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Mar
13


New FHA Loan Limit For Long Beach Homes

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What is the new FHA loan limit for Long Beach?

 

I was a guest on Real Estate Radio USA, yesterday, hosted by Barry Cunningham and Barry Johnson.  I talked about the impact of the higher conforming and FHA loan limits and how it might shore up the "desperate" real estate markets.  Real Estate Radio USA is a provocative and engaging program for real estate professionals and airs daily from 1PM-3PM (Pacific Daylight Time).  Listen to my interview here.

 

Sorry to keep you in suspense with the little self promotion there.  The new FHA loan limit for Long Beach is $729, 750.  FHA loans can be useful for Long Beach home buyers because:

 

1- Only 3% downpayment is required.  Some Long beach homebuyers have had to put as much as 10% down to obtian financing; the FHA loan can solve that problem.

2- Credit scores are not used in the underwriting process.  You still need to pay your bills but a loan can be funded if your credit score fell because of incorrect information on your credit report.

3- FHA loans don't have a "declining market adjustment".  Many Long Beach home buyers have been caught by surprise, when trying to obtain a home loan, and have had to put an extra 5% down.

4- the FHA 203-k loan program allows for "rehab or repair" financing.

 

Interested in buying a home in Long Beach but unsure about how to finance it?  There are three ways to get started:

 

1- Call Brian Brady at (858)-777-9751

2- Email Brian Brady at brian (at) californialoanconnection (dot) com

3- Apply online for the quickest response (this takes about 20 minutes)


http://www.lauriemanny.com/002423
Posted on March 13, 2008 05:59:09 by Brian.Brady
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Mar
12


Alamitos Beach Luxury High Rise Condos Market Report-Ocean Boulevard Corridor-90802 January-February-2008

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Alamitos Beach Luxury High Rise Condos Market Report

Alamitos Beach Condos Long Beach California

Ocean Boulevard Corridor

January - February 2008

 

 

 

Alamitos Beach luxury high rise condos on the Ocean Boulevard Corridor are slowly beginning to come back to life.  This year got off to a slow start with only 4 very small condos actually selling.  There are currently 9 condos in escrow and buyers are out again shopping Alamitos Beach condos for sale. 


We have a specific highly qualified buyer seeking a high rise condo, on the Ocean Blvd. corridor, who has not quite found what they are looking for.  If you have a 3 bedroom condo - or a 2 with a den, not currently on the market, around 1600 sq ft or more, on the sand in Alamitos Beach, with a direct ocean view, we would like to speak to you.  Preference is an upper corner unit with an unobstructed east/south facing view in excellent condition.  Our buyer wants to purchase now.  Call today if you are thinking about selling, if you have the right unit, we may be able to make this relatively easy for you.  Contact Laurie at  562-212-5420. 

 

There are currently 57 ocean front and luxury high rise condos for sale in Alamitos Beach, on the sand. 

