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Lower Prices for Manhattan Beach Bank Owned Homes for Sale

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By : Allana Castro    99 or more times read
A survey of Manhattan Beach bank owned homes for sale on online foreclosure listings showed that home prices in the area are still high, but they are certainly lower than price levels before the recession.

Therefore, buyers interested in properties in this affluent city should consider buying now before the overall market recovers and prices shoot up again. On the website of one major foreclosure listings provider, the prices of bank REO homes available for sale range from $734,555 to $2,198,000. One four-bedroom five-bath 3,867-square-foot home is listed at $920,020 while a three-bedroom two-bath 1,470-square-foot house is listed at a higher price of $1 million.

Manhattan Beach homes are pricier compared to other areas in Los Angeles County because most of them were built and designed for affluent families. The city also offers panoramic views of the ocean, has plenty of scenic parks and offers the quiet and peace desired by most people.

On another foreclosure listing site, some of the featured Manhattan Beach bank owned homes for sale include a three-bedroom three-bath 2,276-square-foot home listed at $550,198; a 4-bedroom 3-bath 3,354-square-foot home listed at $787,369; and a two-bedroom two-bath home listed at $734,250.

The 40 foreclosed homes currently for sale range from $394,785, which is the listing price for a 2-bedroom 2-bath 834-square-foot condo unit, to $995,609, which is the price for a two-bedroom 3-bath 1,876-square-foot home.

As situations continue to improve in Los Angeles County and other areas of the nation, prices for all types of homes are also now improving. The sales price median for all types of homes in Manhattan Beach is $1,473,000, an increase of 7 percent from the median one year earlier. The average listing price also rose by 2.3 percent to $2,320,244.

As the number of bank owned properties in California dropped in May, the number of Manhattan Beach bank owned homes for sale also dropped, indicating that the California market is recovering although at a pace slower than expected.
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