10 Beach Towns Where You Can Buy Cheap Foreclosed Homes

beach, vacation, retirement, hammock

Photo: Flickr / IronRodArt – Royce Bair (NightScapes on Thursdays)

Beach houses can be a nice getaway for anybody inclined to sand beneath their toes. But in most cases, you need to have a lot of money saved up before you can even consider purchasing property on the beach.Not in these towns, though.

RealtyTrac, a real estate search site, just released a list of the 10 best beach towns for buying foreclosed homes — some at incredibly low prices. The towns are ranked according to the discount buyers can get on a foreclosed home, based on Q1 2012 data. Looks like that vacation is coming sooner than you think.

#10 Santa Cruz, CA

Q1 Foreclosure Sales: 326

% of sales that were foreclosures: 38.81%

Average Sale Price: $355,604

Discount from original price: 28.17%

This four-bedroom, two-bathroom duplex on Linnea Court is for sale for $459,000 and includes garages and new interior paint, carpet, and appliances. Oh yeah, and it is in a prime location for 'ocean beaches.'

#9 Barnstable, MA (Cape Cod)

Q1 Foreclosure Sales: 151

% of sales that were foreclosures: 6.83%

Average Sale Price: $237,405

Discount from original price: 30.34%

This three-bedroom, two-bathroom house on Mitchells Way has a transfer value of $120,000. Along with the 2,828-square-foot house, you get a 10,454-square-foot lot.

#8 Honolulu, HI

Q1 Foreclosure Sales: 140

% of sales that were foreclosures: 6.09%

Average Sale Price: $345,799

Discount from original price: 30.56%

This one-bedroom, one-bathroom condo is listed for $231,900, much less than the estimated market value of $316,665. We couldn't find a picture of the actual unit, but judging by the photo, the owner has access to a pretty sweet pool.

#7 Atlantic City, NJ

Q1 Foreclosure Sales: 114

% of sales that were foreclosures: 12.68%

Average Sale Price: $161,819

Discount from original price: 30.83%

This two-bedroom, 2.5-bathroom house is 1,344 square feet and listed for only $115,900.

#6 Hilton Head Island, SC

Q1 Foreclosure Sales: 159

% of sales that were foreclosures: 19.78%

Average Sale Price: $202,454

Discount from original price: 31.14%

This three-bedroom, 2.5-bathroom condominium on Folly Field Road is just a walk from the beach. The estimated market value of this property is $199,693, but the listing price is just $144,900.


#5 Charleston, SC

Q1 Foreclosure Sales: 530

% of sales that were foreclosures: 20.42%

Average Sale Price: $159,065

Discount from original price: 34.42%

This three-bedroom, two-bathroom house on Sandcroft Drive has 9-foot ceilings, walk-in closets and a fireplace. Its estimated market value is $217,664, but the listing price is just $182,500.

#4 Santa Barbara, CA

Q1 Foreclosure Sales: 537

% of sales that were foreclosures: 46.78%

Average Sale Price: $274,077

Discount from original price: 38.80%

This four-bedroom, two-bathroom house on Chilon Way is in 'turnkey condition' and has an estimated market value of $477,398. But after being foreclosed, the listing price is $459,900. The house has fresh carpet and paint, and the lot even has fruit trees.

#3 Naples-Marco Island, Fl

Q1 Foreclosure Sales: 564

% of sales that were foreclosures:16.17%

Average Sale Price: $156,148

Discount from original price: 40.43%

This three-bedroom, two-bathroom condominium in Hampton Circle has new paint and carpet and is only fifteen minutes to the beach-- all for just $114,900.

#2 Corpus Christi, TX

Q1 Foreclosure Sales: 152

% of sales that were foreclosures: 11.44%

Average Sale Price: $78,851

Discount from original price: 44.38%

This 3,417-square-foot foreclosed house on Ohio Avenue boasts eight bedrooms and four bathrooms. It may need some TLC, but the space you get is a steal at $151,000.

#1 Sebastian-Vero Beach, FL

Q1 Foreclosure Sales: 227

% of sales that were foreclosures: 21.46%

Average Sale Price: $93,188

Discount from original price: 45.11%

You can buy this three-bedroom, two-bathroom house on 142nd St. for just $69,900. It's a charming 1,504-square-foot home with an estimated market value of $87,509.

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