12/07/2010

How Many Properties Under $300,000 in Signal Hill?

This is a good price point to consider because it works for second home buyers, 1st time buyers, and people looking for a good investment in a desirable location. The property in this price range will most likely be a condo but if a buyer is willing to consider North Long Beach or West Long Beach, it could be a single family home. For a two-income couple, the total monthly payment (principal, interest, taxes, HOA dues and insurance) may be $2000 or less at current interest rates. It's actually a very competitive price range because of the number of investors able to invest cash or a very large down payment, and it's an affordable price range for many buyers. Some areas of Signal Hill have great views towards the mountains and toward the ocean, and in fact, the City has taken a stance to protect those views. It has gone through much development in the last 20 years to shed its oil derrick image, and most recently a new grocer's has opened up across from Home Depot on Cherry Ave.

Right now in Signal Hill, 29 properties are listed at $300,000 or less (out of a total of 66 active listings in showing in the MLS as of today). This is almost 50% of the inventory, where the average of all list prices is over $400,000.  All of these properties are condos, except for two single family homes, and almost half are standard sales. With interest rates still under 4.75% (but see this article from Zillow about the biggest change in 5 months) a buyer could possibly meet the goal of keeping the total payment under $2000.
To see Signal Hill properties now, click here.

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