Downtown Long Beach Home Sales - Seller Information and Statistical Analysis
Leave a comment »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.
| The Long Beach Office of Historic Preservation has temporarily suspended granting Mills Act status until sometime in late 2009 while they re-organize; at which time a small non-refundable fee will be implemented to assist in covering costs. For further information contact: Jan Ostashay at the Long Beach Historic Preservation Services (562) 570-6864 |
Pretty depressing numbers, huh?
By now you are wondering if it is even possible to sell your 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.
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 pictures on the MLS. The MLS pushes the listings out online to other sites. Pictures sell listings. When buyers search on the Internet, they are looking for pictures, slide shows, virtual tours and video of these homes. When pictures 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, where the buyers are shopping. Others have pictures 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 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.
So what is it going to take to sell your Downtown Long Beach Homes if you have to sell?
It's going to take a comprehensive online marketing package designed to place your beautiful historic home in front of buyers eyes where they are shopping - on the search engines, by a Realtor® who has the sites and the ability to achieve that on your behalf. It's going to take a marketing expert to weave the right mix to place your home front and center where it needs to be. There is more to that than meets the eye, it takes expertise, knowledge of SEO (search engine optimization) and it takes several powerful sites.
I have been selling Downtown Long Beach historic homes for many years, many of them several times, often representing both the seller and the buyer in the transaction. I know Downtown Long Beach and I know these homes. Many of you will remember the glossy postcards with the blue ocean that you used to receive from me several times a month. I'll bet that some of you still have a stack of them somewhere. That was an intense marketing program that moved a lot of Downtown homes, condos and income properties at a time when few others were selling. The cards were very expensive to send out and they stopped working when the consumer moved to the Internet. I moved there with them.
The last 2 years have been spent building an incredible online presence, the sites that I have built are at the top of the search engines, outranking even the largest of sites in most cases. These sites provide an opportunity to place your Downtown Long Beach homes directly in the path of the buyers shopping online. Today's buyers are technologically adept, they are not interested in newspapers, magazine ads or postcards. They don't go to open houses on somebody else's schedule. They shop online, locate homes they are interested in viewing and call their agent to make an appointment to view the home on their time schedule.
Newspapers, magazine ads and postcards were very limiting. They could only reach small targeted niche areas. The Internet has an unlimited reach. On the Internet, we have the ability to reach buyers from a wide area including the buyer who is relocating across the country while they are researching the area they are moving to or are being relocated to. The buyer who is looking for a high rise waterfront condo with an endless ocean view to use as a vacation home can search online and line up a series of appointments prior to flying in to view them, already having a really good idea of what they look like because they were able to see it clearly from the pictures, slide-shows and videos provided online.
This is a priceless opportunity to place your Downtown Long Beach homes where they need to be to provide yourselves with the highest possibility of selling. 80% of all buyers are shopping and finding their homes online.
If you are considering selling your Long Beach Home and are reading this then you too found me online; something to think about, isn't it? If you would like to know more contact me at your convenience, it would be my pleasure to show you how this is accomplished.
Nothing will sell your home if you are overpriced, in Long Beach or anywhere else.
Read also:
- Selling YOUR Long Beach California Homes and Condos
- The 7 Dangers of Overpricing Your Long Beach Homes and Condos
- Chasing the Market Down - Are You Guilty?
- My Long Beach Home Won't Sell-Are YOU Chasing the Market Down?
