Downtown Long Beach Condos Market Report-2007-January-December

Downtown Long Beach Real Estate Condo Sales Market Report

January - December 2007

For the area bounded:

• on the North by Anaheim
• on the East by Alamitos
• on the South by the Sea
• on the West by the LA River

Single Downtown Long Beach Condos:

We close the year out with 9 single condos in Downtown Long Beach active on the market, ranging in size from 249 - 527 square feet.

• Average price:  $205,632
• Average Days on Market:  166

10 single units closed escrow in 2007:

• Average price:  $212,690
• Average days on Market:  132

One Bedroom Downtown Long Beach Condos: 

There are 59 one bedroom condos currently active on the market in Downtown Long Beach, ranging in size from 522 - 1,740 square feet.

• Average Price: $314,156
• Average Days on Market:  105

2 one bedroom condos are in escrow taking back up offers, average listing price of $196,950, average days on market 40.

5 one bedroom condos are pending-in escrow, average listing price of $303,779, average days on market 88. 

7 one bedroom condos were leased, average rent of $1.441, days on market 107.

1 one bedroom condo is on hold.

60 one bedroom condos closed escrow in 2007:

• Average Price:  $292,788
• Average Days on Market:  94

Two Bedroom Downtown Long Beach Condos:

2007 closes with 72 two bedroom condos active on the market in Downtown Long Beach, ranging in size from 786 - 1,630 square feet. 

• Average Price:  $462,410
• Average Days on Market:  94

1 two bedroom condo is in escrow accepting back-up offers, listed at $249,900, on market 202 days.

6 two bedroom condos are pending in escrow, average listing price $359,116, days on market 76. 

4 two bedroom condos were leases, average lease price $2,262, average days on market 105. 

88 two bedroom condos closed escrow in 2007: 

• Average Price:  $408,652
• Average Days on Market:  87
  

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Posted on January 13, 2008 01:49:37 by Laurie.Manny

Goldengate Square Condos-Downtown Long Beach-Market Report-730 W 7th St-90802-January-December 2007-2006-2005

Goldengate Square Condominiums - Downtown Long Beach Condos

Market Report 2007-2006-2005

Year In Review

730 West 4th Street

Downtown Long Beach, CA 90802

Built in 1987

This report updates original market report:

Downtown Long Beach Condo Market Report-Goldengate Square Condos-730 West 4th Street-Downtown Long Beach California-January-November 2007

The best way to explain our current market is to look at the numbers.  With that in mind the following Sales History for the Goldengate Square Condos should give you a clear idea of where the market is.  Judge for yourself:

2007

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Posted on January 12, 2008 22:39:22 by Laurie.Manny

Long Beach Short Sale-A Tale of Betrayal & Greed

Once upon a time there was a nice young couple who wanted a 2 bedroom Downtown Long Beach Condo to call home and to begin a future in.  About 2 years ago this sweet young couple met a nice real estate agent while visiting open houses beyond their financial reach.  

 Knowing little about the Long Beach communities, nothing about real estate and very little about managing their finances; they wisely sought out professional assistance.  They developed a working relationship with that agent, who helped them find the Downtown Long Beach Condo they were dreaming about and live in today.

The agent, not content with this sale, explained to this nice young couple that they could purchase a second condo in Downtown Long Beach, as an investment, and rent it out.  While they would be upside down to the tune of about $1,000 per month, they should not worry about it because they could afford it and in two years she would sell it for them at a huge profit.  Nice agent also assured this young couple that she would find them a tenant and check their credit etc¦ for the 2nd condo.  She didnt. 

Relying on the professional they went ahead with the 2nd condo purchase anticipating a large profit with which they could purchase a nice home with a yard in a couple of years. This nice agent also arranged for financing on both units, both loans were 2 year fixed, both of which are now adjusting massively.  It was a financial plan-of sorts which is now a disaster. 

2 years ago the hot sellers market was winding down, most agents knew what was developing in the Long Beach Real Estate market and were hoping for a mild downturn.  This was not a new agent, she had to know the position she put this couple into.

Nice young couple had a hard time finding a tenant and the $1,000 a month became a bit more.  They eventually found the tenant from hell, who wrecked their rental condo, annoyed the living crap out of all of the neighbors and took over 8 months to evict.  Naturally the tenant did not pay rent for those 8 months and broke the bank.

Nice young couple is watching the market crashing around them while going through the eviction process and are beginning to freak out.  They immediately arranged for a nice large heloc so they could cover the unexpected expenses.  Nice lender must have been feeling very generous, gave them a very large line to draw freely from, and they did - they maxed it out trying to keep their heads above water.  
 

Both units are now short sales.

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Posted on January 09, 2008 09:45:35 by Laurie.Manny

Long Beach Homes and Condos Market Report-Jan-Dec Home Sales 2007

 Long Beach Real Estate Market Report 2007

Long Beach-Lakewood & Signal Hill Market Report

Homes & Condos - Closed Sales

January-December 2007