How do you think the Pandemic has affected property values in Newport Beach?
1. Watch the video to the left.
2. Look below at the last two years of home sale trends in Newport Beach for the month of March.
3. Thinking of Selling? Click Here to Set an appointment We will show you how to receive the offers that you want at the price you want, with the terms you want.
What to expect for Newport Beach Home Values
1. Watch the inventory counts (how many homes are listed and selling each month). How many are active and how many are selling each month. If you compare the current home transactions to the past you would expect the amount of of monthly inventory to fall between 5-7 months.
2. VRBO properties in Newport Beach. Click this link:
Council Prohibits Short-Term Rental Lodging Until May 20 in COVID-19 Response
Currently there are 1536 permits for short term lodging in Newport Beach. Currently the city has allowed no short term leasing through May 20th to decrease the density of the visiting population. What remains to be seen is how strong the leasing market will be for the rest of this year. The other question is for the owners of all these vacation rentals will they experience an out of pocket expense for an empty property that is typically rented?
3. Know your community. Know the latest transaction counts. Typically, the sale price of homes initially listed over $2,000,000 can be as high as 35% – 40% off initial list price. Whereas in Aliso Viejo the average sale price is 99% of the initial list price. So the longer properties stay on the market, in addition to fresh inventory of homes typically not on the market could create excess demand and a price adjustment for the higher end homes
CALL PATRICK @ 714.401.0893 or Click Here to Set an Appointment
Home prices in certain communities will retain their value better then others. We would be happy to talk with you to discuss where values are going and how that could affect your future decisions in Real Estate, CALL Patrick at 714.401.0893