Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate

Leave a comment »

Belmont Shore Real Estate Market Report

Including Belmont Park, Naples Island, Marina Pacifica

Homes, Condos and Income Properties

Long Beach California

Last Updated 10/8/2008

Belmont Shore boundaries: North – Broadway East – Bay Shore South – The Ocean West – Livingston Drive

Belmont Park boundaries: North – Marine Stadium East – Bayshore South – The Toledo West – Livingston/Monrovia

Naples Isand boundaries: North – Belmont Park East – Marina Pacifica South – The Peninsula West – Belmont Shore

About Belmont Shore and Naples Island California

Long Beach Homes For Sale in Belmont Shore, Belmont Park and on Naples Island

There are currently 74 Long Beach homes for sale in Belmont Shore, Naples Island and Belmont Park.

• 3 homes are for sale between $500,000 and $600,000 (All in Island Village)
  
• 1 home is for sale between $600,000 and $700,000
• 10 homes are for sale between $700,000 and $800,000
• 11 homes are for sale between $800,000 and $900,000
• 9 homes are for sale between $900,000 and $1,000,000
• 17 homes are for sale between $1,000,000 and $1,500,000
• 8 homes are for sale between $1,500,000 and $2,000,000
• 7 homes are for sale between $2,000,000 and $3,000,000
• 5 homes are for sale between $3,000,000 and $4,000,000
• 3 homes are for sale between $4,000,000 and $5,000,000
  

• Average Price: $1,498,262 down from last months:  $1,564,786
• Average Days on Market: 134

FHA loans are available to a maximum loan of $729,750 with a minimum 3.5% down payment (up from 3% as of 10/1/08) until January 1, 2009 when they are currently scheduled to drop the maximum loan amount to $625,000, this could change.

FHA Lending Limits for LOS ANGELES COUNTY (LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN AREAS):

• Single Family Home or Condo: $729,750
• Duplex:  $934,200
• Tri-plex:  $1,129,250
• Four-Plex:  $1,403,400
  

Jumbo Loans are currently requiring approximately 30% down payment and start at $729,000, also currently scheduled to drop concurrently on 1/1/09 to $625,000 unless something changes between now and then.

There are currently 12 homes pending (in escrow) in Belmont Shore, Belmont Park and on Naples Island.

• 12 Homes are accepting Back-Up offers
  
• 13 Homes are pending

Back-Up Offers:

• Average Price: $1,171,650 down from last months $1,286,983
• Average Days on Market: 104 up from last months 84

Pending Offers:

• Average Price:$1,459,061 up from last months $1,311,130
• Average Days on Market: 98 up from last months 81

69 homes closed escrow (SOLD) in Belmont Shore, Belmont Park and on Naples Island in 2008; up from 46 closings on 8/22/08, that is a nice healthy jump!

• Lowest Price Home Sold: $625,000
• Highest Price Home Sold: $4,450,000

• Average Price: $1,216,423 up from last months  $1,171,889
• Average Days on Market: 92 up from last months 66

59 Homeowners Cancelled their Listings

• Average Price: $1,367,521
• Average Days on Market: 152

1 Homeowner Withdrew their home from the market

• Average Price $1,299,000
• Average Days on Market: 140

42 Listings Expired

• Average Price: $1,325,699
• Average Days on Market: 155

1 Listing has been placed on Hold

• Price:  $939,900
• Days on Market:  20

6 Homes removed from their listings from the market and Leased

• Average Lease Price:  $3,966
• Average Days on Market:  113

Search homes for sale in Belmont Shore,Naples Island and Belmont Park

• Belmont
  Shore-Naples Island-Belmont Park Homes for sale under $1000000
  
• Belmont
  Shore-Naples Island-Belmont Park Homes For Sale $1000000 to
  $2000000
• Belmont
  Shore-Naples Island-Belmont Park Homes For Sale $2000000 and
  up
• Bay Harbour Homes For Sale

