Almost every buyer I meet asks about buying foreclosures in Los Angeles, because, like everyone, they are looking for a deal. And I always hear “I am looking for a deal.”
Fortunately, or unfortunately, there are no deals in the desirable neighborhoods of Los Angeles. I use the term “no deals” loosely, because who knows, maybe someone will get lucky. But Los Angeles was not hit like many other parts of the country. Prices came down, but they did not plummet, and the real deals are bought on the courthouse steps before they even come to market. Also, it is wise to consider that, for the most part, even if you do find that deal, you are going to eat up what you saved in the repairs you are going to have to make, since often these homes have been left in complete disarray by their previous owners.
The Los Angeles foreclosed homes you see listed are usually close to market price, and if they were a real buy they would be gone.
To give you an example of the foreclosure activity for both condos and single family homes in some of the Los Angeles neighborhoods……
Beverly Hills foreclosures:
Sold: Condos: 7 at a median price of $575,000. Single Family: 3 at a median price of $1,100,000
Santa Monica foreclosures:
Sold: Condos: 21 at a median of $500,000, 4 active and 2 under contract. Single Family: 10 at a median of $801,500, 1 under contract.
Culver City foreclosures:
Sold: Condos: 28 at a median of $220,000, 1 active and 5 under contract. Single Family: 7 at a median of $425,000, 1 active and 2 pending.
West Hollywood foreclosures:
Sold: Condos: 28 at a median of $276,000, 2 active and 2 under contract. Single Family: 3 at a median of $510,000, 1 active.
The Westside foreclosures:
Sold: Condos: 51 at a median of $412,000, 3 active and 2 under contract. Single Family: 15 at a median of $985,000, 4 active and 3 under contract.
The largest foreclosure activity is seen in the condo market, with single family homes accounting for an extremely percentage of Los Angeles area home sales.
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