Downtown Long Beach Real Estate Sales-Market Update

Downtown Long Beach Real Estate Sales-Market Update

Homes, Condos, Coops, OYOs, Income Properties

Updated:  September 29, 2008

Downtown Long Beach Homes

There are 21 Downtown Long Beach Homes For Sale ranging in price from $215,000 to $1,300,000.

• 0 homes are for sale under $200,000
• 7 homes are for sale between $200,000 and $300,000
• 4 homes are for sale between $300,000 and $400,000
• 3 homes are for sale between $400,000 and $500,000
• 2 homes are for sale between $600,000 and $700,000
• 1 home is for sale at $800,000
• 1 home is for sale at $1,300,000
  

• Average Price:  $435,795  up slightly from last months $432,110
• Average Days on Market:  160 up a bit from last months 140

Downtown Long Beach and Alamitos Beach Homes for sale:

There are 4 Downtown Long Beach Homes pending in escrow

• 1 @ $144,900
• 1 @ $189,900
• 1 @ $275,500
• 1 @ $350,000
  

• Average Price:  $240,075 down slightly from last months $247,250
• Average Days on Market:  96 up from last months 53

There are 3 Downtown Long Beach Homes in escrow accepting back up offers.

• 1 @ $190,000, 997 sq ft
  
• 1 @ $219,000, 772 sq ft
  
• 1 @ $381,800, 1,764 sq ft

• 
  
• Average Price:  $263,600
• Average Days on Market:  108
  

5 Downtown Long Beach Homes have closed escrow in 2008.

• 1 @ $118,000
• 1 @ $184,000
• 1 @ $330,000
• 1 @ $355,000
• 1 @ $400,000

• Average Price:  $277,400 down a bit from last months $289,666
• Average Days on Market:  28 up from last months 8

Downtown Long Beach Condos, Coops and OYOs

There are 166 Downtown Long Beach Condos For Sale ranging in price from $75,000 to $2,699,999.

• Average Price:  $408,136 down slightly from last months $410,332
• Average Days on Market:  99 the same as last months 99

Read more »

Posted on September 29, 2008 23:00:00 by Laurie.Manny

Alamitos Beach Homes Market Update-2008-Long Beach Real Estate

Alamitos Beach Homes - Market Update - 2008

January 1, 2008 - September 29, 2008

Alamitos Beach Home sales have picked up a little bit and prices have been holding steady in the neighborhood for the last several months. 

Lenders have tightened up on lending standards, interest rates are lurking around 6.5%, buyers must be pre-qualified, and down payments are necessary.  First time buyers should be aware that FHA has had a 3% down payment loan program which is increasing to 3.5% on October 1, 2008.   It's a smart buyer that has a lock in letter and a loan commitment from their lender to protect themselves.  

There are some strong buyers on the market right now who are determined to purchase the most their money will buy.  Great buys are available on the real estate market at this time, well priced homes are receiving multiple offers, beach real estate is in demand and investors are out shopping. 

This is a great time to be on the real estate market in Long Beach priced to sell; it's a fantastic time to buy.  

There are currently 9 Alamitos Beach Homes for Sale

Average Price: $1,273,111

Average Days on Market: 98

Alamitos Beach Homes Currently on the Market:

Read more »

Posted on September 29, 2008 20:32:00 by Laurie.Manny

Alamitos Beach Condos Market Update-2008-Long Beach Real Estate Sales

Alamitos Beach Condos Market Update

Ocean Boulevard Corridor Condo Sales

2008 Long Beach Real Estate Sales

January 1, 2008 - September 29, 2008

Active

There are currently 57 Ocean Blvd Corridor Condos For Sale in Alamitos Beach, many with fantastic waterfront views, some with city lights views.

• 22 condos are priced under $500,000
• 23 condos are priced between $500,000 and $1,000,000
• 11 condos are priced at between $1,000,000 and $2,000,000
• 1 condo is priced at $2,399,0000
  

• Average Price:  $732,822 down from 9/29/2008's  $788,490
• Average Days on Market:  remains at 100 days since our last update on 9/29/08

Long Beach CA Ocean Blvd Condos For Sale

Read more »

Posted on September 29, 2008 19:59:00 by Laurie.Manny

Long Beach Mortgage Rates Report: September 29, 2008

Remember I told you to sit tight on that mortgage rate lock until after the Bailout Bill was passed?

Well, it failed.

Mortgage rates are a little better than they were this morning. This morning a 30-year fixed par rate was at 6.0%; this afternoon, it was at 5.875%.  If you're closing on your home loan in 30 days , there is more risk that you'll get a rate over 6% than under 6%.  Lock your mortgage rate if you're closing in October.

