Lakewood Plaza Rancho Neighborhood Market Report-2008-Long Beach Real Estate

Lakewood Plaza Market Report

2008 Long Beach Real Estate Sales

January 1, 2008 - October 23, 2008

What’s going on in the Lakewood Plaza/Rancho Real Estate Market?  

There are 31 Lakewood Plaza Rancho homes for sale on the real estate market at an average price of $517,762 while the average price for closed sales in the area is $501,568.  This is a very negotiable gap.  Homes are selling in the area with an average of 60 days on market.  This is not bad for todays market.  Sellers in this Long Beach neighborhood are pricing homes to sell at today’s market price point, buyers are recognizing this and are purchasing in the Lakewood Plaza Rancho communities. 

The Lakewood Plaza Rancho neighborhood is known for its exceptional elementary school and its quiet tree lined residential streets making it quite attractive to buyers. 

While the real estate market certainly still has its challenges and more are certain to follow, the Lakewood Plaza/Rancho area has fared quite well.  It remains an excellent place to purchase a house and to call home. 

This is a great time to be on the market priced to sell. 

There are currently 31 homes for sale in the Lakewood Plaza/Rancho neighborhood of Long Beach.

• Average Price: $517,762 down considerably from our update of 6/20/2008; $606,919
• Average Days on Market:  121 down a bit from June’s 137

There are 8 homes in Lakewood Plaza Rancho pending in escrow, down from 21 in June.  

• Average Price: $506,825 up a bit since June’s $488,192
• Average Days on Market: 115 up considerable since June’s 71

There are 10 homes in Lakewood Plaza Rancho in escrow, accepting back-up offers, up a bit from June’s 6.  

• Average Price: $466,935 down a bit from June’s $472,649
• Average Days on Market: 47 up slightly since June’s 44

100 homes in Lakewood Plaza Rancho have sold (closed escrow) in 2008, up from June’s 70.  

• Average Price: $501,568 down a bit since our last report of 6/20/08 when it was at $528,545
• Average Days on Market: 60 down a bit since June 70

There is currently 1 home in Lakewood Plaza Rancho on Hold (do not show).

• Price: $425,000
• Days on Market:  8
  

34 Lakewood Plaza Rancho homeowners cancelled their listing, up from 22 in June.  

• Average Price: $544,888 down a bit since June’s $563,336
• Average Days on Market: 107 up slightly since June’s 104

44 Lakewood Plaza Rancho home listings expired in 2008, up from 34 in June

• Average Price: $599,377 down a bit from June’s $606,919
• Average Days on Market: 146 up a bit from June’s 137

View Lakewood Plaza Rancho Homes For Sale in Long Beach California

Posted on October 23, 2008 14:27:00 by Laurie.Manny

Long Beach California Luxury Home Market Update

Long Beach California is home to the West Coasts most affordable beach real estate.  Set in sunny Southern California we enjoy moderate temperatures year round, sweet ocean breezes and a resort atmosphere.  With our purchase prices so reasonable is it any wonder snowbirds are flocking here?  Palm Desert, 2 hours inland, is fantastic, but nothing compares to luxury oceanfront property and the beach is just more fun! 

Long Beach has an endless array of entertainment to suit any lifestyle or age from water-sports to nightlife, theater and fine dining.  This is the perfect place to do everything, do nothing or to just go fly a kite!

Yes we have golf courses!  Long Beach is centrally located making access to all Southern California golf courses just a short drive. 

Long Beach is conveniently located just 20 minutes south of Los Angeles International Airport (LAX), 20 minutes north of John Wayne Airport (SNA) in Irvine, and home to our own Long Beach Airport - which we love.  We are also just a 20 minute drive into Downtown Los Angeles - in case you were thinking about catching a Lakers game; attending a concert at the fabulous Staples Center or a performance at our beautiful Music Center.  Fantabulous and incomparable, 8 time Grammy award winner, Tina Turner is performing at the Staples Center as I write this, had I known that ahead of time I would be there tonight singing along……..What’s love got to do with it?  La la la… Gotta love that woman! 

