Beach houses can be a nice getaway for anybody inclined to sand beneath their toes. But in most cases, you need to have a lot of money saved up before you can even consider purchasing property on the beach.
Not in these towns, though.
RealtyTrac, a real estate search site, just released a list of the ten best beach towns for buying foreclosed homes — some at incredibly low prices. The towns are ranked according to the discount buyers can get on a foreclosed home, based on Q1 2012 data. Looks like that vacation is coming sooner than you think.
#10 Santa Cruz, CA
Q1 Foreclosure Sales: 326
% of sales that were foreclosures: 38.81%
Average Sale Price: $355,604
Discount from original price: 28.17%
This four-bedroom, two-bathroom duplex on Linnea Court is for sale for $459,000 and includes garages and new interior paint, carpet, and appliances. Oh yeah, and it is in a prime location for "ocean beaches."
#9 Barnstable, MA (Cape Cod)
Q1 Foreclosure Sales: 151
% of sales that were foreclosures: 6.83%
Average Sale Price: $237,405
Discount from original price: 30.34%
This three-bedroom, two-bathroom house on Mitchells Way has a transfer value of $120,000. Along with the 2,828-square-foot house, you get a 10,454-square-foot lot.
#8 Honolulu, HI
Q1 Foreclosure Sales: 140
% of sales that were foreclosures: 6.09%
Average Sale Price: $345,799
Discount from original price: 30.56%
This one-bedroom, one-bathroom condo is listed for $231,900, much less than the estimated market value of $316,665. We couldn't find a picture of the actual unit, but judging by the photo, the owner has access to a pretty sweet pool.
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