Selling Your Long Beach Homes-Long Beach Real Estate

Yay!  The Down Market is OVER!

No it’s not, but now that I have your attention, the market has changed a bit and there are a few things you really need to know if you are thinking about selling your Long Beach homes. 

Back in the hot sellers market one of the sales strategies used was to price a home a little low, take multiple offers, and play them off of each other to drive the price up.  It worked!  That strategy, applied to today’s Long Beach real estate market is working as well. 

Pricing your home low will inspire the interest of buyers and agents and create a quick, steady flow of traffic and multiple offers to your home. 

For instance, if your home, in great condition, comps out at $500,000 and you listed it at $299,000 you would have the attention of the entire real estate market.  You would have to prepare yourself for a major onslaught of showings, perhaps as many as 30 to 50 a day.  The offers would pour in and bid up.  At $500,000, you would sit on the market for months, probably price reduce a couple of times to about $450k and likely sell around $440k, if at all.  If you choose this road, you will probably sell at around the same price, without the time delay.  It’s clean and fast. 

An added benefit to creating multiple offers is that you have a choice.  You will not be forced to accept an offer with weak financing because it is the only offer you have.  There will be an assortment of offers for you to choose from thereby placing you in a stronger position to close escrow successfully. 

Many sellers in Long Beach are afraid to pursue this road fearing they will have to accept an offer that is lower than they are willing to accept.  Sellers do not have to accept any offer, they are free to accept or decline any offer made on their homes. 

It is just a really smart business decision to choose to sell your home in this fashion, during this market. 

Read Also:

The 7 Dangers of Overpricing Your Long Beach Homes and Condos

Chasing the Market Down - Are You Guilty?

If you are thinking about selling your Long Beach home and are interested in more details, call Laurie for more information.

Posted on May 24, 2008 15:51:57 by Laurie.Manny

Former Long Beach City Council Members Home-Sold in Foreclosure Auction

The Wall Street Journal reports:  The Sacramento home of Rep. Laura Richardson was sold in a public auction two weeks ago for $388,000. The Southern California Democrat bought the house for $535,000 with no money down in January 2007 and owed nearly $575,000 to Washington Mutual when the mortgage was sold earlier this month at a significant loss to Red Rock Mortgage Inc.

Rep. Richardson, a former Long Beach city council member, bought the home after winning a seat in California’s state assembly. She maintains her primary residence, a four-bedroom home, in her Long Beach district. Months later, Rep. Richardson ran in a hard-fought election for the congressional seat, which was vacated when the late Rep. Juanita Millender-McDonald died from cancer. To fund that campaign, Rep. Richardson lent herself more than $75,000 and stopped making payments on the Sacramento home around the same time. 

While Richardson maintains that the home, located at 3622 W. Curtis Drive, has not transferred ownership, the home was purchased by Sacramento Real Estate Broker James York at auction for $388,000.  Broker York also assumed responsibility for Richardson’s unpaid property taxes to the tune of $8,950.79.  The home is a 3 bedroom, 1.5 bath; 1,639 square feet on a 4,792 square foot lot in an upscale neighborhood.  Sharon Helmar, the previous owner of the home, said the neighbors were “appalled” that Richardson was not maintaining the lawn.  One neighbor said the grass was about a foot high until recently. 

Washington Mutual took a $200,000 beating on this home which included $18,000 in missed payments.   Richardson owed about $575,000 on the home at the time of foreclosure.

Richardson declined to be interviewed Wednesday about the foreclosure, which was first revealed in Capitol Weekly, a Sacramento-based publication. But in a statement, Richardson denied that the home was in foreclosure and said it had not been seized by the bank.

“I have worked with my lender to complete a loan modification and have renegotiated the terms of the agreement - with no special provisions,” Richardson said in the statement. “I fully intend to fulfill all financial obligations on the property.”

One of Richardson’s first votes upon arriving in Congress last fall was on the Mortgage Forgiveness Debt Relief Act of 2007. The bill helped homeowners by preventing the federal government from charging income tax on debt forgiven in a foreclosure, such as the $200,000 forgiven in Richardson’s foreclosure.

Joining 385 of her colleagues, Richardson voted aye.

CONGRESSWOMAN LAURA RICHARDSON

For Immediate Release
May 21, 2008

The story published in the Capitol Weekly regarding residential property that I own in Sacramento requires clarification.

Within a 12-month period last year (2007-2008), I was a member of Long Beach City Council, the District Director for California Lt. Gov. Cruz Bustamante, a member of the California State Legislature, and, now a member of Congress. While the transitioning has impacted me personally, the residential property in Sacramento California is not in foreclosure and has NOT been seized by the bank.

I have worked with my lender to complete a loan modification and have renegotiated the terms of the agreement – with no special provisions. I fully intend to fulfill all financial obligations of this property.

On two housing bills that were cited by the Capitol Weekly, the allegation is that I recused myself from these votes. I did not. I was absent from Washington, D.C., and my duties in the House of Representatives due to the untimely death of my father and his subsequent funeral in California.

I understand that these homeownership issues are a reflection of what many Americans are going through as they fight to keep their homes and to remain financially stable.

Reference:

http://blogs.wsj.com/developments/2008/05/22/congresswomans-home-sold-in-foreclosure-auction/?mod=googlenews_wsj

http://209.157.64.200/focus/f-news/2020088/posts

http://www.capitolweekly.net/article.php?_adctlid=v%7Cjq2q43wvsl855o%7Cx4qkjhxlldwn8k&issueId=x48gnuowgqsg6o&xid=x4ptlrmv0w0r6x

http://www.freerepublic.com/focus/f-news/2020088/posts

http://latimesblogs.latimes.com/laland/2008/05/buyer-of-rep-la.html

Posted on May 23, 2008 02:05:05 by Laurie.Manny

Memorial Day Weekend in Long Beach California

Memorial Day 2008 - in and around Long Beach California

Start Your Engines?

Not!

With the high cost of Gasoline many are planning the holiday weekend closer to home this year.  If you are planning a trip you may find the AAA fuel cost calculator to be a handy tool. 

Long Beach provides many wonderful forms of entertainment making it easier to play close to home. 

Things to do in Rainbow Harbor:

• Rent a speedboat
• Rent a jet ski
• Bicycle Boats
• Rent a Kayak
• Go Sailing
• Fishing
• Whale Watching
• Scuba Dive Charters
• Private Charters
• Yacht Charters
• Harbor Tours
• Harbor Cruises
• Private Charters
• Tall Ship American Pride Educational & Charter Tours
• Romance Charters
• Aqua Link
• Aqua Bus
• Dream Cruises
• Educational Expeditions to Catalina & Channel Islands
• Rainbow Rocket-Ride
• Guest Day Mooring Area
• Dockside Boat & Bed - Spend the night on a Yacht

Things To Do in Long Beach:

• Shoreline Village / Rainbow Harbor
• RMS Queen Mary
• Aquarium of the Pacific
• Harbor Breeze Cruises
• Scorpion submarine
• Comedy Murder Mystery Dinner Cruises
• The Tallship American Pride
• Long Beach Sport Fishing and Whale Watching
• Catalina Express
• The Pike
• Gameworks
• East Village Arts District
• Museum of Latin American Art
• Pine Avenue
• Romantic Gondola
• Luxury Yacht Rental
• Party Cruises
• Romantic Gondola Ride - Naples Island
• Earl Burns Japanese Gardens at UCLB
• Long Beach Museum of Art
• Cohiba Club on Pine
• El Dorado Nature Center
• Long Beach Parks
• Long Beach Fire Department Museum
• Rancho Los Alamitos -Historic Ranch and Gardens
• Rancho Los Cerritos
• Wayfarers Chapel

Local Beaches of Long Beach California:

Alamitos Beach from Alamitos to 15th Place. You can glide, ride or stride along the waters edge on the main beach from Alamitos Avenue on the west to 54th Place on the east on the 3.1-mile, 17-foot-wide Shoreline Pedestrian Bike Path. Two six foot lanes are for bicycle traffic and one five foot lane is for pedestrians. You can rent skates, bikes, umbrellas and beach chairs at Alfredos.

Bayshore Beach at 5415 E. Ocean Blvd. offers access to Alamitos Bay and other diversions such as:

• basketball,
• volleyball
• handball courts
• play equipment for the kids

Belmont Plaza Beach at 4000 Olympic Plaza is close to the bike path and Belmont Pier. Be sure to get a front row seat (bring your own chair!) for exciting California Beach Volleyball Association events.

Belmont Shore Beach from 39th Place to 54th Place, and Peninsula Beach from 54th to 72nd Place offer long stretches of white sand, volleyball courts and beautiful scenery.

Colorado Lagoon at 5119 E. Colorado St. offers calm waters, picnic areas and a nautical themed playground.

Junipero Beach from 15th to 39th Place can be conveniently accessed from Ocean Blvd. on Junipero Avenue which ends at a beach parking lot.

Marine Park at 5839 Appian Way is known as ‘Mothers Beach because of its popularity among families with small children. All ages can relax and enjoy the day with shallow, calm waters, a lifeguard station, restrooms and play equipment.

The next chance you have to spend a day at the beach, remember that some of the best ones are right here in Long Beach.

History of Memorial Day

Memorial Day was officially proclaimed on 5 May 1868 by General John Logan, national commander of the Grand Army of the Republic, in his, and was first observed on 30 May 1868, when flowers were placed on the graves of Union and Confederate soldiers at Arlington National Cemetery. The first state to officially recognize the holiday was New York in 1873. By 1890 it was recognized by all of the northern states…Read More>>>

Memorial Day Events in Long Beach California:

May 26…Memorial Day Picnic on the Lawn of the Aquarium of the Pacific in Downtown Long Beach 

Times: 11a.m. - 1:30p.m.

