Newport Beach inventory
- Thread starter OCtoSV
- Start date
NEW -> Contingent Buyer Assistance Program
Bingo! I have a client who is looking at Newport and CDM with a $3m-$4m budget and there's a good bit of inventory out there with many homes sitting for a longgggg time. My clients who have gone to open house there have been told from several listing agents that they better buy now because they expect many Pacific Palisades owners to be buying in Newport Beach/CDM, they found that kind of scare tactic to be unprofessional.
ThirtySomethingWEquity
Active member
So you're saying it would be a good time to be in the market for a 6M teardown flip?
Definitely- there are Lido listing in the 3s.
Why is that?
What should be normal numbers for these statistics? If there is no new listing in the last two weeks, does that imply limited supply? Isn't that in favor of flippers, as there is no listing competition?
Inventory is higher in Newport than in Irvine with a lower population. Any house that sits longer than 10 days is priced too high and won’t get a full price offer. Nothing newer than 2 weeks old in Newport. Reality is FCBs want Irvine, not the renovated Port Steets houses built in 1971 with all white Andersen Elementary, and financed buyers can’t afford the asking prices.
usctrojancpa
Well-known member
Bingo! I have a client who is looking at Newport and CDM with a $3m-$4m budget and there's a good bit of inventory out there with many homes sitting for a longgggg time. My clients who have gone to open house there have been told from several listing agents that they better buy now because they expect many Pacific Palisades owners to be buying in Newport Beach/CDM, they found that kind of scare tactic to be unprofessional.
I advised a friend who lives in the Port Streets against stretching to buy a new pad in Shorecliffs. He thinks Newport prices will never come down which is a prime sign of a bubble of ignorance about real estate fundamentals. Your clients will eventually land a good deal.