If you’re taking a beach vacation this summer, it might be hard not to wonder (as the waves lap at your toes): “Couldn’t we just buy a place down here?”
Think of all the money you’d save on rent each year.
Think of all the money you’d make renting it out to other vacationers.
Think of the bargains!
The latter point may actually have some merit. (The first two you could debate).
There are some deals out there, according to Foreclosure News Report which, using data from RealtyTrac, lists the top 10 “Best Beach Towns for Foreclosure Bargains.”
Two towns on the list are in Atlanta’s backyard: Charleston and Hilton Head Island, which came in No. 5 and No. 6, respectively.
In the first three months of this year, there were 520 foreclosure-related sales in Charleston, 20 percent of all real estate sales. The average sales price of one of those foreclosure-related properties: $159,065. That represents a 34-percent discount from the non-foreclosure sales price.
On Hilton Head, 159 foreclosure-related sales were done in the first quarter, nearly 20 percent of all residential sales there in that time. The average price was $202,454, 31 percent below the non-foreclosure sales average.
Other beach towns where foreclosure bargains abound: Vero Beach, Fl., Corpus Christi, Tx., Naples, Fl., Santa Barbara, Ca., Atlantic City, N.J., Honolulu, Hi., Barnstable, Ma., and Santa Cruz, Ca.