Beach Homes in Southern California Still a Good Buy
- Apr 08, 2008
Santa Monica, Calif.–Coastal properties in Southern California–including parts of Santa Monica, Manhattan Beach and Long Beach–are holding value better than mainland homes, according to the Los Angeles Times.In general, beachfront home prices have fallen slightly, but they so far haven’t seen the huge property value drops other areas of Southern California have experienced. The average of median sale prices for 18 beachside areas–selected for their general affordability–in February was $1.08 million, an 8.9 percent decline from August, according to DataQuick Information Systems. In other areas, such as San Bernardino and Riverside county, homes sold in February for half of their pre-housing slump price. According to local real estate agents, some of California’s best beach deals were in Huntington Beach’s three seaside ZIP Codes, where median prices hit a high of $785,000 to $1.2 million in 2007. In February, the range had dropped to $635,000 to $827,000. Homes sold for less in February than a year ago in eight waterfront ZIP Codes.