Wednesday, July 16, 2008

Bank Owned Properties Hit Belmont Park

Did anyone ever think that banks would be taking back properties within 2 blocks of the ocean? Even people who bought properties in the high end of the market have been hit with the adjusting of their mortgage or other issues that caused them to fall behind and now banks are listing properties in Belmont Shore.

Now let me be the first to tell everyone, OK maybe not the first, that the banks are not selling properties for 50 cents on the dollar. In other words properties located on the shore are not selling for $400,000 that used to sell for $800,000.

Properties that were in the $950,000 range a time ago are falling into the $800K range . Now with the price comes a certain condition. For example there is a current bank owned listing on Glendora in Long Beach (Check out our FREE MLS for details).

This property is located in the heart of Belmont Park. This property is currently being offered below $830,000 and once was offered by the bank over $966,000. What does this property have to offer?

  • 5 Bedrooms
  • 3 Bathrooms
  • Over 2,000 sqft of living space
  • Great curb appeal
  • Great location (located in Belmont Park)
  • Close to the beach

With all of that you would think it would be gone right? OK so the downsides of the property:

  • Inside needs updating (most rooms)
  • Lot is just over 2,200 sqft (so home takes up quite a bit of the lot
  • Street is tight and not much parking available for street

So is this a great opportunity? For the right person this is a fantastic opportunity. If you want a home to look just the way you want it this home offers that and it compensates for it in the price. Will the bank take less than this? They might but you have to be willing to ask.

There is always a give and take. Homes that are in superior condition are still commanding superior prices so keep in mind that if you are willing to put in a little hard work you just might get the home, location, and price that you desire!

For more information check out our FREE MLS and if you want to know what is going on in your area as a home owner fill in our market snapshot and keep track of what is going on in your neighborhood.


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