Did I say we were centrally located?  A 2 hour drive north will find you in beautiful Santa Barbara.  Head north just a little further and enjoy a day, or a romantic weekend, in wine country.  A leisurely drive south will take you into lovely San Diego.  Catch a Padres game or spend a day at the San Diego Zoo or perhaps SeaWorld with the family then head into the Downtown San Diego gaslight district for a delicious dinner and some relaxing down time. 

Surfer?  10 minutes to surf city - Huntington Beach, where you will catch some of the finest waves on the west coast. 

Long Beach is slated to become the new home of the largest movie studio in California.  A deal has been struck to take over the Boeing facility near the Long Beach airport. This will infuse new life into Long Beach and will certainly attract celebrities to our lovely waterfront homes and high rise condominiums.  How could they resist?  You never know who your new neighbor may be! 

Did you know that Hollywood got its start in Long Beach?  Long Beach was known as the motion picture capital of the world until post World War I when Hollywood developed around the glitz of the era.  With its perfect Southern California climate, Long Beach afforded the perfect setting for the industry.  There were eight film houses, two stock companies, roller-coasters and bath houses at the historic Pike, along the shore of Downtown Long Beach.  This was the home of the Balboa Amusement Production Company, the world’s most prolific silent-film studio.  W. C. Fields and other stars lived in beautiful mansions in the Bluff Park neighborhood along Ocean Boulevard and First Street, many of which remain in the families to this day.

Speaking of historic districts, Long Beach has 17 of them, California Heights being the largest.  We love our historic homes here.  You can find out more about the history of Long Beach here as well. 

Redevelopment in Alamitos Beach and the bustling Downtown Long Beach communities has birthed fabulous luxury high rise condominiums with endless ocean views, Manhattan style lofts and many fabulous new dining opportunities. 

The luxury home market is generally a cash market.  Brian Brady’s 2009 Real Estate Market outlook predicts that disappearing jobs and financing will likely drive the price of luxury properties down in our waterfront and higher end communities.  While that is tragic for the owners of these Long Beach properties it is an incredible opportunity to purchase the Long Beach home, condo or vacation property you have been waiting for.   

The Long Beach real estate market has gone through several tumultuous years, this winter is certain to be a difficult time for sellers of Long Beach luxury homes, condos and income properties.  FHA loan limits, currently capping at $729,750 for single family home purchases are slated to be decreased to around $625,000 on January 1, 2009.  Decreasing buyer purchasing power is certain to affect prices in the mid-market range of $700,000 to about $1,000,000.

What does this mean for sellers?  If you are planning on selling, you should plan on closing your escrow before the end of the year and should price it to do so. It would be our pleasure to provide a home value assessment. 

What does this mean for buyers?  This is an incredible opportunity to purchase your new home at an incredible price.

International buyers are flocking to the United States to purchase real estate at our current depressed prices, there is limited financing for foreign nationals, most are purchasing with all cash.  Long Beach prices have become very attractive to these buyers. You can start your search for Long Beach homes here.  VIP service is provided with the ability to set up custom searches with an automatic email alert system. 

If you are interested in purchasing a Long Beach luxury oceanfront home or a high rise luxury waterfront condominium, this winter is the time to make that purchase. It would be our pleasure to assist you.

Long Beach California City and Relocation Resource Guide

Posted on October 17, 2008 16:27:20 by Laurie.Manny

Long Beach 2009 Real Estate Market Outlook

Long Beach Real Estate News

This 2009 forecast, for the Long Beach real estate market is written by Brian Brady.

If bifurcation was the theme for the 2008 Long Beach real estate market, convergence Will be the theme in 2009. Both the bifurcation of 2008 and the Convergence of 2009 are closely tied to the ability to finance Long Beach properties. While prices were lower across Long Beach, this past year, the under $400,000 real estate market was extremely hard hit. Vanishing stated income and Sub-prime loan programs reduced the number of qualified buyers, driving prices dramatically lower in areas like California Heights, Lakewood Plaza/Rancho, Bixby Knolls, and the non-waterfront condominiums in Downtown Long Beach. In some cases, those prices are below the fundamental value, and offer a great buy for investors and owner-occupants alike.