# Bed Bth Gar SqFt YBlt List Price DOM
1  1  1  0  706  1958  $215,000  27 
2  1  1  0  580  1928  $239,900  70 
3  1  1  1  706  1958  $365,000  53 
4  2  2  0  1,080  1965  $395,000  65 
5  1  1  1  732  1973  $419,000  51 
6  1  1  1  700  1958  $439,900  116 
7  1  1  1  689  1975  $444,000  8 
8  2  1.5  1  1,097  1958  $445,000  185 
9  1  1  1  732  1973  $459,000  12 
10  1  1  0  839  1928  $465,000  194 
11  1  1  0  839  1928  $478,900  335 
12  2  2  2  1,080  1965  $485,000  55 
13  1  2  1  880  1965  $485,000  26 
14  1  1  2  1,026  1992  $499,000  57 
15  2  2  1  1,080  1965  $519,900  231 
16  1  1  0  853  1975  $525,000  27 
17  1  1  1  850  1975  $525,000  20 
18  1  2  1  880  1965  $549,000  33 
19  1  1  2  1,000  1984  $600,000  0 
20  1  1  2  1,000  1984  $609,000  122 
21  2  3  2  1,350  1980  $619,000  146 
22  2  2  0  1,245  1928  $619,000  0 
23  1  2  1  880  1965  $629,000  41 
24  3  2  1  1,260  1965  $659,000  65 
25  3  3  0  1,542  1921  $665,900  110 
26  2  2  1  1,325  1958  $675,000  153 
27  2  2  0  1,448  1928  $689,000  26 
28  1  2  1  1,090  1984  $699,000  48 
29  2  2  2  1,080  1965  $699,000  49 
30  2  2  2  1,645  1992  $699,000  2 
31  3  2  2  1,455  2000  $724,900  190 
32  3  2  2  1,260  1965  $739,000  61 
33  3  2  2  1,260  1965  $740,000  96 
34  3  2  2  1,260  1965  $749,000  27 
35  3  2  2  1,400  2001  $749,900  96 
36  2  2  2  1,800  1980  $769,900  55 
37  3  2  2  1,260  1965  $799,000  61 
38  3  2  1  1,818  2003  $809,900  28 
39  2  2  2  1,377  1992  $824,900  63 
40  3  2  0  1,393  2001  $830,000  468 
41  3  2  2  1,282  2000  $839,000  29 
42  2  2  2  1,120  1976  $850,000  196 
43  2  2  2  1,423  1992  $870,000  41 
44  2  2  0  1,542  1992  $889,000  33 
45  3  2  2  1,510  2004  $1,049,900  208 
46  3  2  2  1,510  2004  $1,049,999  261 
47  3  2  2  1,758  2003  $1,050,000  15 
48  2  2  0  1,264  1985  $1,099,900  12 
49  3  2  0  1,259  2001  $1,125,000  47 
50  2  2  2  1,400  1992  $1,150,000  112 
51  3  2  2  1,425  2001  $1,224,000  114 
52  3  2  2  1,965  2003  $1,275,000  153 
53  3  2  2  1,866  2003  $1,285,000  86 
54  3  2  2  1,400  2000  $1,299,000  48 
55  3  2  2  1,800  2001  $1,299,000  23 
56  3  2  2  1,800  2001  $1,649,000  119 
57  2  2  2  2,245  1992  $2,230,000  131 
Average 2   2 1,247   $768,171 93
Number of Properties: 57
Average ( ListPrice / SqFt ) : ( 768171 / 1247 ) = $ 616.02

 

3 ocean front and luxury high rise condos in Alamitos Beach are in escrow and accepting back-up offers. 

# Bed Bth Gar SqFt YBlt List Price DOM
1  1  1  2  740  1976  $499,999  88 
2  2  2  0  1,239  1928  $899,000  59 
3  3  2  2  1,510  2004  $1,049,999  85 
Average 2   2 1,163   $816,332 77
Number of Properties: 3
Average ( ListPrice / SqFt ) : ( 816332 / 1163 ) = $ 701.92

 

 

 6 ocean front and luxury high rise condos in Alamitos Beach are Pending in escrow. 

# Bed Bth Gar SqFt YBlt List Price Pending Date DOM
1  2  2  1  1,080  1965  $374,999  12/05/2007  69 
2  1  1  1  814  1976  $384,900  2/21/2008  2 
3  1  1  2  990  1984  $549,900  2/15/2008  7 
4  2  2  2  1,231  1975  $739,900  3/01/2008  2 
5  3  2.5  2  1,788  1992  $799,900  2/06/2008  100 
6  2  2  2  1,600  1992  $900,000  2/20/2008  230 
Average 2   2 1,251   $624,933   68
Number of Properties: 6
Average ( ListPrice / SqFt ) : ( 624933 / 1251 ) = $ 499.55

 

 

 4 ocean front and luxury high rise condos in Alamitos Beach have closed escrow - SOLD. 

