HUNTINGTON BEACH (CBSLA.com) — Folks are camped out in Huntington Beach, but they’re not in line to buy concert tickets, a new iPhone or see the latest Twilight movie – they are looking to buy a brand new home.
A dozen pre-qualified buyers have pitched tents in front of the still under-construction Brightwater Capri development in Huntington Beach. Before the first sale on March 2, the home builder believes there will be as many as 30 buyers camped out for a chance to buy a home between $800,000 and $900,000.
“So if you want the opportunity, you gotta make the sacrifice,” camper Terry Torline said. “Based on what’s out there in the marketplace, it’s a real good deal right now.”
Brightwater’s homes feature 11 floor plans and range from 1,992 to 2,685 square feet. Each home is four bedrooms and has ocean views from the second-floor windows. The development itself, which will also include a clubhouse, pool, spa and gym, is just a half mile from the beach.
Historically low interest rates and low prices have created a perfect storm in Southern California’s real estate market.
“The homes for sale in Huntington Beach are probably down 60 to 70 percent from where they were a year ago, as far as the number of homes on the market,” said Todd Cunningham, president of the Woodbridge Pacific Group, which is building the Brightwater development. “So, that has created demand and some urgency in the market.”
All of the camped out buyers are already homeowners looking to buy a bigger and better home. Toni Chakos is camped out for her son, who wants a bigger, newer home for his family.
“They are in a smaller house, single story, and very small rooms, and it was an older house that’s been redone. But it’s still an older house, and they want something new,” Chakos said.