.com/?node=3

You'll be able to tweak it to your heart's content, to include any communities in Orange County that you desire. You can also conduct searches from my website, linked below. Have fun with your search!

Hi Nathan,
I live in Laguna Beach and check out the new homes on the market each week. I am starting to see some REO's in the high 5's. But, they aren't 1500 sf. In the south Laguna area, they will generally be smaller, but will be walking distance to our fabulous beaches. Then going into Dana Point you will find a condo that meets your specs, but will have HOA, and a few single family type homes but will be less desirable than LB in terms of investment. Corona Del Mar is similar to Laguna, but if you go to the Huntington Beach area you will certainly get a lot more for the money but with a different lifestyle (bigger city, etc.). It is hard to speculate how much prices will drop in this area, but I do see that sellers are more realistic about their home's value than they used to be. This area will not reduce the way we have seen inland because we don't have the tracts of homes facing foreclosure, and, there is only so much of this amazing ocean living out there. Best Wishes to you, and I would love to help you with the home of your dreams when the time comes.
Ellen Bosworth

In response to your questions:
1. It's possible. I have a listing in NB right now for $518K, bank owned, unfortunately there are HOA dues - but it's irrelevant in that I already have a dozen offers on the property and some are over asking. Just waiting on the short sale approval.
2. and 3. Reasonable sq footage, should be able to find a suitable property that meets this criteria.
4. That's good! Foreclosures go very quickly around here. Short sales are risky...no guarantees you'll get the property even after you've put money into a home inspection or whatever.
5. Still the name of the game.
6. So you're looking at single family residential properties that are not within a community. (Most of the communities/tracts around here have an HOA dues)
We have seen minimal price drops in this area, unlike in Riverside County and the Desert. However, it all comes back to the old adage you mentioned in #5. Location location location! People still want to get property near the ocean...if they couldn't afford it before...they're hoping they can now. We still have a lot of traffic during our weekend Open Houses and I'm constantly showing property. As you'll see, there are relatively few Bank owneds in this area (I live in Laguna).
Be glad to help you when you're ready...Nov? If we're looking at REO's (bank owned), there's no sense in looking now...as these will be gone by then. But I'd be happy to send you the listings so that you can get an idea of the market if you're interested. Email me at: cfleming@coldwellbanker.com. Best of luck with your home search. BTW, as a first time home buyer, you'll qualify for the tax credit - I can email the details on that if you're interested as well. Let me know. Thanks, Cynthia :)

Your chances of getting a deal are doable, challenging, but doable. Have you considered going further down the coast to Dana Point and/or San Clemente?

Overall, I think we are still looking at drop in values over the next 12 months, but not in all communities.

I recommend you get yourself set up on a web-based service that will allow you to track opportunities that meet your criteria as they come and go on the market so that you can get a better of sense of what is selling and where.

Let me know if I can help.

Hi Nathan,

I know an excellent and experienced broker that knows the Newport Beach and surround areas inside and out. Let me know if you would like me to put you in touch with him directly.

Best of luck!
Tara

Tara Steinke
San Diego Specialist
Residential Sales and Appraisal
mysandiegoagent@gmail.com

Hi Nathan....hmmm..no "chain"? Not exactly sure what that means.

My Crystal ball....or maybe it's the Magic 8 Ball....I think you might could find this. I think your best chance is going to be Costa Mesa or Huntington Beach, especially since you have eliminated condos by not allowing HOA fees.

I'd be happy to send you some listings to get started with..but what's the "chain" comment? that might cause some problems :).

Shoot me an email...at karenfiddler@great-western-reatly.com or you can search my website search feature too.

Karen