# Bed Bth Gar SqFt YBlt Sold Price SP/ SqFt SP/LP SP/OLP Sold Date DOM
1  1  1  0  296  1928  $185,000  $625.00  94.87%  94.87%  3/11/2008  0 
2  1  1  0  873  1928  $370,000  $423.83  97.63%  82.22%  1/07/2008  158 
3  1  1  0  841  1928  $379,000  $450.65  100.00%  108.29%  1/30/2008  192 
4  1  1  1  487  1975  $381,750  $783.88  95.68%  95.68%  1/31/2008  44 
Average 1   1 624   $328,937 $570.84 97.04% 95.26%   131
Number of Properties: 4
Average ( SalePrice / SqFt ) : ( 328937 / 624 ) = $ 527.14

 

 

Read more »


http://www.lauriemanny.com/00240F
Posted on March 12, 2008 16:00:01 by Laurie.Manny
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Mar
11


Long Beach Mortgage Rates Report: March 10, 2008

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Warren Buffett describes his investment philosophy as being fearful when everyone else is greedy and greedy when everyone is fearful.  Today, fear abounds in the mortgage bonds market and that is driving mortgage rates higher.

 

Rampant fear is why I'm suggesting that borrowers float their mortgage rate. I had been advising borrowers to lock loans, until all hell broke loose, on March 6,2008.  Investors are worried that the mortgage bonds they hold will be worthless.  This market is a lot like the junk bond market of the late 80s.  Those that panicked lost money; those that kept a cool head, profited.

 

Today a 30 year fixed rate loan is offered at 6.25%, up from 5.875%, and a 7 year ARM is at 6.125%, up from 4.875%. 

 

Can you see how much panic there has been in less than a week?

 

I think the market will calm down and traders will pay attention to the economic figures. The Consumer Price Index is due out Friday and that should be the big market mover.  Float your mortgage rates, for now.  Keep alert and keep checking back.

 

Contact me at (858)-777-9751 with questions or apply for a mortgage online for a quick response.


http://www.lauriemanny.com/0023C1
Posted on March 11, 2008 04:30:32 by Brian.Brady
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Mar
07


Bixby Knolls Homes Market Report-Long Beach Real Estate-January and February 2008

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Long Beach Homes Market Report

 bixby, bixby knolls, california heights, virginia country club market report

Bixby, Bixby Knolls, California Heights, Virginia Country Club 


January - February 2008
 
 



Two Bedroom Single Family Homes For Sale

There are currently 25 two bedroom, single family homes active on the market.

  • 17 - 1 bath
  • 1 - 1.75 baths
  • 5 - 2 baths
  • 2 - 3 baths

 

Square Footage ranges from 888' to 2,299

Prices range from $325,000 to $795,000

Days on market range from 1 to 258

Average Days on Market is 106
 

4 are in escrow at this time

  • 3 - accepting back-up offers
  • 1 - pending

Average days on Market is 41

Average Pending Price $396,266
 

5 two bedroom single family homes have closed escrow - SOLD

  • 2 - 1 bath
  • 1 - 1.5 baths
  • 2 - 2 baths

Square Footage ranges from 941' to 1,572

Prices range from $290,000 to $587,500

Days on market range from 19

Average Sold Price:  $424,900

 

 

Three Bedroom Single Family Homes For Sale


There are currently 55 three bedroom, single family homes active on the market.

  • 10 - 1 bath
  • 1 - 1.5 baths
  • 4 - 1.75 baths
  • 33 - 2 baths
  • 2 - 2.5 baths
  • 5 - 3 baths

Square Footage ranges from 1,000 to 3,500

Prices range from $270,000 to $1,124,900

Days on Market range from 0 to 270

Average days on Market is 86
 

9 are in escrow at this time

  • 2 - accepting back-up offers
  • 7 - pending

Average days n Market is 132

Average Pending Price:  $561,685



10 three bedroom single family homes have closed escrow - SOLD

  • 2 - 1 bath
  • 1 - 1.5 baths
  • 1 - 1.75 baths
  • 6 - 2 baths

Square Footage ranges from 990 to 1,979

Prices range from $405,000 to $750,000

Days on market range from 5 to 247            

Average days on market is 64

Average Sold Price:  $492,300

 

 

Four Bedroom Single Family Homes For Sale

There are currently 21 four bedroom, single family homes active on the market.

