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What To Expect In Newport Beach Luxury Homes Today

11-29-2010 09:37 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Newportoc.com

Newport Beach is first on most buyers’ lists when it comes to luxury coastal property. But with the real estate market still on a decline, buyers have become more wary of putting their money in luxury homes. Is it still a good time to buy Newport Beach luxury real estate? NewportOC.com, a leading online resource for upscale Newport Beach property, offers a review of today’s market and some tips for prospective buyers.

Luxury homes still make up a large majority of Newport Beach homes for sale, and are in fact among the most expensive in the U.S. The city was named the country’s priciest real estate market in a 2010 Colwell Banker survey, surpassing such areas as Beverly Hills and Laguna Beach. Even after a 4.8% decline over the month, the median price for Newport Beach luxury real estate is close to $2 million as of November 2010.

Buyers seeking luxury homes also have more choice in Newport Beach, in terms of both property type and price range. NewportOC.com lists oceanfront condos, town homes, and single-family homes and estates with private boat docks, and everything in between. This can explain why Newport Beach luxury real estate remains strong in a weak economy: it has something to offer for every buyer, while still maintaining its upscale identity.

Increasing foreclosures and short sales have also introduced buyers to the concept of “budget” luxury homes. These homes offer all the perks of Newport Beach real estate, from a key coastal location to exclusive community features, but at up to 40% below the market rates. Foreclosures are homes seized from owners unable to pay their mortgage, and short sales are being sold at a discount by distressed owners to avoid foreclosure.

Distressed homes account for as much as 15% of the current inventory of luxury homes in Newport Beach, a common trend in high-end markets. This has attracted many new buyers who otherwise would not consider Newport Beach luxury real estate as a first home, as well as investors who want to snap up properties while they are cheap. Across the country, short sales account for as much as 12% of all sales closed in the past month.

NewportOC.com recommends buying Newport Beach Luxury Real Estate in the next few months, as prices are expected to stay low throughout the fall and winter. Mortgage rates are also expected to remain historically low, making it ideal for buyers looking for long-term investments. NewportOC’s agents can offer practical advice on finding luxury homes in Newport Beach, as well as realtor services for buyers and sellers.

Most people consider real estate among their biggest investments, if not the biggest. Whether you're buying or selling a home, it takes careful planning and expertise to get the most out of the deal. That's why it's important to work with the right professionals. That's where NewportOC.com comes in. From your Newport Beach home search all the way to moving day, our agents will guide you through the process and help you make all the right decisions.

227 62nd Street
Newport Beach, California 92663
United States
phone: 949-290-0139
url: http://www.newportoc.com

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