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Apr
05


Long Beach Real Estate 1st Quarter 2008 Market Report

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Long Beach Real Estate Sales

1st Quarter Market Report 2008

 

The spring home buying season is in full swing here in Long Beach.  Prices have become very desirable, and many properties are in high demand receiving multiple offers.  Strong offers have become highly sought and are being accepted quickly.  All Cash, large down payments and little to no concessions by the seller have become the order of the day for the more highly desirable properties. 

First quarter average single family home sale price: $ 516,014. 

Average 70 days on market.

 

 

Active - 877 Properties

Bedrooms Baths

Square Feet

 List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM
Min 1
 1
 0
 $ 129,000
 $ 0
 $ 0
 $ 0
 %
 %
 5
Avg 2
 2.00
 1526
 $ 606,043
 $ 386
 $ 0
 $ 0
 %
 %
 97
Max 10
 34
 10000
 $ 8,400,000
 $ 3,203
 $ 0
 $ 0
 %
 %
 554
Pending Sale - 145 Properties

Bedrooms Baths

Square Feet

 List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM
Min 1
 1
 532
 $ 215,000
 $ 172
 $ 0
 $ 0
 %
 %
 0
Avg 2
 1.75
 1446
 $ 530,831
 $ 364
 $ 0
 $ 0
 %
 %
 82
Max 5
 7
 5162
 $ 2,600,000
 $ 1,287
 $ 0
 $ 0
 %
 %
 312
Closed Sale - 702 Properties

Bedrooms Baths

Square Feet

 List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM
Min 0
 1
 0
 $ 99,990
 $ 0
 $ 1
 $ 0
 0%
 0%
 0
Avg 2
 1.75
 1342
 $ 516,014
 $ 398
 $ 498,782
 $ 383
 97%
 92%
 70
Max 7
 5
 4820
 $ 1,899,000
 $ 1,136
 $ 1,828,000
 $ 1,079
 113%
 141%
 396
Backup Offers - 59 Properties

Bedrooms Baths

Square Feet

 List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM
Min 2
 1
 682
 $ 229,900
 $ 180
 $ 0
 $ 0
 %
 %
 3
Avg 3
 2.00
 1577
 $ 611,288
 $ 375
 $ 0
 $ 0
 %
 %
 74
Max 5
 4
 4958
 $ 2,499,000
 $ 1,177
 $ 0
 $ 0
 %
 %
 324

 

Long Beach Condo Sales are up as well. 

Average selling price for the first quarter is $356,026.

Average 66 days on market. 

 

 

Active - 494 Properties

Bedrooms Baths

Square Feet

 List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM
Min 0
 1
 290
 $ 115,000
 $ 151
 $ 0
 $ 0
 %
 %
 5
Avg 1
 1.75
 970
 $ 381,605
 $ 385
 $ 0
 $ 0
 %
 %
 97
Max 4
 3.5
 3249
 $ 2,695,000
 $ 893
 $ 0
 $ 0
 %
 %
 458
Pending Sale - 63 Properties

Bedrooms Baths

Square Feet

 List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM
Min 0
 1
 272
 $ 149,900
 $ 178
 $ 0
 $ 0
 %
 %
 -1
Avg 1
 1.75
 1030
 $ 362,434
 $ 354
 $ 0
 $ 0
 %
 %
 84
Max 3
 3
 2159
 $ 850,000
 $ 644
 $ 0
 $ 0
 %
 %
 322
Closed Sale - 350 Properties

Bedrooms Baths

Square Feet

 List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM
Min 0
 1
 296
 $ 67,105
 $ 0
 $ 67,105
 $ 0
 81%
 1%
 0
Avg 1
 1.75
 957
 $ 356,026
 $ 371
 $ 348,013
 $ 366
 98%
 94%
 66
Max 4
 3.5
 2430
 $ 1,400,000
 $ 835
 $ 1,325,000
 $ 833
 118%
 113%
 434
Backup Offers - 20 Properties

Bedrooms Baths

Square Feet

 List Price LP/SqFt Sale Price SP/SqFt SP/LP SP/OLP DOM
Min 1
 1
 765
 $ 239,900
 $ 272
 $ 0
 $ 0
 %
 %
 13
Avg 2
 2.00
 1184
 $ 517,959
 $ 415
 $ 0
 $ 0
 %
 %
 91
Max 3
 3
 1865
 $ 1,649,000
 $ 916
 $ 0
 $ 0
 %
 %
 277

 

 

The sale of Long Beach Income Properties is up a bit with 169 closing escrow in the first quarter. 

Average sale price:  $650,5227.

Average 91 days on market. 

 

 

Active - 319 Properties

Units

Bldg SqFt

GSI

 List Price LP/SqFt SP/SqFt SP/LP SP/OLP DOM
Min 2 0 $ 0 $ 264,900 $ 86 $ 0 % % 5
Avg 2 2,354 $ 24,261 $ 661,065 $ 290 $ 0 % % 110
Max 4 5,278 $ 83,400 $ 5,500,000 $ 1,118 $ 0 % % 656
Pending Sale - 18 Properties

Units

Bldg SqFt

GSI

 List Price LP/SqFt SP/SqFt SP/LP SP/OLP DOM
Min 2 1,168 $ 0 $ 320,000 $ 97 $ 0 % % 6
Avg 2 2,229 $ 16,645 $ 498,216 $ 232 $ 0 % % 82
Max 4 6,130 $ 57,600 $ 1,249,995 $ 537 $ 0 % % 323
Closed Sale - 169 Properties

Units

Bldg SqFt

GSI

 List Price LP/SqFt SP/SqFt SP/LP SP/OLP DOM
Min 2 859 $ 0 $ 215,000 $ 0 $ 0 80% 62% 0
Avg 2 2,353 $ 25,127 $ 650,527 $ 297 $ 277 98% 94% 91
Max 4 5,698 $ 99,780 $ 1,379,900 $ 625 $ 520 116% 141% 448
Backup Offers - 11 Properties

Units

Bldg SqFt

GSI

 List Price LP/SqFt SP/SqFt SP/LP SP/OLP DOM
Min 2 1,336 $ 0 $ 325,000 $ 183 $ 0 % % 5
Avg 3 2,472 $ 41,223 $ 625,354 $ 244 $ 0 % % 75
Max 4 3,725 $ 65,256 $ 895,000 $ 350 $ 0 % % 205

 

 


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/002B0A
Posted on April 05, 2008 14:15:57 by Laurie.Manny
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Apr
02


Long Beach Mortgage Rates Report: April 2, 2008

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Mortgage rates should decline, in the near term.  I’m changing my recommendation from lock all loans to float all mortgage applications, if the loan is closing more than 14 days out.  That means that if you’re scheduled to close on your mortgage, before April 15, 2008, you should lock your mortgage rate.

 

Fed Chairman Bernanke spoke to Congress this morning.  I’m one of those weird people that actually watch the Fed Chairman’s testimony.  I look for a twitch, a nervous tic, or a tenuous posture, in addition to the text of his testimony.  I’m as screwed up as the bond traders on Wall Street.  That was my world; I can’t change who I am now.  Well, Bernanke thinks a “contraction” is underway. In Southern California, we call that a recession but we’re awfully dramatic in Southern California.  Anyway, recessions contractions lead to lower mortgage rates.

 

Want to see how effective my lock/float recommendations are?  It looks like I’m always a tad early:

Bondcahrt_4


















 

 

 

 

Let’s see:

 

1- I came into the new year, floating rates. 
2-  On January 8, I advised to lock.  I was early, you could have improved your rate by an eighth.
3-  I floated on January 17- bonds improved a full point, then dropped a half a point
4-   Pulled the trigger to lock, on January 24- bonds deteriorated- rates went up.
5-  Stayed locked (but pointed out the ten-year ARM value) throughout February
6-  Went to float, on March 6- bonds improved 3 points, and mortgage rates fell .5%, during that time
7- Have had all loans locked, since March 21-

 

I’m not bragging, I’m doing my job.  The value of a mortgage planner, who watches the CORRECT influencing factors, can save you an eight to a quarter point, on the rate of  your mortgage.  This means that my advice can save you THOUSANDS of dollars, over the life of the loan.

 

If you’re watching the “points", a stronger bond market can save you a lot of money, on closing costs.  Clients who made an application, on March 8, received a 2% rebate, from the lender, because of my prowess, by waiting until March 21 to lock.  Even worse, those loan applicants that didn’t engage me, in February, may have paid as much as 2% MORE, in closing costs, than my clients.

 

Advice and execution is the value of a skilled mortgage planner.  Ask originators to prove the value of their fee before you hire them.  I’ll gladly do just that.


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/002AB4
Posted on April 02, 2008 03:56:32 by Brian.Brady
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Mar
24


Long Beach Home Buyer Update March 25, 2008

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Long Beach Real Estate

 

Spring Real Estate season has begun in Long Beach. The clocks have been changed, it is light out into the evening hours, making it easier to show properties after the work day, and buyers are liking this springs Long Beach housing prices. 


Long Beach Real Estate For SalePrices are way down, foreclosed properties (bank owned) are being placed for sale on the MLS daily and investors are buying. Sellers are realizing they have to compete with short sales and forclosures on price.  There are some very nice homes for sale on the market here in Long Beach at the moment, and buyers are shopping. 


Many real estate sales in Long Beach are being made to out of area buyers.  After searching in areas that remain unaffordable to them, Long Beach has proven to be a great option in its ability to provide great housing at affordable prices. 


Until recently buyers had the luxury of time when they found a home or condo they were interested in, this is no longer always true.  We are currently working with many Long Beach buyers.  In just the last 3 weeks 6 of our buyers decided to think on it for too long and lost the homes they wanted to write offers on - to buyers who were quicker than they were to write the actual offers.  Many buyers have been looking on and off for quite some time and have been conditioned to the slower winter market, it is different now.  Strategy is important. 

 

When you locate a Long Beach home or condo that you want to purchase, it is in your best interest to go ahead and write the offer as soon as possible.  You Sold will have time to continue thinking about it after the offer is written.  Once the offer is submitted it usually takes a few days to work out counters back and forth, once your offer is accepted you have 17 days to perform all inspections and to back out of the purchase if it is not up to your expectations. 


Writing an offer to be accepted is the other part of the equation.  With so many properties in Long Beach now receiving multiple offers it often pays to write your best offer, especially when writing an offer on a bank owned property.  Each home needs to be evaluated on an individual basis before a decision on how to structure your offer is made. 


More details on writing offers to be accepted can be read here: 

Long Beach Real Estate Sales-Foreclosures-Bank Owned Properties-Market Statistics


Keep in mind that it doesnt cost you any actual money to write an offer, you always have the power to change your mind, without serious financial repercussions. 


If you are interested in purchasing a Long Beach Home or Condo, bank owned or foreclosed properties, call Laurie at (562) 212-5420 to begin your search. 

 

Long Beach Homes


 

Long Beach Homes and Condos For Sale
(Direct feeds from the Southern California MLS)


 




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/0027D3
Posted on March 24, 2008 15:00:01 by Laurie.Manny
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Mar
23


The Effects of Home Staging Your Long Beach Homes

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Diane Concialdi

Home staging projects can be very exciting, fun and are a lot of work. In these before and after images you will see that after photos set an emotional air and convey a more desirable feeling than the before photos, suggesting a higher level of appeal to all Long Beach buyers. 

Dining Room BeforeDining Room After

 

Dining Room - Before and After

 

 

Location is important to buyers in Long Beach; it’s essential that your home stager spotlight any available extraordinary view such as the ocean, a greenbelt, city or mountain views as well as the backyard or patio.  Many Long Beach homes have small backyards or only have a small patio to work with, which makes it essential to set up the patio and be sure the gardens are weeded and tended too. 

Patio Before   Patio After 

Patio - Before and After

Staged Living Room

Home staging accentuates the specific architecture of your Long Beach home and defines the interior spaces. A bad home staging job can actually take away from the sale of your home. You want the buyer to focus on the positive.

 

How furniture is layed out is extremely important in defining any area, especially if the purpose of the room is for living and dining. An empty house is cold. Defining furniture placement pulls the room together and creates a flow throughout your home to help a buyer visualize the home’s potential. 


There is definitely a power to staging.  Home staging creates an inviting atmosphere your buyer can see themselves living in and a place to call “Home!" 

Diane Concialdi
Home Stager
DC Redesign  
(714) 815-3506

 

Read the rest of the series: 

 
Staging and Home Improvement related articles:

 


Read also:


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/002783
Posted on March 23, 2008 18:59:59 by Laurie.Manny
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Mar
22


Long Beach Real Estate Sales-Foreclosures-Bank Owned Properties-Market Statistics

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Long Beach Real Estate Market Statistics

 

Long Beach Real Estate

Sales 2001 - 2007

 

January 1, 2008 - March 21, 2008

.

