Some segments of the Southern California real estate market are still going fairly strong.
Take for example this Beverly Hills PO property on Tower Grove Dr. (90210).
It just closed with a recorded sales price of $3,200,000
The property was listed first at just under $3,900,000, then expired and was relisted at $3,600,000. It finally sold about 20% below its original asking price.
As a pre-foreclosure investor/buyer you may have had a chance at buying this property for quite a bit less. The total amount owed on this property was only about $2,100,000 (according to carefully researched public record data). This data shows that the loan that was in foreclosure had a balance of only about $480,000.
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2 responses so far ↓
1 ABC // May 2, 2008 at 9:28 am
Would you recommend high end zip codes as the best investment opp’s?
2 gotforeclosure // May 2, 2008 at 9:41 am
That’s a good question. It seems that higher end zip codes are less affected by the current foreclosure crisis.
That may have several reasons.
1. Higher end zip codes have more equity, because homes were generally not purchased with 100% financing. That gives owners in foreclosure more options to avoid that the property goes to trustee sale. That keeps bank owned inventory low and discounted properties off the market, which is good for all other sellers.
2. Higher end buyers may be less affacted by the lending crisis, because they frequently purchase properties with cash or at least a substantial down payment. That keeps (relatively speaking) more eligible buyers in the market.
I will post some foreclosure numbers on higher end zip codes soon.
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