Newport Beach CA Home Selling and Market Values Update

Newport Beach CA Home Selling and Market Values Update

Newport Beach home selling market update for the month of July 2013 shows stability and similarity in numbers as compared with July 2012.

Newport Beach CA home selling

98 Newport Beach homes were resold during July 2013 – with average sold price of $1,517,392 –  average interior size of 2,203 sf – and average time on market at 117 for the solds.

102 Newport Beach homes were resold during same time last year – July 1 to 31, 2012 – with average sold price of $1,516,477 – and average interior size of 2,586 sf interior.

Average time to sell Newport Beach homes at under $1.5 million this year was faster – and average time to sell homes over $2 million was slow – with some high-priced luxury estates not selling and being removed from the market.

261 homes are now listed for sale at Newport Beach – as of August 8, 2013 – with average asking price of $3,097,705 – and average size of about 3,000 sf interior space.

See Corona del Mar homes for sale – click here.

119 Shorecliff Road, Corona del Mar – listed at $5,525,000 – MLS U12001949

 

See Newport Heights homes for sale – click here.

 

Balboa Island homes for sale – click here.

 

Eastbluff homes for sale – click here.

 

Lido Island homes for sale – click here.

 

People ask us for more information about Newport Beach Orange County CA home selling and price values.

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By Harrison K. Long.  Source of information is CRMLS and IDX links and is for homes sold by all brokers and agents.

Connect with us at 949-854-7747 with your questions about Newport Beach and Orange County CA homes and real estate.

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Lido Island at Newport Beach CA Homes for Lease

Lido Island at Newport Beach CA Homes for Lease

Lido Island at Newport Beach

Lido Island is a special part of Newport Beach CA – built originally during 1923 from the mudflats of Newport Harbor that were dredged.

Lido was the first master planned community in California and one of the first with underground utilities.Lido Island at Newport Beach

Lido Island homes and properties are popular for summer and year-round rentals and are often leased prior to start of summer each year. Continue reading

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Hyatt Regency Newport Beach Jazz Festival 2013

Good music and fun expected

Hyatt Regency Newport Beach Jazz Festival 2013

Newport Beach Jazz festival

May 31, 2013 – June 02, 2013 Continue reading

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Orange County CA Home Sales and Prices February 2013

Orange County CA Home Selling Market

Orange County CA homes sales and median selling prices were up last month during February 2013.

Quail Hill Irvine

February 2013 Continue reading

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Mortgage Debt Forgiveness Letters from Some Lenders in California

As part of the "National Mortgage Settlement" reached during 2012, some lenders in California are in the process of determining whether to forgive balances on certain second mortgage loans.

mortgage debt forgiveness

 

In those very limited situations where borrowers qualify, a letter from the lender would be sent to the borrower spelling out the conditions of the "offer of mortgage debt forgiveness".

Because of possibility that such a lender letter could be a fraud or a hoax, title companies will need to do serious diligence in order to clear or eliminate the prior trust deed from title. Until completion of title company due diligence, there would not be a recorded reconveyance of a prior deed of trust.

Title companies must verify that the "offer of mortgage debt forgiveness" is valid, and that the borrower has not opted out and has in fact accepted the lender's offer.

Some borrowers are expected to decline such an "offer of mortgage debt forgiveness" because of significant tax liability on phantom income – and receiving a 1099 from the lender for the amount of the debt forgiveness.

In order for title company to verify all of the essential these facts, a third party authorization and full cooperation will be required from the borrower and lender.

If you as borrower receive such a letter "offer of mortgage debt forgiveness", be very careful. Contact the lender and determine all necessary facts, including contact information for the person at the lender making decisions. Then consult with an experienced real estate attorney or income tax professional about your decision whether to accept the offer.

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This is for information only and is not the providing of professional legal or tax services. If you have questions about your legal rights involving mortgage debt forgiveness letter, you should contact the IRS and an experienced real estate attorney or income tax professional.

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Irvine CA Home Selling and Real Estate Trends

Woodbury Irvine

Irvine CA real estate has lack of sufficient inventory of homes for sale during this time to satisfy buyer demand.

Irvine has 190 homes listed for sale on the MLS – as of today March 14, 2013.

238 Irvine homes went into "backup" or "pending" status during the past 30 days.

Larger number of Irvine homes are being sold now on a monthly basis than the number the market has for sale.

87 of those listed are detached single family residential properties, and 103 of the Irvine homes listed are condo properties.

Irvine real estate market update

Buyers continue to move forward, and 419 Irvine homes have sold with closed escrows so far this year 2013.

