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.
Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!
When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.
If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.
Westside Los Angeles Real Estate, including, but not limited to:
For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.