The Long Beach neighborhoods of Belmont Shore, Belmont Heights, Bluff Park, Alamitos Beach and Virginia Country Club might not fare so well in 2009, While I expect Long Beach homes priced below $500,000 to hold relative value next year, it’s the homes priced over $700,000 and below $1,000,000 that are most vulnerable to vanishing financing. I discussed this very challenge in my 2009 San Diego Real Estate Outlook:

The key component to the housing recovery for San Diego remains in The ability for a home buyer to get financing. The US Treasury stepped In to provide financing for properties under $625,000, by:

 

(a) increasing the loan limits for FHA, conforming and VA loans to 115% of median price (expected Jan,2009)
(b) nationalizing Fannie Mae and Freddie Mac (guaranteeing the loan from default)

 

The luxury home market ($1,000,000 and above) is generally a cash Market. As such, credit availability affects those housing units far Less than the “rank and file” developments inhabited by those of us in The “working class". Expect SOME softness in the luxury home market but If the buyer likes the home, she’ll either pay cash or have access to Highly specialized financing available to the only asset-rich.

 

After January 1, 2009, the government loan limits will be capped at $625,000 for Long Beach. This means that rates for loan amounts above that number will be as much as 2% higher than the government-backed Financing and downpayment requirements will be 25% or greater. If you’re selling a home in that price range, the buyer pool is about to shrink in about 3 months.

Exacerbating this financing issue is the loss of jobs a recession may bring. Unemployment in California has spiked this past year. Job losses have been concentrated in the lower to middle income range in 2008 while the upper-income jobs have remained relatively safe. A recession will hit those upper-income jobs harder than the lower income ones. I said that 2008 is the year where the “rich will get not rich and the poor will get clobbered“; that certainly happened this year. 2009 will be the great equalizer as the higher-priced homes decline and higher-paid jobs disappear.

What then, should be your strategy for 2009? Investors should pay close attention to the lower-end of the real estate market for fantastic buys. Long Beach real estate is a great investment and opportunities to own a property that offers positive cash flow are evident today in the under $500,000 market. There will be some great opportunities in those mid-priced homes, next year as well as the $700,000 to $1,000,000 drops below the financing caps.

If you’re planning on selling a Long Beach home in that $700,000 to $1,000,000 price range, better to list it today rather than to wait until after the new year. Veterans can buy up to $729,000 with no money down. FHA buyers can buy up to $729,000 with 3.5% down. Conventional buyers can buy to that limit with as little as 5% down…today. Next year, that all goes away.

Brian Brady is a Managing Director with World Wide Credit Corporation, a San Diego-based mortgage banking and brokerage firm. Google calls him America’s #1 Mortgage Broker; you can call him at (858)-777-9751

Posted on October 15, 2008 23:00:00 by Laurie.Manny

Downtown Long Beach Home Sales - Seller Information and Statistical Analysis

Downtown Long Beach Home Sales 2008 Statistical Analysis for Sellers

October 11, 2008

A must read for Sellers of Downtown Long Beach Homes

If you are a Downtown Long Beach Homeowner and are thinking about selling your home these statistics should interest you greatly.  So far this year only 7 Downtown Long Beach Homes have closed escrow; 5 of those were bank owned foreclosures and 2 were conventional sales. These sales ranged in price from $118,000 to $400,000; 3 of them were under $200,000.  

Dismal, huh?

There are 5 homes in Downtown currently in escrow; 2 of these are short sales which may or may not actually close escrow and 3 are bank owned foreclosures.   These range in price from $144,900 to $381,800, 2 of these are under $200,000. 

Of the 21 Downtown Long Beach Homes currently on the market 14 are conventional sales, 6 are short sales and 1 is bank owned. Several of these homes are landmark historic beauties, a few either already qualify or will qualify for Mills Act Tax savings once the temporarily suspended Mills Act programs are reinstated.  These timeless and distinctive homes have always been in high demand and would command top dollar.  Today, they are not moving. 

Pretty depressing numbers, huh?  

