July 23, 2008

A Price slash here, A price slash there

 

The price of Newport Beach homes have been slashed considerably since this time last year, but has only seen marginal decreases in that past few months. Writing about price reductions in Newport Beach always presents a particular challenge of sorts. When a house is originally listed at 3.5 million and is reduced to 3.3 million, I am not quite for sure what to make of it. I assume that if someone only has 3.3 million to spend and not a penny more, then I guess that would be great news for them. Of course, how many people actually fit into that category? If you can afford 3.3 million certainly 3.5 million would be in your range as well. Another fun challenge about Newport Beach is that it totally throws off the curve when doing price comparisons with the rest of the country. Of course living there gives you benefits and amenities that are hard to find elsewhere. Below is a median home price and sales breakdown of each area code in Newport Beach, along with what it was at this exact same time last year.

                           CITY                      ZIP     MEDIAN    %CHG  SALE   %CHG          

Newport Beach

92660

$1,490,000

10.80%

358

-10.50%

Newport Beach

92661

$2,482,500

10.30%

54

3.80%

Newport Beach

92662

$1,850,000

-12.40%

14

-51.70%

Newport Beach

92663

$1,255,000

2.40%

254

-13.90%

Newport Coast

92657

$2,212,500

1.20%

218

-22.70%

Reduced homes in Newport Beach

16 Cape Andover: 5 Beds, 5 Baths, 4,180 SQ. FT. The list price was “$2,395,000″ and changed to “$2,095,000″

8 Ima Loa Ct: 4 Beds, 3 Baths, 1,909 SQ. FT. The list price was “$799,000″ and changed to “$750,000″

1000 Nottingham Rd: 4 Beds, 6 Baths, 5,400 SQ. FT. The list price was “$2,750,000″ and changed to “$2,599,000″

539 San Bernardino Ave: 3 Beds, 4 Baths, 2,000 SQ. FT. The list price was “$1,859,000″ and changed to “$1,775,000″

215 Dia Dijon: 3 Beds, 2 Beds, SQ. FT. not listed. The list price was “$1,585,000″ and changed to “$1,550,000″

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