In a flashback to the kind of homebuying frenzy not seen since 2008, house hunters have pitched a line of tents in Huntington Beach, Calif., in the hope of buying a brand-new home. Around a dozen pre-qualified homebuyers have literally set up camp by the still-under-construction Brightwater Capri development in Huntington Beach -- and they've already been there for a week.
KCBS in Los Angeles reports that as many as 30 buyers are expected to camp out for the chance to snap up a home at between $800,000 and $900,000. The first home will go on sale March 2, and only five homes will be released this weekend -- and only to pre-approved buyers on a first-come, first-served basis. The interest in the homes may not be particularly surprising, given the details: Each of the yet-to-be-built homes at Brightwater features four spacious bedrooms and boasts ocean views from their second floors. (The development is only half a mile from the beach.) Sizes range from 1,992 to 2,685 square feet, and there are 11 floor plans to choose from.
"If you want the opportunity, you gotta make the sacrifice," Brightwater camper Terry Torline told the TV station. "Based on what's out there in the marketplace, it's a good deal right now." California home prices have been on a dramatic incline lately, while foreclosures in the state have tumbled to an astounding low, according to the Los Angeles Times. And luxury home sales in California reached an all-time high in 2012, with 697 sales each priced at $5 million or more. As another local television station KTLA-TV put it, the campout for homes is just the latest sign that the housing market is again heating up.
See also: First Impressions That Get Homes Sold the Fastest
4 Current Myths About the Real Estate Market
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Source: http://realestate.aol.com/blog/2013/02/27/homebuyers-campout-huntington-beach/
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