By Keith Kyle
If you’re looking for a foreclosure deal in Hermosa Beach it may be a while. In all of 2014 only 5 “distressed” homes were sold 4 of the homes were short sales with the other being a bank owned property. In general the few short sales and foreclosures that did sell were good buys with the average price per square feet on the distressed sales was $585 while the average price per foot of normal sales (not including oceanfront properties) was $741. 2014 saw 206 on market homes sales in Hermosa Beach so the distressed market was a very minimal factor. Currently there are no foreclosures on the market and the last listing was the home on 6th Street that closed in September.
As prices have risen so dramatically over the past 24 months it’s unlikely we’ll see any distressed sales in the immediate future but as homes are now reaching record prices it may be a matter of time before some homes once again are underwater. Please feel free to contact us for more information on the real estate market in Hermosa Beach or foreclosure opportunities in the neighboring communities.