Good to hear you are coming home. I have lived in Long Beach (1st Belmont Heights, then Belmont Shore and now the Peninsula) for the last dozen years and I can honestly say "there is no place like home". My friends in Naples often joke that the Peninsula is the first line of defense against any Tsunami and thank me for living there. You are truly returning to an area and a lifestyle without complare. I also come from an owner/builder background (and was doing this when interest rates were in the double digits in the 1980's) and was still successful in selling homes by thinking outside the box. Many of these skills are very helpful in today's tight money environment.
And, having specialized in pre-foreclosure, foreclosures, and REO's for the past 5 years, I appreciate that you are looking for a great deal in one of the most wonderful residential areas in the LA area. Being one of the most desirable neighborhoods in the LA area has its advantages and disadvantages (depending on your perspective on the matter).
1. Home prices have not fallen as precipitously as in the rest of Long Beach.
2. Foreclosure activity is very low.
3. There are very few REO properties in the entire 90803 zip code, and currently NONE on Naples.
Currently on Naples there are 3 properties with Notice of Trustee sale filed against them. Not one of them is listed for sale. All three owners still have time to save their property from auction. Two of the owners have over 25% equity, so they stand a pretty good chance of pulling that off.
Currently there are 6 properties in pre-foreclosure on Naples. 2 commercial properties on 2nd Street, 1 duplex on The Toledo and 3 single family homes. Only 1 of these has equity (according to the foreclosure website used). Only 1 of these is listed for sale, has been since July 2008 (before the Notice of Default NOD was filed) and is overpriced, as they are trying to avoid a short sale.
If you are looking to work with a real estate professional that can provide this level of information and can help you jump on properties, even before they become REOs, contact me through my profile. Sometimes being the "early adopter", getting there before the masses, can give you an advantage. Waiting for properties in areas like Naples to go REO could be a very long wait. Finding properties before they even go NOD and/or are listed for sale and negotiating a great deal for you and the seller might get you home sooner. Let me know if I can be of service and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes