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Apr
08


Long Beach Condo Fire Are You Thinking About Buying a Long Beach Condo?

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LONG BEACH REAL ESTATE

Long Beach Real Estate

 

There are many factors to consider when purchasing a high-rise Long Beach Condo.  One that we don't think about often is fire safety.  Does the building you are considering buying into have adequate protection in the event of a fire?  Are there Sprinklers?  Some interesting facts have arisen from a recent Long Beach tragedy which should certainly be considered when purchasing your Long Beach Condo:

 

LONG BEACH CALIFORNIA:  Wednesday, March 29, 2007 at 9:30 PM, a deadly fire broke out in the east wing of the luxury Long Beach high rise, Galaxy Towers Condominiums at 2999 Ocean Blvd., in Historic Bluff Park, Long Beach CA.   The fire claimed the life of one man, John Carlyle Crews who tragically jumped to his death from his 18th floor balcony.  Apparently the Galaxy Tower Condominiums were not required to install a sprinkler system, due to grandfathering, which could have minimized this tragedy according to Long Beach Fire Capt. Mike Duree.

Other high rise Long Beach Condos, such as the Broadlind in the East Village Arts District in Downtown Long Beach, and the Historic Villa Riviera, in Alamitos Beach, had sprinklers installed, even though they too were grandfathered in and not required to do so.  There are approximately 10 high-rise Long Beach Condos that are not required to install sprinklers, due to grandfathering, at this time.  (Definitely something to think about if you are considering purchasing a high-rise Long Beach Condo)

 

There have been several recent fires in Long Beach Condo complexes.  It really should make a buyer stop and think "What If".  Wouldn't you want to know that if tragedy struck that the damage would at least be minimal?

 

The Long Beach City Council will, once again, be discussing fire impact fees at their next Tuesday meeting.  The City of Long Beach wants to levy fees on Long Beach developers and Long Beach builders of residential, commercial and industrial construction of over 3,000 square feet to pay for Long Beach fire and safety improvements.  Proposed distribution of these funds: Long Beach Police Department would receive 58.7 percent of the fees raised from residential properties and 62.3 percent of the fees raised from nonresidential properties. The Long Beach Fire Department would receive the rest. 

 

The hefty fees, of course, will be passed along to Long Beach Condo and Long Beach Home and property Buyers.  

 

Amidst the tragedy of the Long Beach Galaxy Tower fire Jay Beeler, the Publisher of the Beachcomber, a local publication covering news and events on the east side of Long Beach, was arrested while attempting to cover the story.  Jay is currently attempting to organize other media representatives to join him in a class action lawsuit against the Long Beach Police Department for obstructing his right to passage.  He is especially pissed off at Long Beach Police Officer Gjersvold who, Jay says, thinks he is above the law.........READ THE WHOLE STORY...

 

If you are considering purchasing a Long Beach Condo, call the expert: Laurie Manny (562) 212-5420

 


Laurie Manny
Long Beach Realtor

(562) 212-5420

mls wizard


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

value wizard

 

Long Beach Real Estate Blog

Long Beach Real Estate Website

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http://www.lauriemanny.com/000878
Posted on April 08, 2007 08:14:52 by Laurie.Manny
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Apr
07


Los Angeles Real Estate Sales Statistics for Los Angeles County CA

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Sales Statistics for Los Angeles County CA

 

From SoCalMLS Tax Records:

 

Realist's most recent recording date for this county is 03/30/2007
 Single Family Residence
 Time Period Number of Sales Median Sale Price 
 Feb 2007 3,946 $540,000 
 Feb 2006 3,316 $519,000 
 Jan 2007 4,376 $538,250 
 Jan 2006 4,751 $505,000 
 2007 YTD 11,987 $546,000 
 2006 70,460 $533,000 
 Condominium
 Time Period Number of Sales Median Sale Price 
 Feb 2007 1,589 $460,000 
 Feb 2006 1,232 $425,000 
 Jan 2007 1,586 $450,000 
 Jan 2006 1,558 $420,000 
 2007 YTD 4,874 $455,000 
 2006 24,467 $430,000 

 

 


Laurie Manny
Long Beach Realtor

(562) 212-5420

mls wizard


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

value wizard

 

Long Beach Real Estate Blog

Long Beach Real Estate Website

featured listings

contact

 

http://www.lauriemanny.com/000871
Posted on April 07, 2007 09:12:45 by Laurie.Manny
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Apr
05


Home Buyer Tips - Dont Make Any Major Purchases

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Home Buyer Tips


Dont Make Any Major Purchases


Major purchases will cause you to qualify for less mortgage when purchasing your home.  The types of purchases to avoid prior to your purchase are:

  • Automobiles
  • Furniture
  • Appliances
  • Computer and Stereo Equipment
  • Jewelry
  • Vacations
  • Weddings
  • etc¦


So many of us have dreamed about that car we always wanted to own.  It is so difficult to put the brakes on when you finally have the funds.  But when making that purchase, however modest it seems at the time, reduces the amount of the home loan you can qualify for radically, it is time to get your priorities in order.  Remember what you think you can afford, and what the lender is comfortable with lending you, may vary substantially. 

Purchasing property is the most important investment you will ever make.  Nobody wants to find the home of their dreams only to be told they cannot qualify for it because of their car payment, yet this happens all the time. 



Debt-to-Income Ratios

Your lender will consider your ability to qualify for a mortgage based on your debt-to-income ratio.  That is the percentage of your gross monthly income that is reserved to pay down debt.  This will include:

  • Mortgage:  Principal, Interest, Taxes and Insurance
  • Homeowners Association Fees, if applicable
  • Student Loans
  • Car Payments
  • Credit Card Debt
  • etc¦
 
 
Home Buyer Tips - The entire 3 part series: 
 


How to Get the Best Home Loan - The entire 4 part series: 
 


Long Beach Homes For Sale


Long Beach Condos For Sale


Long Beach Income Properties For Sale


 


Laurie Manny
Long Beach Realtor

(562) 212-5420

mls wizard


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

value wizard

 

Long Beach Real Estate Blog

Long Beach Real Estate Website

featured listings

contact

 

http://www.lauriemanny.com/00085D
Posted on April 05, 2007 15:14:47 by Laurie.Manny
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Apr
05


Home Buyers Tips - Changing Jobs Affects Your Ability to Purchase a Home

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Home Buyers Tips

 

Changing Jobs Affects Your Ability to Purchase a Home

 

Dont Change Jobs Before Your Purchase

 

Salaried Employees

Long Beach Home Buyer TipsIf you are changing jobs and are staying in the same industry at a higher level of pay, a job change should not affect your ability to qualify for a home loan.  The higher salary will help you better qualify for a mortgage.  If you are considering changing industries, this will cause problems in qualifying for a mortgage. 


Hourly Employees

If you are an hourly employee accustomed to working a straight forty hour week without overtime and are considering changing your job, this should not be a problem, if you stay in the same industry.  If you are accustomed to earning overtime and the new position does not guarantee a certain amount of overtime, this could be a problem in acquiring a home loan.

 

Over-Time Hours

Since overtime is never a guarantee lenders will determine your overtime earnings based on an average of your last two years.  If you change jobs there will be no track record so this would impact your ability to purchase a home. 


Commissions Employees

Mortgage lenders will average the commission portion of your income over a two year period.  Changing jobs in a commissions environment, even if you stay in the same industry and sell the same service or product will negatively impact your ability to acquire a home mortgage.  Your future earnings cannot be determined because there will be no track record from which to do so. 


Self Employment 

If you are self employed your lender will want to see a two year track record at the minimum before approving you for a home loan.  Self employed individuals generally deduct a tremendous amount of expenses from their earnings, which can also have a negative impact on your ability to qualify for a home loan.  If you are thinking about changing to self employment before your home purchase, DO NOT DO IT!  Buy the home first. 

If your are considering incorporating your sole proprietorship, or are considering a partnership, you should delay that until you purchase your new home. 

The best case scenerio is not to make any changes at all until after you have purchased your home.

 

 

Home Buyer Tips - The entire 3 part series:

 

 

How to Get the Best Home Loan - The entire 4 part series: 

 

 

 

Long Beach Homes For Sale


Long Beach Condos For Sale


Long Beach Income Properties For Sale


 


Laurie Manny
Long Beach Realtor

(562) 212-5420

mls wizard


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

value wizard

 

Long Beach Real Estate Blog

Long Beach Real Estate Website

featured listings

contact

 

http://www.lauriemanny.com/00085C
Posted on April 05, 2007 08:58:11 by Laurie.Manny
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Apr
04


Long Beach Home Buyer Tips - Things to Avoid Before Purchasing a Home

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Long Beach Home Buyers Tips

Things to Avoid Before Purchasing a Home


Dont Move Money Around

Long Beach Home LoansBegin preparing for your home buying process several months ahead of time if at all possible.  The process begins with a lender.  The lender will request for you to provide them with the source of funds for your down payment and closing costs.  You will be asked to provide documentation of your assets for the last 2 or 3 months and perhaps last years tax return.   This documentation will include:

  • Checking Accounts
  • Savings Accounts
  • Money Market Funds
  • Certificates of Deposit
  • Stock Statements
  • Mutual Funds
  • 401K Statement
  • Retirement Funds
  • etc¦ 


Hopefully you will not have moved any large amounts of funds in the last several months and now would not be a good time to do so. 

The mortgage underwriter is the person who actually approves your loan, you will never meet him/her.  The underwriter will require a evidence of all your deposits and withdrawals.  They may also ask you to produce:

  • Cancelled checks
  • Deposit Receipts
  • etc¦

Long Beach Home LoansAcquiring a loan can be very stressful, before you get angry with your lender please remember they are just doing their job.  All of this is a necessary evil and is required in order to completely document the source of funds and eliminate potential fraud. Take a few deep breaths and think about your beautiful new home. 

At this time it would not be a good idea to:

  • Move money around
  • Change banks
  • Apply for credit
  • Purchase a Car
  • etc¦ 


Long Beach Home Buyer Tips - The entire 3 part series: 
 

How to Get the Best Home Loan - The entire 4 part series: 
 

 

Long Beach Homes For Sale


Long Beach Condos For Sale


Long Beach Income Properties For Sale



Laurie Manny
Long Beach Realtor

(562) 212-5420

mls wizard


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

value wizard

 

Long Beach Real Estate Blog

Long Beach Real Estate Website

featured listings

contact

 

http://www.lauriemanny.com/00084D
Posted on April 04, 2007 02:06:52 by Laurie.Manny
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Belmont Heights
244 Redondo Avenue
Long Beach California 90803

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