Thursday, October 23, 2008

How many condos are owned by banks?



Are you looking for a deal? Often times we look for real estate deals in a market like this one where banks are now present in the real estate market.

So if you are looking for condos how many of them are owned by banks?

Before we get into that let's look at how many condos there are to choose from in Long Beach let's look at the total condo market. If you want to see what the total REO market is and how many shorts sales are out there we covered that just a few days ago in "How many reos & short sales are in Long Beach".

So there are 551 total condos available for buyers to choose from as of the day of this post.

That is quite a selection to choose from so buyers can look around and see what best fits their budget and what they are looking for. In fact the average condo listed for sale in Long Beach has the following characteristics(according to the MLS)

  • 1.8 average bedrooms
  • 1.75 bathrooms
  • Average price: $378,978

So what does this all mean? It means if you are looking for a 2 bedroom 2 bathroom condo with an ocean view for $200K you aren't going to find it.

There are just 86 condos available for sale that are owned by banks and they represent the smallest portion of the market at 15.6%. Banks are not going to be selling them at giveaway prices although they do price them aggressively to receive multiple offers on them whenever possible.

So if you are looking for a deal on a condo check out the free mls we provide (the bank owned properties are listed in there as well) and see what you can find. If you can't find what you are looking for give us a call at 562-989-7111 or use our contact form to ask any question you would like as we are happy to help on the time frame that works for you.

Related Posts

  • Long Beach Stastics for September
  • Find your Long Beach Condo in 3 Easy Steps

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