 

Year

Long Beach

HOMES SOLD

Long Beach

CONDOS SOLD

Long Beach

2-4 UNITS SOLD

Total

Sales
         
2008 227 90 35 352
2007 1663 892 306 2861
2006 2372 1161 575 4108
2005 2988 1483 811 5282
2004 3061 1368 780 5209
2003 3465 1492 848 5199
2002 3489 1502 854 5844
2001 3285 1320 650 5255

.

There are currently approximately 133 Long Beach properties selling per month (closing escrow)

352 ÷ 2.66 = 133

2245 ÷ 133 = 16.8

.

 

ACTIVE LONG BEACH LISTINGS

HOMES

FOR SALE

CONDOS

FOR SALE

2-4 UNITS

FOR SALE

TOTAL PROPERTIES

FOR SALE
         
3/21/2008 1204 629 412 2245

.

352 Long Beach Properties have closed escrow ‘SOLD’ in 2008.

133 Average sales per month.

There are currently 2245 Long Beach Properties for sale.


 

It will take almost 17 months with no new properties entering the Long Beach Real Estate market to sell the existing inventory of properties for sale. Homes, condos and income properties in Long Beach are being placed onto the market daily adding to our existing inventory and increasing the length of time it will take for the current real estate market to absorb these new properties for sale.

 

The numbers tell an interesting story, one that I recall all too clearly. As single family homes became financially unattainable to first time home buyers in 2005 and 2006, many purchased Long Beach Condos instead, it was better than remaining in rent and gave them badly needed tax write offs. The above chart shows a significant decrease in single family home sales in 2006 and again in 2007, as condo sales remained strong into the latter portion of 2007 when they too began to taper off.

 

You will notice the sharp decline in closed sales in the first quarter of 2008, its not that the buyers have not been out shopping, many have been. Many just have not been able to wrap themselves around exactly what it means to get a deal. I dont know if it is the media or a misguided idea of what a deal is in todays real estate market. Others are realizing that the after purchase costs of badly needed upgrades on many of the homes are beyond their reach.


 

Long Beach Homes-Issues for 1st Time Home Buyers


 

Prices on real estate for sale in Long Beach are currently all over the place, it is a bit messy, which indicates a good hard look at the comparables before deciding what to offer on any given property. Some homes are priced to sell at the price offered, some sellers have priced their homes based on fantasy and wishful thinking. While it cant hurt to place a reasonable offer on one of these homes, the sellers are often not very responsive. Many buyers have decided to offer low, whether the listing price is fair or not. This is a sure way to not get your offer accepted. There are many good buys on the real estate market in Long Beach right now and the smart buyers and cash heavy investors are picking them up.

 

Long Beach Investors are making all cash offersReal Estate Investors with a lot of cash have entered the market. Prices are finally dropping to the price range they have been waiting for. This is making it more difficult for buyers who intend to purchase with loans and occupy the homes to get their offers accepted. We placed an all cash offer for a bank owned Alamitos Beach Condo about a week ago, there were multiple offers, one was higher than ours. We opened escrow on that condo on Monday. The bank knew they would not have any problems with a lender that might not be able to perform, may disappear or may discontinue their current loan programs.


 

 

Bank owned properties are beginning to appear in larger numbers and a better selection of homes is now available. Buyers have started getting a little excited now that homes they actually want to buy are finally starting to become available, they are writing offers and are often being rejected because the investors are liking these homes too, are placing all cash offers and are walking away with the prize. Multiple offers are occuring on the better properties that are being made available which is making that potential purchase more competitive now, and less incentives are available on these purchases. Some of these properties sell quickly for around asking price, with no incentives.

 

 

 

I had a conversation with a selling agent from one of the asset management companies handling foreclosures yesterday and inquired about their criteria when considering multiple offers on their bank owned or foreclosed properties. He went on to explain that while they are in counter with early offers, the offers are coming in steadily and are lined up in the que. Often the early offers are being accepted without even looking at the offers in the que, even though there are often better offers sitting there. When I questioned why, he simply stated that they have so many properties to deal with they just dont have the time, they are being pressured to get the offers accepted and get them off the table to deal with others. He also said that sometimes they go through all of the offers and counter a good portion of them, that it doesnt always make sense - even to him. Its looking like the early bird gets the worm - sometimes.