Newport Beach Weekly Housing Market Update

Posted by David Feldberg on Tuesday, January 5th, 2016 at 9:27am.

This Newport Beach housing update is for the week of 12/29/15-1/4/16.

Happy New Year!  Here is a quick update of the Newport Beach housing market for the week of 12/29/15-1/4/16.  

Normally a pretty slow week for housing this year was no different.  Last week there were 4 new homes listed for sale in Newport Beach while 7 homes came back on the market.  The highest priced home that came back on the market last week was a waterfront home in Beacon Bay listed for $5,500,000.  Its a 3 bedroom 4 bath 3700 sqft home with sand right in front of the house.  The downside is about this home is it is on leased land and the buyer will pay 2.5% of the purchase price yearly for the lease itself.  While the lowest price home on the market last week is a short sale on Irvine Ave.  This single family home in the Santa Ana Heights area of Newport Beach is a 4 bedroom 4 bath 2358 sqft and is listed for $879,000.  This home needs some TLC so bring your tool belt on this one.  

Three homes in Newport Beach did price reductions last week.  The largest price reduction of the week was for a home in Belcourt.  The price was reduced from $2.7M to $2.6M.  The home is a 5 bedroom 5 bath 4900 sqft home.  Also of note is the reduction of 11 Regents in Bonita Canyon, this home was reduced $50K to $1.9M.  

Last week in Newport 9 homes went into escrow and are only accepting back up offers.  The highest priced of which was 312 Evening Star in Dover Shores.  This home was listed for $4,090,000 and is waterfront with 4 bedrooms and 3 baths.  The lowest priced home to go into escrow last week was 2021 Vista Cajon and was a single story home in Eastbluff listed for $950K and had been on the market for a couple of weeks.  8 homes went into a "pending sale" status last week.  The highest priced of which was 223 Diamond on Balboa Island.  Originally priced at $2,595,000 and reduced a few times down to $2,250,000 this 4 bedroom 4 bath home was your typical island cottage.  

And finally 15 homes closed escrow in newport beach last week.  The lowest priced home to close last week was 101 Scholz #127 a condo in the Versailles community in Newport Beach.  This 1 bedroom 1 bath condo with 504 sqft was listed for $299,900 and closed for $297,000.  The highest priced home closed last week was 28 Old Course Dr in the One Ford Road community.  This 4479 sqft 4 bedroom 5 bath stunner was originally listed for $3,549,000 and sold for $3,470,000.

For more information on buying or selling your Newport Beach home contact Coastal Real Estate Group's Broker/Owner David Feldberg today!

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