Long Beach Condos For Sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

There are currently 23 Long Beach Condos for sale in Belmont Shore, Naples Island, Belmont Park and Marina Pacifica

• 3 for sale between $200,000 and $300,000
• 3 for sale between $300,000 and $400,000
• 1 for sale between $400,000 and $500,000
• 5 for sale between $500,000 and $600,000
• 2 for sale between $600,000 and $700,000
  
• 1 for sale between $1,000,000 and $1,500,000
  
• 1 for sale at $3,799,000

• Average Price: $815,563* up dramatically from last months $531,386
• Average Days on Market: 106 down just a bit from last months 109

*Please note that the dramatic increase in average listing price does NOT reflect an upturn in the local real estate market. It does reflect higher end properties coming available (which did occur here) or incorrect pricing.

There are currently 9 condos in escrow in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica.

• 4 condos are accepting Back-Up offers.
• 5 condos are pending

Back-Up Offers:

• Average Price: $474,725 down from last months $541,628
• Average Days on Market: 55 down dramatically from last months 113
  

Pending Offers:

• Average Price:  $340,659 down from last months $407,450
• Average Days on Market: 199 up dramatically from last months 28
  

39 condos have closed escrow (SOLD) in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica in 2008, up from last months 31

• Lowest Price Condo Sold: $225,000
• Highest Price Condo Sold: $780,000

• Average Price: $518,815 not far off from last months $513,912
• Average Days on Market: 83 about the same as last months 85
  

19 Condo owners Cancelled their Listings

• Average Price: $528,431
• Average Days on Market: 123
  

26 Listings Expired

• Average Price: $614,600
• Average Days on Market: 192
  

2 Condo owners Leased:

• Average Lease Price:  $2,225
• Average Days on Market:  176

Search Condos for sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

• Belmont
  Shore-Naples Island-Belmont Park Condos For Sale
• Marina
  Pacifica Condos for Sale Long Beach CA
• Bay
  Harbour Homes For Sale Long Beach California

Long Beach Income Properties For Sale in Belmont Shore, Belmont Park and Naples Island

There are currently 19 Long Beach Income Properties for sale in Belmont Shore, Naples Island and Belmont Park, down from 21 last month.

• 9 are duplexes
• 6 are triplexes
• 1 is a four-plex
  
• 1 has 9 units
• 1 has 10 units
• 1 has 23 units

• Lowest Price: $789,900
• Highest Price: $6,950,000

• Average Price: 1,716,568 down substatially from last months $1,946,614
• Average Days on Market: 119 down from last months 138
  

There are currently 3 income properties in escrow in Belmont Shore, Belmont Park and Naples Island.

• 1 income property is accepting Back-Up offers.
• 3 income properties are pending.

Back-Up Offers:

• Price: $1,495,000
• Days on Market: 78
  

Pending Offers:

• Average Price:  $1,389,666 down dramatically from last months $1,699,000
• Average Days on Market: 157 up from last months 142
  

13 income properties have closed escrow (SOLD) in Belmont Shore, Belmont Park and Naples Island in 2008, up from last months 12.

• Lowest Price income property Sold: $799,000
• Highest Price income property Sold: $3,500,000

• Average Price: $1,662,115 down from last months $1,734,041
• Average Days on Market: 129 down from last months 135
  

7 income property owners Cancelled their Listings

• Average Price: $1,316,685
• Average Days on Market: 292
  

2 income property owners Withdrew their properties from the market

• Average Price $837.250
• Average Days on Market: 76
  

18 Listings Expired

• Average Price: $1,456,883
• Average Days on Market: 218
  

Search Income Properties for sale in Belmont Shore, Belmont Park and Naples Island

• Belmont
  Shore-Naples Island-Belmont Park Income Properties For Sale

*All statistics are as represented by the MLS and are not to be interpreted as the representations of the author.

 

Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate