> MCR City Report
Newport Beach Home Inventories At Low Tide
by Blanche Evans
There aren't enough homes on the market, say local Realtors, in Newport Beach, California, to satisfy buyer demand. "Newport Beach is sunshine and paradise in the water and on the land," says Realtor Tracy Venezia. "The weather is always mild; the city is clean and safe. Like most beach towns, homes are on smaller lots, but are very lovely, especially the 'cottages.'" Venezia advises, "Interest rates are still low, and prices held steady over the holidays. The entry- and mid-level homes are going up faster than the luxury homes -- but price increases have begun to slow more since last September. The extreme high-end market (the multi-million dollar estates) has been appreciating surprisingly well lately. The lower price ranges will always be strong since there is, and probably always will be, a strong demand to live in this adorable beachside community." She adds, "Although spending is constrained in our local economy, the business and housing market is still strong. Tourism is down this time of year, but is not lower than usual for the cool weather. Property values are increasing at a slower rate." Says Realtor George Greiner, "Newport Beach home sales, like all of the communities along the Orange County Coast, are feeling the effects of a lack of available inventory." Greiner explains, "January followed the by-now-familiar pattern, as was the case for every month last year, with the total number of homes sold in Newport Beach slightly down over the same period last year. The forecast for the rest of 2004 is ... more of the same! "As inventory drops, prices across all ranges continue to increase," explains Greiner. "The median price in the 92661 zip code is up almost 19 percent over last year to the current value of $1,100,000. Other Newport Beach zip codes range from a median of $743,000 (92663) to $921,000 (92660) and $1,300,000 (92662). As they've been all year, condos and townhomes continue to be in high demand right now, being the best way for first-time or buyers new to the area to get their foot in the door in Newport Beach." Suggests Realtor Mairead Kenelly, "Newport Beach has some of the finest restaurants in Orange County, blue ribbon schools, excellent surf spots such as the Wedge, Newport Harbor, and your choice of homes from bungalows at the beach to estates at Balboa Peninsula!" Says Kenelly, "Directly from the MLS (multiple listing service) for January to February '04, 19 single-family homes (SFRs) sold in the last month. Prices ranged from $785,000 to $1,900,000. In the condo market 20 sold with $360,000 being the lowest and $891,000 the highest." |