This number of sold Irvine homes is modest during this time only because of extremely low number of homes listed for sale.

Irvine average market time is unbelievably fast, and it would take less than 30 days to theoretically sell all homes now listed on the market. This compares with 3.4 months average Irvine market time 3 years ago.

Irvine CA home owners who want or need to sell should get organized, have their properties cleaned and staged, and hire an experienced REALTOR to put the home on the market now and as soon as possible.

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Shady Canyon Luxury Homes at Irvine California

 

Shady Canyon at Irvine

Shady Canyon Irvine

Shady Canyon at Irvine has been prized for its exclusive estate homes and private golf course since start of development eleven years ago.

Shady has about 400 homes or home sites – some of the most expensive properties in Orange County.

28 Boulder View at Shady Canyon – $9,499,000 – 6 bedrooms and 11 baths – 15,002 sf interior – active for sale – MLS# U12004052

Shady Canyon is a spectacular part of Irvine and Orange County CA real estate – where owners and residents seek privacy and luxury at exquisite residential properties.

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Source of some information is CRMLS, and this is for listings by all agents and brokers.

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Shady Canyon Luxury Homes at Irvine CA Real Estate

Shady Canyon at Irvine

Shady Canyon Irvine

Shady Canyon at Irvine has been prized for its exclusive estate homes and private golf course since start of development eleven years ago.

Shady has about 400 homes or home sites – some of the most expensive properties in Orange County.

28 Boulder View at Shady Canyon – $9,499,000 – 6 bedrooms and 11 baths – 15,002 sf interior – active for sale – MLS# U12004052

Shady Canyon is a spectacular part of Irvine and Orange County CA real estate – where owners and residents seek privacy and luxury at exquisite residential properties.

 

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Source of some information is CRMLS, and this is for listings by all agents and brokers.

Professional REALTOR® agent and broker representationfor property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

 

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Big Drop in Distressed Homes for Sale Listings at Orange County CA

Orange County CA real estate has experienced a big and dramatic drop in number of distressed residential properties – both short sales and foreclosures – listed for sale.

Orange County distressed homes listing inventory

 

Total Orange County distressed property listings, short sale and foreclosure listings, is down from peak during 2007 of about 5,000 – to less than 500 homes – lowest level in many years. 

Orange County CA real estate 2013

The current Orange County market continues to be strong with buyers who are basically cleaning out the inventory of homes for sale almost as fast as they get to market.

Average market time to sell all Orange County homes is less than 1.5 months – time it would take to theoretically sell all Orange County homes now listed at current rate of sale.  This fast market with not enough listings favors the sellers.

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This is for information only and is not the providing of tax or legal services, and source of Graphic is www.ReportsOnHousing.com.           

  Professional REALTOR® agent and broker representation – for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  

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C.A.R. Launched New Tool to Help Home Buyers Bridge Down Payment Gap

California Association of Realtors 

In an effort to provide California home buyers with up-to-date information about available home buyer assistance programs, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today (February 19, 2013) launched California Mortgage Resource Directory (http://mortgage.car.org), a powerful search tool that identifies current mortgage programs in communities throughout the state.

Buyers can search by city or address for public- and private-funded assistance programs including FHA/VA, HUD, affordable fixed-rate mortgages, rehab loans, and more.

“Millions of dollars go unused every year because home buyers are unaware of the various buyer assistance programs available to them,” said C.A.R. President Don Faught. “With California Mortgage Resource Directory, REALTORS® and buyers can quickly connect with any number of home buyer resources without having to search within each municipality individually.”

California Mortgage Resource Directory helps bridge the down payment gap for homebuyers and connects them with resources that they may not have otherwise known existed. The new directory is powered by Down Payment Resource, the nation’s only web-based aggregator of home buyer programs.

“With real estate-related searches growing more than 200 percent over the past four years, it’s clear today’s buyers are increasingly using online tools to find financial information,” said Rob Chrane, president and founder of Workforce Resource, creator of Down Payment Resource. “We’re excited to work with C.A.R. to deliver this valuable information to REALTORS® and home buyers alike.”

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Down Payment Resource, winner of the 2011 Inman News Innovator “Most Innovative New Technology” award, helps potential home buyers become qualified buyers by connecting them to hard-to-find down payment assistance funds. The tool was developed by Workforce Resource (www.workforce-resource.com) and is made available through Multiple Listing Services, REALTOR® associations, and nonprofits. 

 

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  Source of information is California Association of Realtors, February 19, 2013      

 

  Professional REALTOR® agent and broker representation and help for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.   

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