Beach property foreclosures spell opportunity for real estate investors.
By Vicki Johnson
San Diego has seen a marked increase in short sales in the last quarter, according to a recent U-T San Diego real estate report. Thanks to improvements in the local market, foreclosures have dipped by 25.3% ? a shift that industry experts believe is due in part to more homeowners seeking short sales as an alternative. These developments spell good news for overall market recovery. But for those considering an investment in beach property foreclosures, how will changing San Diego real estate trends impact buying decisions?
Short sales vs. foreclosures
Short sales make it possible for underwater homeowners to pay less than the total outstanding balance on their mortgages. As a result, they come with a lighter credit burden than full-blown foreclosures ? not to mention a softer blow to the housing market at large. Here in San Diego, short sales are popping up everywhere, from University City, Clairemont and Linda Vista to Rancho Santa Fe, Del Mar and La Jolla. But the truth is, while these deals have indeed made a dent in local foreclosures, they have no means eradicated the foreclosure properties from the market landscape. According to June numbers from RealtyTrac, one in every 355 Rancho Santa Fe home sales was a foreclosure, while in La Jolla it was one in ever 420. In other words, distressed home sales are still with us: and that means it is important for buyers and sellers alike to work with an experienced real estate agent and learn how to maximize opportunities under current market conditions.
Buying beach property foreclosures: a savvy move for real estate investors
Given the current market environment, one of the best ways for buyers to capitalize on distressed home sales is through the purchase of coastal foreclosure properties. According to a recent press release, RealtyTrac?s Daren Blomquist urges investors to seize the chance to buy coastal homes ?because prices are so low in many locations compared to where they?ve been in the past.?
Whether you are in the market for a La Jolla investment property, or are looking for assistance in selling a distressed property in the area, a skilled real estate agent is your best asset for securing the best possible value. For expert guidance and local market insight, contact me, Vicki Johnson, to schedule a consultation today. Visit www.vrjrealestate.com.
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