Jason Galanis Uncovers Potential in the Beverly Hills Real Estate Foreclosure Market

Beverly Hills, CA (Sharewellnewswire.com) December 18, 2012 – Home foreclosures in Beverly Hills, Is that possible? It goes against what most people imagine about the financial well being of people living in Beverly Hills, CA. But, Jason Galanis, local resident, sees a side of the city not exploited on Reality TV or portrayed in ads by Rodeo Drive Retailers. The dark side is that 62 homes in Beverly Hills are in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process according to trulia.com. For the savvy, this is an opportunity to purchase property at a discount to market in one of the most desired neighbor hoods in the country.

One must keep in mind that navigating a Real Estate purchase in an auction is fraught with pitfalls and downside risk.  Auction sales are sold “as is” with little or no time to inspect the property. And, the financial institutions who have taken over the property usually do not know the history of the property, including major repairs that may be needed. In some cases the actual structure may not be worth the cost of completing major repairs or remodeling. Purchasing a property in a desired neighborhood can help hedge some or all of these types of risks.

Jason Galanis has seen many a home purchased and then completely torn down and rebuilt in Beverly Hills. Often the land can be worth much more than the actual home that sits on it. A competent auction buyer can identify properties with this type of opportunity and buy in an auction while eliminating the property condition risks.  The home auction market is not for beginners but the downside of buying property in Beverly Hills can be limited do to location desirability.

Beverly Hills Real Estate Market Statistics (Dec, 05 2012):

Average price per square foot for Beverly Hills CA was $676, an increase of 18% compared to the same period last year. The median sales price for homes in Beverly Hills CA for Sep 12 to Nov 12 was $1,535,000 based on 81 home sales. Compared to the same period one year ago, the median home sales price increased 26.2%, or $319,000, and the number of home sales decreased 1.2%. The average listing price for homes for sale in Beverly Hills CA was $4,735,144 for the week ending Dec 05, which represents a decrease of 0.4%, or $19,684, compared to the prior week.

About Jason Galanis: