Los Angeles offers investors/buyers bargains on foreclosed homes in most price ranges and neighborhoods. The recent decline in the housing market has presented opportunities to purchase Los Angeles properties that were unaffordable prior to the real estate bubble burst. Whether you are searching for REO’s, auction properties or short sales, Los Angeles has no shortage of foreclosure bargains waiting for you to take advantage of while market conditions continue to favor buyers. Cash buyers are fairly quite well because cash is king in Los Angeles.
Here is a quick snapshot of what is happening in the Los Angeles market. For the week ending March 30, 2011, there were 10,824 homes in some stage of foreclosure. The average list price for Los Angeles homes for the week ending March 30, 2011 was $989,070, represents an increase of 0.3%, or $3,408, compared to one week prior. Right now, popular neighborhoods include Hollywood Hills and Bel Air, with average listing prices of $2,270,885 and $6,158,964, respectively. The median sales price for Los Angeles homes during the period January 11, 2011 to March 11, 2011 was $300,000, which reflects an increase of 0.1%, or $398 compared to the same period a year ago. Home sales decreased by 8%.
Los Angeles Hot Neighborhoods
The following are LA’s hottest neighborhoods:
Mid City, with an average listing price of $583,094
Lake, with an average listing price of $680,707
Brentwood, with an average list price of $3,375,048,
Studio City, with an average lit price of $3,232,450, down
Carthay Square, with an average list price of $907,878
Baldwin Hills with an average list price of $298,713
Vernon/Main, with an average list price of $190,715
Cypress Park, with an average list price of $429,171
Surrounding Area Foreclosure Bargains?
Buyers can also find foreclosure bargains in the following surrounding Los Angeles areas:
Huntington Park, with a median sales price of $230,000 and an average list price of $232,994
Vernon, with a median sales price of $142,500 and an average list price of $312,857
Bell Gardens, with a median sales price of $232,500 and an average list price of $297,938
Bell, with a median sales price of $235,000 and an average list price of $309,131
Maywood, with a median sales price of $230,000 and an average list price of $225,616
South Gate, with a median sales price of $240,000 and an average list price of 240,646
Keep in mind that not all foreclosures are good bargains. You must perform your due diligence to make sure the foreclosed home you want to purchase is priced at or below market value of similar homes that have recently sold in the area. Be sure to have an inspection because all Los Angeles foreclosed homes are sold in an “as is” condition, whether you purchase a bank owned REO property or buy a foreclosed home at an auction. Many foreclosed homes are in poor condition. In fact, don’t be surprised to find foreclosed homes stripped of their kitchen, including counters and cabinets, appliances and even the kitchen sink as well as their bathrooms with missing toilets and vanities. Angry homeowners take these items out of the home prior to being foreclosed upon. If you are handy, you can fix the home up yourself and save a bundle. Market conditions have never been better to purchase Los Angeles foreclosed homes.