Wilmington had a busy year in income property sales and activity. This harbor area city is popular with first time income property buyers for its affordable prices compared to other parts of the South Bay. As part of Los Angeles, it has the same rent control rules.
Available units in Wilmington: 14 Buildings priced from $250,000 to $4.79M
In escrow: 6 Buildings priced from $220,000 to $1.25M
Sold in 2013: 39 Buildings with an average sale price of $416,000. They ranged from $110,000 to $1,150,000
Distressed property sales were noted on one third of Wilmington’s unit sales. The 2013 records show 10% Foreclosures, 20% Short sales or other default situations. There were a handful of probate sales and the rest were standard sales. The average year built was 1947.
– Josh Toering
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