  • 10 - 2 baths
  • 8 - 3 baths
  • 1 - 3.5 baths
  • 2 - 4 baths

Square Footage ranges from 1,500 to 3,700

Prices range from $459,000 to $1,795,000

Days on Market range from 50 to 332

Average days on Market is 126
 

5 are in escrow at this time

  • 3 - accepting back-up offers
  • 2 - pending

Average days on Market is 112

Average Pending Price:  $849,360
 

NO 4 bedrooms have closed escrow

 

Read more »


http://www.lauriemanny.com/00232F
Posted on March 07, 2008 12:10:13 by Laurie.Manny
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Mar
07


Bixby Knolls Condos Market Report-Long Beach Real Estate-January and February 2008

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Long Beach Condos Market Report

Bixby Knolls-California Heights-Virginia Country Club

 

Bixby, Bixby Knolls, California Heights, Virginia Country Club

 

January - February 2008

 

One Bedroom Condos 










There are currently 10 one bedroom condos active on the market. 
9 have 1 bath, 1 has 2 baths



Square Footage ranges from 564' to 925'


Prices range from $125,000 to $310,000


Average Price is $209,480



Days on Market Range from 2 to 325


Average Days on Market is 124



Average Price per square foot $302.28









3 one bedroom condos are in escrow


Average Square Feet 677



Average Price $213,283



Average Days on Market 86










2 one bedroom condos closed escrow - SOLD

1 @ 750 sq ft; $277,500; 109 Days on Market

1 @ 1,060 sq ft; $350,000; 16 Days on Market















Two Bedroom Condos










There are currently 33 two bedroom condos active on the market. 







Square Footage ranges from 782' to 1530'


Prices range from $220,000 to $459,000


Average Price is $209,480



Days on Market Range from 1 to 326


Average Days on Market is 97



Average Price per square foot $297.17









7 two bedroom condos are in escrow


Average Square Feet 1,242



Average Price $310,129



Average Days on Market 68










7 two bedroom condos closed escrow - SOLD

6 with 2 baths; 1 with 3 baths



Square Footage ranges from 920 to 1,480


Average Price Sold $359,857



Average Days on Market 63



Average Price per square foot $303.93
















Three + Bedroom Condos










There are currently 2 three bedroom condos active on the market. 
Both have 2 baths




Square Footage is 1,120 and 1,122


Prices:  $380,000 and $399,900



Days on Market:  59 & 85










Read Also: 

Bixby Knolls Homes Market Report-Long Beach Real Estate-January and February 2008

Read more »


http://www.lauriemanny.com/002329
Posted on March 07, 2008 11:09:29 by Laurie.Manny
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Laurie Manny

Laurie Manny-Long Beach Realtor-Main Street Realtors-Belmont Heights-Long Beach California

Main Street Realtors
Belmont Heights
244 Redondo Avenue
Long Beach California 90803

(562) 212-5420

Contact Laurie

Long Beach Real Estate Blog

 

Main Street Realtors - Belmont Heights - Long Beach California

 

 

 

 

Long Beach Relocation and City Guide

Long Beach California is Best Neighborhood for Walking

Long Beach California is Best Neighborhood for Walking

 

One of the most appealing draws to living in Long Beach California is the walkability of many of our local neighborhoods. Well, somebody finally decided to start ranking walkable neighborhoods across the country. Walk Score has ranked 2,508 neighborhoods in 40 of the largest US cities to help buyers find walkable communities to live in.

 

Long Beach California has been ranked as the 8th Most Walkable Neighborhood!

Read More>>>

Relocating to Long Beach California?


If you are relocating to Long Beach California you will need lots of information. You will be curious to know about Long Beach communities, neighborhoods and resources. We have tried to include as many area resources as possible here to make your transition a smooth one.


Long Beach California has become a destination resort area. This sleepy seaside city, known as Iowa by the sea, has blossomed into a fabulous beach resort area. Luxury high rise condos are sprouting all along the coastline, in Downtown Long Beach and Alamitos Beach. These elegant and prestigious coastal properties provide sweeping ocean views down the beautiful California coastline, views of Catalina Island - 25 miles off of our coastline and delicious, clean ocean breezes wafting in daily. The sound of gently lapping waves can be heard from your 17th floor Hi Rise condo on the sand.  Read More>>>