Agent/Broker opinions on the recent direction of Newport single family home values?

Asked by Mr. Blue, Laguna Beach, CA Mon Jul 20, 2009

Any agent/broker opinions on how actual Newport single family home sale prices were in June and how they compare to prior months? has a link to an LA Times article on the subject.

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Jeremy Lehman, Agent, Garden Grove, CA
Tue Jul 21, 2009
I don't have the specific numbers in front of me, but the article is pretty straight forward in noting that high end home prices will continue to decline. Historically, the highest value properties are the last to normalize in a declining market. Simply put, there just isn't much demand for homes in this price range compared to the rest of the marketplace. Very few buyers can qualify for these homes and therefore you will have values declining until supply and demand can equalize. Another factor in looking at an area such as Newport Beach, is that home values are all over the place. With a range between $1,000,000 and $32,000,000, you can throw median price out as a way to evaluate what is going on in the market. Homes of the highest value have always taken a very long time to sell, sometimes years. Other market indicators to look at are the # of transactions, average days on market for different price ranges, notice of defaults, foreclosures, and # of properties currently for sale, pending (in escrow), and expired listings. This data is important in letting us know what is happening in the market.

Jeremy Lehman
Century 21 Beachside
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