If you have time, wait it out.  The bailout bill failed but it isn't dead.  If the bailout bill DOES ultimately fail, mortgage rates will skyrocket, housing prices will tank, and you'll probably renegotiate or cancel that home purchase.

Read more »

Posted on September 29, 2008 11:59:23 by Laurie.Manny

Long Beach Condos For Sale: September 28, 2008

Long Beach Condos For Sale:  September 28, 2008

What's available?  

YIKES! There are 539 Condos for Sale in Long Beach!

Need a little perspective?  464 Long Beach condos have sold (closed escrow) between 1/1/2008 and today 9/28/2008!  This means that it will take about 10.5 months to sell off the existing inventory of homes.  That does not take into account new listings entering the Long Beach Real Estate market. 

11 Studio condos for sale in Long Beach ranging in price from $75,000 to $497,000, square footage 215 to 527, 143 average days on market.

• 1 condo for sale in Belmont Shore
• 1 condo for sale near PCH & Bellflower
• 6 condos for sale in Downtown Long Beach
• 3 condos for sale in Alamitos Beach

Buyers are looking at these units with a new perspective lately.  Some are buying these for weekend getaways, others are using them to run small businesses from and parents have been purchasing them for students.  Be sure to check the CC&R's to make certain that your purpose is allowed. 

160 one bedroom condos are for sale in Long Beach ranging in price from $64,000 to $740,000, square footage 471 to 2,461, 111 average days on market. 

• 2 condos for sale in Bixby Village on 7^th St.
• 2 condos for sale in Marina Pacifica Condominiums
• 1 condo for sale in Belmont Shore
• 16 condos for sale in Belmont Shore
• 1 condo for sale is actually in Lakewood
• 18 condos for sale on the Eastside
• 3 condos for sale near PCH & Bellflower
• 97 condos for sale in Downtown Long Beach and Alamitos Beach
• 9 condos for sale in Bixby Knolls
• 11 condos for sale in North Long Beach

Lowest Priced one bedroom condo for sale in Long Beach?

$64,000, 1 bedroom, 1 bath, 660 sq ft in Bixby Knolls.  But don't go getting all excited, its not a real price folks, it's the starting price for an auction and there are other costs involved as well.  You remember the old saying, "If it sounds too good to be true.... It's probably too good to be true!" 

Highest Priced one bedroom condo for sale in Long Beach? 

133 N The Promenade #405 in Downtown Long Beach Condo for Sale is a 1 bedroom, 3 bath, 2,461 sq ft Penthouse, with HOA dues of $604 and central air and heat which has been on the market for a short 10 days.  This unit went on the market this time at $689,000 the price was changed the same day to $740,000.  Yes, that is curious!  This is a Short Sale believe it or not, built in 2007. City lights view.  Hmmmmmmm..............  What? No ocean view for that price???  Can you smell another foreclosure coming? 

While only on the market for an apparent short 10 days, this property was actually recently removed from the market to be put back on as new.  Previously listed on 6/10/2008 for $950,000, reduced the same day to $789,999, then reduced to $740,000 on 9/12/2008 and removed from the market the same day. 

Can you say psychotic? 

There are 303 two bedroom Long Beach condos for sale ranging in price from $80,000 to $1,495,000. 

• 40 have 1 bathroom
• 249 have 2 bathrooms
• 14 have 3 bathrooms

• 55 indicate no parking (some of these have parking but it is not indicated on the MLS)
• 117 indicate 1 available parking space or garage
• 130 indicate 2 available parking spaces or garage combination
• 1 indicates 3 available parking spaces or garage combination

Since 3 parking spaces are so very rare here in Long Beach here is further information on that particular unit:

2121 E 1st Street #307 is 2 bedroom, 2 bath, 1,264 sq ft, HOA $183 Long Beach Condo located in the heart of the Bluff Park Historic District and is just 1 short block to the beach.   It is a Probate sale, being sold as is, and is not subject to court approval.  This unit has been on the market for 109 days, originally priced at $524,900 back on 2/13/2008, reduced several times to its current list price of $420,000. 

Since 2 bedrooms so rarely are available at anywhere near $80,000 here is further information on the 2 that are available at that incredible (realistic?) price:

3245 Santa Fe Ave #71 is a 2 bedroom, 1 bath, 730 sq ft first floor unit with a carport and HOA $215.  This is a Short Sale that has not been approved by the bank and has been on the market for 160 days. 

3265 Santa Fe Ave #138 is a 2 bedroom, 1 bath, 730 sq ft, HOA $185, no parking indicated which is likely incorrect.  This unit is a bank owned foreclosure and has been on the market for 51 days. 

I found an interesting blog in Virginia about Condo ownership which you might want to read. 

Read more »

Posted on September 28, 2008 02:36:14 by Laurie.Manny