There are many condo deals in Long Beach, CA foreclosure market that buyers/investors can still take advantage of, with more foreclosures coming on the market. In fact, according to Trulia.com, there were 2,464 foreclosures for the week ending February 17, 2010 in the Long Beach area, of which 479 downtown properties were in the pre-foreclosure, auction, or REO foreclosure process stages. Average listing prices for the week ending February 17, 2010, were $480,500, an increase of 0.4%, or $1,689, compared to the prior week. The most popular neighborhoods include downtown Long Beach and Belmont Shore. The average listing prices in these areas are between $375,592 and $1,279,516. Condo foreclosures are available in all price ranges including the luxury condo market as well.
Why Buy Condos in Long Beach?
With so many great deals, condos are even more affordable for first time home buyers. The $8,000 federal first time home buyer tax credit is a great incentive to buy a condo in the Long Beach, CA area right now. You must enter into a contract on or before April 30, 2010, and close by June 30, 2010 in order to take advantage of the tax credit. Non-first time home buyers can also take advantage of the $6,500 credit. Interest rates are still low and housing inventory is high. Buyers/investors are taking advantage of the condo deals in Long Beach, CA foreclosure market.
In 2006, Money Magazine voted Long Beach, CA as one of the best places to live with its low crime, great schools, high tech jobs, fantastic outdoor life, great restaurants, night life and 60 miles of hiking and biking trails, and its 5,000 feet about sea level in the Rocky Mountains. Ask area residents and they will tell you the same thing.
REO’s and Short Sales
There are many opportunities to buy REO’s (bank owned real estate) and short sales in the Long Beach area as well. REO’s are good opportunities for first time home buyers and investors who are looking for discounted properties. However, foreclosures and REO’s generally need more repairs than short sale properties. If you are handy and can do the work yourself even better. Short sales opportunities can also be found on condos and single family homes in the Long Beach and surrounding areas. Many of the short sale properties are in move in condition because the owners are still residing there or the properties have tenants. Short sales take longer to get approved, but if you have the time, they are worth waiting for because you will get to purchase a discounted property in a great neighborhood.
Banks have been holding onto their foreclosure inventory, so it is anticipate that many more foreclosure properties will be released on the market this year so investors/buyers will still have an opportunity to purchase discounted Long Beach condos and foreclosure properties. However, these great deals won’t be available forever so you should take advantage now and buy a Long Beach foreclosure condo property.