- Long Beach Real Estate Sales - Market Report - Statistics - 2008
- Long Beach - Best Neighborhood for Walking
- Parking Solutions for Downtown Long Beach
- Downtown Long Beach-Belmont Shore-Parking Solutions-Long Beach California
- Buying Your Long Beach Homes - Long Beach Real Estate
- Buying Fixer Upper Homes in Long Beach - Long Beach Real Estate
Downtown Long Beach CA Homes - All Sales Activity - January 1, 2008 through October 10, 2008
| RES | Status | Address | Status | Bd | B t/f | Sty | Gar | Sq Ft | Yr Blt | Price | DOM | CDOM |
| 1 | A | 542 Magnolia Ave | Short Sale | 1 | 1/0 | 1 | 0 | 492 | 1906 | $198,000 | 342 | 342 |
| 2 | A | 636 E 7th St | Conventional Sale | 3 | 1/ | 1 | 0 | 1,050 | 1913 | $215,000 | 248 | 494 |
| 3 | A | 817 E 10th St | Short Sale | 2 | 1/1 | 1 | 1 | 1,128 | 1913 | $230,000 | 234 | 234 |
| 4 | A | 1130 Lewis Ave | Conventional Sale | 4 | 2/1 | 1 | 1 | 1,282 | 1921 | $259,900 | 45 | 45 |
| 5 | A | 912 CHESTNUT | Approved Short Sale | 2 | 1/1 | 1 | 0 | 952 | 1912 | $260,000 | 2 | 2 |
| 6 | A | 1174 N Loma Vista Dr | Short Sale | 3 | 2/2 | 1 | 2 | 960 | 1907 | $275,000 | 16 | 16 |
| 7 | A | 1075 Martin Luther King Jr Ave | Bank Owned | 2 | 1/1 | 1 | 0 | 1,507 | 1923 | $299,900 | 140 | 492 |
| 8 | A | 551 W 8th St | Conventional Sale | 3 | 2/ | 2 | 0 | 1,338 | 1906 | $299,999 | 315 | 315 |
| 9 | A | 235 W 12th St | Conventional Sale, No Pix, Substandard Cond | 5 | 2/2 | 2 | 0 | 2,701 | 1905 | $314,500 | 23 | 23 |
| 10 | A | 755 Alamitos Ave | Short Sale | 3 | 2/2 | 1 | 0 | 1,130 | 1903 | $335,000 | 66 | 66 |
| 11 | A | 725 W 4th St | Conventional Sale, Tenant Occ | 4 | 1/1 | 1 | 1 | 1,100 | 1950 | $339,000 | 57 | 117 |
| 12 | A | 320 Lime Ave | Conventional Sale | 3 | 2/1 | 2 | 2 | 1,498 | 2000 | $340,000 | 10 | 192 |
| 13 | A | 732 N Washington Pl | Conventional Sale | 2 | 1/1 | 1 | 2 D | 1,064 | 1905 | $364,000 | 310 | 310 |
| 14 | A | 625 E E 11th St | Conventional Sale | 2 | 1/1 | 1 | 0 | 788 | 1909 | $425,000 | 212 | 212 |
| 15 | A | 901 Elm Ave | Short Sale | 4 | 3/2 | 2 | 2 A | 2,293 | 1918 | $499,000 | 263 | 386 |
| 16 | A | 419 Daisy Ave | Conventional Sale * | 4 | 3/1 | 2 | 2 D | 2,018 | 1904 | $595,000 | 68 | 68 |
| 17 | A | 453 Cedar Ave | Conventional Sale, Tenant Occ. * | 4 | 3/2 | 2 | 0 | 2,363 | 1905 | $639,000 | 312 | 312 |
| 18 | A | 701 Cedar Ave | Conventional Sale, Tenan Occ. | 7 | 3/3 | 2 | 0 | 2,666 | 1911 | $650,000 | 127 | 127 |
| 19 | A | 419 Olive Ave | Conventional Sale | 4 | 3/1 | 2 | 0 | 1,871 | 1914 | $699,900 | 3 | 3 |
| 20 | A | 1163 Magnolia Ave | Conventional Sale, 2 on lot | 6 | 6/5 | 2 | 2 D | 4,083 | 1923 | $800,000 | 149 | 149 |
| 21 | A | 435 Cedar Ave | Conventional Sale * | 6 | 7/ | 2 | 2 | 4,414 | 1906 | $1,300,000 | 259 | 259 |
| 22 | P | 1077 N Loma Vista Dr | Bank Owned | 2 | 2/1 | 1 | 0 | 900 | 1940 | $144,900 | 8 | 8 |
| 23 | P | 1085 N Minerva Park | Short Sale | 2 | 1/1 | 1 | 1 | 997 | 1922 | $190,000 | 123 | 123 |
| 24 | P | 336 Magnolia Ave | Bank Owned | 3 | 2/2 | 1 | 0 | 1,350 | 1902 | $275,500 | 53 | 53 |
| 25 | P | 935 E Martin Luther King Jr Ave | Approved Short Sale | 4 | 4/3 | 2 | 2 A | 2,092 | 2005 | $350,000 | 318 | 341 |
| 26 | P | 347 W 7th St | Bank Owned-Major Repairs | 4 | 3/1 | 2 | 0 | 1,764 | 1907 | $381,800 | 97 | 97 |
| 27 | S | 718 Elm Ave | Bank Owned | 2 | 1/1 | 1 | 0 | 986 | 1917 | $118,000 | 6 | 114 |
| 28 | S | 712 E Alta Way | Bank Owned | 1 | 1/ | 1 | 0 | 720 | 1906 | $184,000 | 7 | 198 |
| 29 | S | 708 E Alta Way | Bank Owned | 1 | 1/1 | 1 | 0 | 688 | 1914 | $189,900 | 6 | 6 |
| 30 | S | 226 W 6th St | Bank Owned | 2 | 1/1 | 1 | 0 | 772 | 1903 | $227,000 | 105 | 363 |
| 31 | S | 122 W 8th St | Bank Owned | 3 | 3/2 | 2 | 2 A | 1,338 | 2000 | $330,000 | 13 | 13 |
| 32 | S | 774 N Loma Vista Dr | Conventional Sale, Tenant Occ | 2 | 1/ | 1 | 0 | 760 | 1918 | $355,000 | 5 | 5 |
| 33 | S | 326 Daisy Ave | Conventional Sale-City Violations | 4 | 5/4 | 1 | 2 | 3,748 | 1913 | $400,000 | 110 | 110 |
| * Eligible for the Mills Act |
A = Active on the Market
P = Pending in Escrow
S = Closed Sale - Sold
DOM = Days on Market
CDOM = Combined Days on Market
Downtown Long Beach Real Estate Sales-Market Update
Homes, Condos and Income Properties - 2008 - Through September 29, 2008
Downtown Long Beach Homes For Sale
- Downtown Long Beach Homes For Sale $500000 and up
- Downtown Long Beach Homes For Sale $300000 to $500000
- Downtown Long Beach Homes For Sale Under $300,000
| Laurie MannyLong Beach Realtor (562) 212-5420 |
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Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803 |
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