Newport Beach, CA (WiredPRNews.com) The Newport Beach Real Estate market has seen waterfront home sales top as high as $7.8 Million in 2011 according to Newport Beach Realtor Jim Knoska of Beach Cities Luxury Homes. “In 2011, we saw 42 waterfront sales in the Newport Beach area with the highest sale in the Lido Isle community which sold for $7,850,000 in August of 2011.” Newport Beach homes on the water are some of the most sought after real estate in Newport Beach. Waterfront Condos sales started this year at $570,000 for a one bedroom one bath condo. Most other waterfront condos will typically start for sale at around $1,000,000 and up.
One of the surprises this year was the number of short sale listings in Newport Beach. Short Sales have become a commonplace here in Southern California as many home owners have elected to short pay the bank and sell their home as a short sale. There are many misconceptions on how a short sale works as many buyers get frustrated with the long process a short sale can take. As more and more consumers elect to short sale their home the banks are forced to work through these as quickly and smoothly as possible. “We have seen a significant improvement on how banks deal with short sales in the last 12 months” according to Knoska. Many banks are approving a large majority of the short sales they receive and process them much quicker than prior years. The process still can take anywhere from one to four months with no guarantee that the short sale hardship and/or offer will be approved. It’s important to understand that the bank is looking at two key items; the owners hardship and the evaluation of the home. If the owners hardship is approved then the bank needs to make sure the purchase offer is in line with the current market value of the home. Determining the value by the bank can take several weeks and is part of the short sale process.
If you are new to Newport Beach then getting to know the area is crucial. There are so many different pockets of real estate that offer water and ocean views. Many clients have boats and yachts of certain size and need a home with a boat dock to accommodate these things. If you are looking for Newport Beach Waterfront Homes For Sale then you have come to the right place. We assist Newport Beach home buyers and are excited with the recent waterfront sales and look forward to a healthy continuance of the real estate market here in Newport Beach, California.