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Surf City leads coastal neighbors in distressed homes

January 13th, 2009, 3:00 pm · 7 Comments · posted by Marilyn Kalfus, real estate reporter

Huntington Beach tops the list of its coastal Orange County neighbors in the percentage of distressed properties for sale, according to a report by a realtor who does a bi-weekly analysis of Orange County cities and communities.

Surf City is facing nowhere near the problems of cities in other parts of the county, such as Santa Ana, Anaheim, Garden Grove, Lake Forest, Foothill Ranch, Rancho Santa Margarita and Buena Park.

But compared to other beach cities, these numbers from Steve Thomas at Altera Realty show that Huntington Beach is far from having an easy time of it, either, with about a third of active sales distressed – in foreclosure or being offered as a short sale.

City Listings Distressed Percent
Seal Beach 313 10 3.2
Huntington Beach 560 186 33.2
Newport Beach 501 55 11.0
Newport Coast 187 13 7.0
Laguna Beach 316 26 8.2
Dana Point 258 63 24.4
San Clemente 429 118 27.5

Read more:

  • $1.35 million Surf City foreclosure: What would you offer?
  • Lender: Worst is over, especially for coastal cities
  • Bank owned Surf City fixer for $677K not far from beach
  • Expert: Foreclosure properties discounted average of 38%
  • Poll: Is new home appraiser rule good or bad?
  • H.B. sales down 15% over a year ago
  • What does this Surf City home prices chart really say?
  • H.B. market snapshot: 214 condos available, 6 close
  • Surf City open house preview: Price slashed by $1 million
  • $3.8 million Surf City house for rent for $9K
  • Surf City foreclosure program gets about 100 inquiries

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     7 Comments

    • Liar Loan says:
      January 13, 2009 at 3:42 pm

      Guess what that means for prices in HB??

    • aksteve says:
      January 13, 2009 at 8:24 pm

      You got that right Liar Loan. And guess what that does to Newport and neighboring beach cities? Why would you buy a home in NB when you can get the same size and distance to the beach for less in HB? And personally, I would rather be in downtown HB than NB. So, the neighbor cities will have to drop even more soon. AND again from me: “the bottom is not close”.

      There is one “however” though: HB City has that plan to buy up distressed homes, fix them up and re-sell them. By the looks of things they have not started that procedure. And I read they were only going to allocate $1M to maintain or upgrade those properties. So who knows how that will affect the values. If they buy now, they know they will lose money, therefore an overall more expensive venture for the city. If they wait, there will be too many homes to buy to make a difference (their real motivation is too keep the empty houses from dirtying up the neighborhoods).

      This will be another interesting OC reality show :-)

    • cindy says:
      January 13, 2009 at 9:03 pm

      they are going UP UP UP???? LOL!

    • Patricio says:
      January 13, 2009 at 9:17 pm

      I talked to my wife about this the other day while browsing redfin, that the majority of the homes I was seeing were short sales in HB. Well…when you don’t do your homework and believe shills on such an important purchase…you get what you deserve and no that isn’t a bailout.

    • cycleitin says:
      January 13, 2009 at 9:27 pm

      HB has the most listings and highest distressed. Seal Beach has moderate listings and lowest distressed. I’m curious about % of total volume. The total number of sfr’s vs listings and distressed units to the total number of sfr’s. HB as apposed to Seal Beach, I believe has a larger total volume of units available. Anyone with that info readily available?

    • Don says:
      January 14, 2009 at 7:43 am

      Catch a wave and you’re sitting on top of the world.
      \
      Catch a knife and you’re a real estate investor, lol.

    • bpsqwerty says:
      January 15, 2009 at 12:31 pm

      haha… suckers. that goes for dana point and san clemente too!