In general, home prices has softened in the Newport Beach and Newport Coast area. There are more short sales and foreclosures as well. If you are considering purchasing a foreclosure or REO, be prepared to compete, as many times there are multiple offers, and the buyers with cash and the least amount of contingencies are in the strongest position.

Best advice: Find a great Realtor to represent you who specializes in the area of Newport Beach that you are most interested in and who focuses on helping buyers.

You are correct in seeing that there are great opportunities to buy homes here for less than in the past.

Interestingly enough, there are so many buyers looking for a great value right now, that you may easily find yourself in a multiple offer situation for the best deals.

Foreclosure activity has brought all prices down, so I would suggest focusing on what you want, rather than if it is a foreclosure or not. Many of my most savvy clients do not want to get involved in short sales, because the process is lengthy and uncertain.

My advice is to work with a great agent and offer quickly for a home that meets your needs!

I specialize in Newport and represent primarily buyers, many are from out of the area and buy a second home here. Please let me know how/if I can help you further!

Carol Iversen Lee
the [beach + bay] group
Surterre Properties
DRE 01402855

949.395.3994

Here's part of a post I made in an adjacent thread. The principles apply in virtually every price range, including multi-millions.

"It is now almost September, and the current inventory of houses has drifted down a bit, as it usually does, at this time of the year.

I am working with buyers in 3 price ranges, one lower, one medium, and one in the higher range, over a million. Here's an actual fact we have encountered. There are a LOT of buyers out there - for NICE properties. I'm bumping up against multiple offers in both of the lower tiers, on properties only days on the market.

The real, local truth is that the inventory of available listings in becoming smaller, not larger, and interest rates are still unbelievably low. In MY humble opinion, this next 4 or 5 months will be THE best time to buy a house, that we have seen in the past few years, because while inventories will decline, even slightly, so will the number of competing buyers, which ALWAYS happens as we approach the Holidays.

If you are truly interested in getting a good buy, now is a great time to either start, or intensify your search."

It sounds like you want to buy a Newport Beach or Newport Coast home or property under market. Only way to buy under market these days is to purchase at the trustee sale auction process.

Please contact me with your questions, and I would send you list of properties that are now scheduled for trustee auction sales.

Keep in mind that buying properties through CA trustee sale auctions process is risky and complicated. You would need to do your due diligence prior to auction sale, get preliminary title report, make sure what lien you would be buying and subject to what other liens, determine for yourself whether the property is worth your bidding and price. Then be prepared to buy with cash or its equivalent at the day and time of trustee auction.

Most properties purchased at trustee sale auctions in Orange County CA are bought by experienced investors or groups with cash to use for this and renovation, so properties can be fixed up and put back on the market for sale within two months.

Please contact me with your ideas and plans and questions.

Harrison K. Long, Realtor and broker associate - CA DRE 01410855 - Coldwell Banker NRT, Irvine, CA
949-854-7747 http://www.LiveAtOrangeCounty.com

I was raised in NB. You're bidding for a very interesting area of the World. Much like Paris, or the South of France, or on the Mediterranean Coast, The Tuscany, The Gold Coast of Miami, Manhattan Island or Long Island, New York, Pacific Heights or Sausalito, San Francisco and on and on.

You're looking in a very unique market. Set yourself up for failure in any attempt at getting a "Deal" in NB. A deal is defined by a few hundred thousand dollars compared to millions. It's all relative. You want the DIRT, the SAND, or the BEACHFRONT? You pay the piper.

Even if you are lucky enough to trip over a foreclosure or short sale don't hoLd your breath. There's soooooo much money in Newport waiting to buy. As they say in the Godfather.......................Fogedboutit. You got the doe,rey, me? Step up or move on.

My advice is find an equity seller that "must" sell. They will cut prices below market value. Short sales and REO's are not always the best deal. I know of an equity home right now that is being sold by the family and they just want to get rid of it. For the right buyer they could walk into a great property.

If you are look for below market value property, your probably looking at a distressed property. Most REO's short sales are priced at regular market value.

Issues you should consider are:
Are you buying cash (distressed properties are easier to buy all cash)?
Are you willing for wait for the bank to approval on a short sale?
Are you okay with not finding out some issues with the house from the owner that they would have had to disclose (this applies to REO sales)?

Christina
christinamcmanaway@prucarealty.com

I always like looking at the OC Register by zip code sales & % in price fluctuation over the past month vs. past year.

If you can let me know what you're looking for I can find the owners who are in default & then we can negotiate a price directly with the bank without any other competition from other buyers. I've done this with buyers in other cities & we are almost always able to get a much lower price than the 'on the market REO competition'.

Email me directly if you'd like to talk about it some more, I won't look back on this same Trulia thread for answers after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
Short Sale Expert

It's best to do your own reasearch for this type of question. The best thing you can do is find a local real estate company (not a national company) and check out they're website. For example http://www.newportbeachrealestate.com is a great local website that is geared specifically for Newport Beach and Newport Coast. I hope you found this helpful.

Thanks,

Scott Bingham - Beach Cities Real Estate

Newport statistics will vary depending on proximity to the beach. Here are statistics for you to view for the entire city: http://www.ochometalk.com/newport-beach-market-statistics/
If you are aggressive in your search, you can get a home with good value. If you give us more specifics on your search, we can set up a personal webpage for you. It's a great way to keep informed on new listings and real estate activity. http://www.ochometalk.com/get-your-personalized-webpage-here-2/

I sure wish I had a crystal ball!!! Nothing is ever expected, but consensus is that prices may drop a bit further. BUT I want you to be aware that the beach cities hold their value better than cities further inland. I read an article today that said that you can buy short sales/foreclosures today for almost 21% below market value - not sure where that is but it's sure not down here at the beach! If you are looking to keep this 2nd home for at least 7 years, I would buy now and not wait to try and time the bottom since you don't know where that is until you've missed it. It may lose a bit from what you buy it at, but when the market moves up, you have the equity that your next door neighbor doesn't. Interest rates are at historic lows but may be headed up Oct 1 when the federal loan limits changed upwards. Call me if I can help find homes that really are deals at this time, since I can find more in depth information than you can. I'm always looking to see how low a buyer can truly place a price to get a "deal"....... Cyndi