Join us for a Memorial Day Picnic on the Front lawn of the Aquarium.  Menu:  Grilled Rosemary Tri-tip, Honey BBQ Chicken, Chipotle BBQ Ribs, Hot Dogs, and much more.  Cost:  Members- Adults - $16, Kids 3-11  $9,  Non-Members-Adult $26, Kids 3-11 $19.  For your reservations and more info call 562/590-3100.

Fly the flag at half-staff from dawn until noon in observance of the holiday. 

Memorial Day Ceremonies, Forest Lawn - Long Beach, Paradise Mosaic Forecourt, Long Beach, CA.

Highlights include color guards, bagpiper, a wreath placement ceremony, roll call of deceased veterans, Presidential Proclamation, a parade of flags by local veterans, and patriotic music.  For more information, call: (800) 204-3131 ext. 4743.  

Going out to Celebrate? 

Celebrate too much?   You can get a free ride home from the Scooter Patrol. To make reservations call 577-7365.

Long Beach, Belmont Shores

Scooter Patrol, Inc.

Long Beach, CA  

(562) 577-7365

Sunset Beach, Newport, Huntington, Seal Beach

Scooter Patrol, Inc. 

(714) 240-3534

Call a Taxi:

Taxi Services

275 Redondo Ave, Long Beach
(310) 374-8440

Long Beach Yellow Cab
(562) 435-6111

LA Yellow Cab TOLL-FREE:

1-800 TAXICAB
(800) 829-4222

Some of us will be working through the weekend.  Prices on homes for sale in Long Beach have become very desirable, many buyers are out shopping now.  There are currently many out of towners here in Long Beach looking for investment properties and finding great buys. 

I wish you all a safe and enjoyable weekend. 

Posted on May 22, 2008 19:02:36 by Laurie.Manny

Long Beach Mortgage Rates Report: May 14, 2008

Posted on May 13, 2008 21:25:51 by Brian.Brady

Long Beach Own Your Owns-OYO-OYOs-Condo Conversions-Income Properties in Long Beach

Long Beach Own Your Owns - OYOs

What the Heck is an OYO?

Why would I want to own one?

Long Beach has been home to many Own Your Owns over the years. They can be found throughout Downtown Long Beach, Alamitos Beach, Bluff Park and into Belmont Heights; older, usually 2 or 3 story buildings tucked between newer and sometimes taller buildings.   Recent Condo Conversions have trimmed the numbers of available OYOs considerably. OYOs used to be a really good investment, selling for considerably less than Long Beach Condos, they proved to be a very desirable purchase. When they successfully converted to condominiums owners realized large profits.  Often condo conversion was the motivation for purchasing an Own Your Own. 

Many buyers ask about OYOs.  They want to know if they are the same as a condo, or more like a stock cooperative. 

OYOs are similar in ownership to condos in that they are both fee simple ownership with individual tax bills and deeds. OYOs are a pre-condominium form of ownership, mostly built in the 50s. They generally sell for less than condos and are occasionally candidates for condo conversion, if they qualify, at which time they increase in value dramatically. Often OYOs will not have sufficient parking to qualify for condo conversion. 

OYO Financing

At this time there is very limited financing available for the purchase of OYOs. Few are selling, those that do sell are often all cash purchases, or seller financing. Traditionally FNMA and FHA have not supported home loans for OYOs.  OYOs are difficult to sell which is a major drawback to purchase.

UPDATE:  There is limited financing available for owner occupied OYOs, with strict guidelines:

• Buyer must purchase as their primary residence, no non-owner occupieds will be considered.
  
• Minimum 20% Down Payment is required - no exceptions.
• Mimimum FICO score is 640.
• Owner Occupancy rate in building must be 55% or higher.  (If this standard is not met down payment requirement will be increased to 40% or more.)
• No stated income loans are available.

Condo Conversions

Many existing buildings, which have already been approved for condo conversion, have opted not to convert at this time.  Current market conditions of Long Beach Real Estate and the high cost of conversion have made condo conversion cost prohibitive, at this time.  This bodes well for our city as the number of conversions in recent years has bitten deeply into the cushion we have in our apartment vacancy rate.  The conversions of recent years have removed many rental units from the market here in Long Beach.  With the high number of foreclosures many families are in need of affordable rental housing, which is becoming increasingly difficult to find. 

Income Properties

The silver lining in all of this is that landlords will profit; income property sales, which have been stagnant will begin to revive, rents will increase and vacancies will not be an issue.  Hey, somebody always wins. 

Posted on May 05, 2008 16:18:26 by Laurie.Manny