By now you are wondering if it is even possible to sell your Downtown Long Beach home and if it is worth the hassle of putting it on the market.  If you are currently in trouble these numbers have probably left you feeling helpless and terrified.  Well, Bank of America who recently took over Countrywide just announced an $8.5 billion dollar Homeowner Retention Program designed to assist 400,000 nationwide customers.  If your loan is through Countrywide you should read the press releases I have linked to here and contact your bank in an attempt to work out a program that could help you keep your home.  Hopefully other banks will follow suit shortly and get us all out of this mess. 

Read:

• Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers-Long Beach Real Estate

I looked closely at the Downtown Long Beach homes currently available on the market.  Several of them have been on the market for some time now and still don’t have photos on the MLS.  The MLS pushes the listings out online to other sites.  Photos sell listings.  When buyers search for homes on the Internet, they are looking for photos, slide shows, virtual tours and video of these homes.  When photos are missing they just assume the place is a disaster and don’t even consider it, we Realtors make the same assumption and usually don’t even consider the home when picking out homes to show to our buyers.  Others are just not priced correctly for today’s market; some are just overpriced based on their condition and location. Most are nowhere to be found online; others have photos but are not easily found on the Internet where the buyer is shopping. 

We have to be realistic about what a home is actually worth on today’s real estate market, what a buyer will pay for it, the value an appraiser will attribute to it and the value an underwriter will accept on behalf of the lending bank. Buyers are looking for deals, many are finding them too.  Banks are releasing foreclosed homes onto the active market from their inventory on a regular basis and more are coming.  Conventional sales do have to compete with these sales regarding price and appraisers are using these sales to attribute value to your home sale. 

Appraisers are working with sets of guidelines issued to them by the lendors they represent.  Prices are changing so rapidly they usually will not accept comparable sales older than 2 months when determining value on your home.  If you priced your home 4, 5 or 6 months ago and have not aggressively reduced your price in time with the market then there is a strong possibility that you could have an appraisal problem if you do receive an offer.

Read: 

• Chasing the Market Down - Are You Guilty?
• My Long Beach Home Won’t Sell-Are YOU Chasing the Market Down?

So what is it going to take to sell your Downtown Long Beach Homes if you have to sell? 

Read more »

Posted on October 11, 2008 23:00:00 by Laurie.Manny

Spinnaker Bay Home Sales Market Update - Luxury Waterfront Homes and Townhomes - Long Beach Real Estate

Spinnaker Bay Home Sales

Market Report 2007 and 2008

Spinnaker Bay - Long Beach California

Luxury Waterfront Homes and Townhomes

1 Spinnaker Cove Luxury Townhomes For Sale

1. Waterfront Townhome on widest section with Upgrades, 40' Boat Slip, 1,748 sq ft, HOA $575 + $106
   
2. Waterfront Townhome, Turnkey Open Water Location, 40' Boat Slip, 1,748 HOA, $575 + $106

5 Spinnaker Bay Luxury Homes For Sale

1. Beautiful Newly Upgraded, 27' Boat Slip, 2,032 sq ft, HOA $140+ $130
2. Highly desirable immaculate home on greenbelt with spa, 2,323 sq ft, HOA $140
3. Rare Regatta section Pool Home with pool and spa with Upgrades, 2,862 sq ft, HOA $145

3 Spinnaker Bay Waterfront Homes are in escrow.

9 Spinnaker Bay Homes have Sold - Closed escrow in 2008.

Spinnaker Bay Luxury Homes and Townhomes - Sales 2008

Spinnaker Bay Luxury Homes and Townhomes - Sales 2007

6 Spinnaker Bay Luxury Homes and 4 Townhouses - Sold - Closed Escrow - in 2007

• A - For Sale
• P - Pending in Escrow
• B - In Escrow, accepting Back-up offers
• S - Sold - Closed Escrow
• DOM - Days on Market
• TGNO - Thomas Guide Map Number

Call Laurie today for your appointment to view beautiful Spinnaker Bay Luxury Dream Homes and Townhomes

(562) 212-5420

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Posted on October 10, 2008 19:00:00 by Laurie.Manny