Oceangate Square Condos-Downtown Long Beach-Market Report-720 W 4 St-90802-January-December 2007-2006-2005

  Oceangate Square Condos - Downtown Long Beach

Market Report 2007-2006-2005

Year in Review

720 West 4th Street

Downtown Long Beach, CA  90802

Built in 1984

This report updates original market report: 

Oceangate Square Condos-Downtown Long Beach-Market Report-720 W 4 St-90802-January-December 8, 2007

It is said that a picture can tell a story.  Here is a 3 year view of sales at the Oceangate Condominiums.  The story told is that of a declining market, listings struggling to be sold and decreased volume of sales and selling prices.  Judge for yourself:

2007

Read more »

Posted on January 07, 2008 20:14:23 by Laurie.Manny

Divorce and Real Estate in Long Beach

Divorce and Real Estate

Divorce often necessitates the sale of family homes. Selling your Long Beach Homes does not have to become a damaging event in your lives. Couples coming to terms with the loss of love, past memories, dealing with the present and trying to plan for the future, need to maintain a level head throughout this process; not always an easy task. Well intentioned friends and relatives are offering you advice on your divorce, your children, your careers, the sale of your home, your future; all adding to the overwhelming stress you are already experiencing. It has been my experience that this is best handled when realistic boundaries are set at the beginning of the process.

Over the years many of my clients have become cherished friends. In a divorce situation it is difficult when you like both parties to stay neutral, but is absolutely necessary. Over time I have developed what I now refer to as my Switzerland speech. It has proven to be very effective and goes something like this:

"As your Realtor® it is my job to market and sell your Long Beach Home. This is best accomplished if you both agree to view me as Switzerland. While I am not insensitive to what is going on in your lives, it is best if you both exclude me from your conversations regarding the divorce issues that do not apply to the sale. Over the course of this transaction you will both be called upon to make joint decisions, we need to agree that when we speak on the phone, you come to my office or when I come to your home, we keep the conversation limited to the business of selling your home. It would be most unfortunate if either of you thought that I was biased toward the other, I certainly do not want either of you to think that. Can we all agree on this?"

Recently I read an article on couples seeking kinder, gentler divorces. An approach many couples are now embracing called "Collaborative Divorce", which has been endorsed by the American Bar Association, as part of a broader quest to find more civilized and efficient ways to end a marriage. Thousands of attorneys are realizing how damaging the adversarial process is to their clients, are embracing this new method of divorce and are seeking training in collaborative law. Other couples are turning to mediation as a viable alternative to messy, expensive and damaging processes.

Read more »

Posted on December 22, 2007 01:57:44 by Laurie.Manny

Oceangate Square Condos-Downtown Long Beach-Market Report-720 W 4 St-90802-January-December 8, 2007

 Downtown Long Beach Condos

Oceangate Square Condominiums Market Report

January - December 8, 2007

Located in Downtown Long Beach the Oceangate Square Condos, built in 1984, sit on the corner of Maine Avenue and West 4th Street just one block from the beautiful Cesar E. Chavez Park and community center.  Park amenities include basketball court, Community Center, Playground, Weight Room, Picnic Area and Restrooms.  The park provides programs for Tiny tots, Youth and Teen Recreation and Senior Programs.

The complex provides a gym, community room, picinic area and outdoor barbeques on the greenbelt.  This is a well run building with a cohesive HOA.  A 4 story building the top floor units include highly desirable additional square footage in the form of additional loft space and cathedral ceilings.  It is a really great place to live.

This lovely condo complex is within walking distance to area beaches, the Long Beach Convention Center, The World Trade Center, the Downtown business district, Pine Avenue, area restaurants, local galleries, the East Village Arts District,  The Aquarium of the Pacific,  Rainbow Harbor and The Pike.  It is also convenient to area freeways and all area public transportation including the Metro Blue Line lightrail system.

There are currently 4 condos available at the Oceangate Square Condos:

2 - 1 bedroom, 1.5 bath units

2 - 2 bedroom, 2 bath units

2 condos have closed escrow this year,:

Unit 108 closed escrow in April 2007; listed at $299,000 it closed escrow at $290,000, it was on the market for 27 days.  This was an immaculate unit with pergo flooring, seller included stackable washer/dryer; 1 bedroom, 1.5 baths. 

Unit 410 closed escrow in April of 2007 as well; listed at $274,900 this top floor condo closed escrow at $281,000.  There were multiple offers for this unit as quickly as it went on the market.  The unit was immaculate, had wood laminate flooring, was priced right, needed little work and the loft was highly desirable; 1 bedroom, 1.5 baths, cathedral ceilings and loft.  I know how desirable this unit was, I represented the buyer who acquired the unit.  I wrote an article about the purchase of this particular unit.  The buyer wanted exactly this unit, but it was not available at that time.  Letters were sent to the owners of all similar units in 4 complexes in the neighborhood.  The seller contacted me directly before it went onto the market,even though he had already listed it.  The article is called Reverse Prospecting Works it is an interesting read.  REPRESENTED BUYER

3 Units Expired

We are all painfully aware of the changes in the real estate market and that prices have been declining not just in Downtown Long Beach, but in most places across the nation.  Note that these 2 two bedrooms are the only 2 units that have sold in this building this year, and they both closed in April of this year - 8 months ago.  Prices have come down since then.  If you are considering selling this must be a consideration when deciding on how to price your condo for sale. 

Read more »

Posted on December 07, 2007 23:42:54 by Laurie.Manny

Who is Negotiating YOUR Long Beach Home Purchase or Sale

Do you know who is negotiating the purchase or sale of your Long Beach Homes?  The real power in your Long Beach Realtors ability to negotiate a contract on your behalf lies in their command of the contracts they are wielding.  The standard form contracts that we use were written by attorneys for the California Association of Realtors (CAR).  Each and every paragraph of these contracts was developed to protect the consumer; the buyer and the seller in all Long Beach Real Estate transactions. 

Knowing how to bend the contract toward a buyer or a sellers best interest is an art, in my opinion.  Contracts have little boxes and small seemingly insignificant paragraphs in them which are often glossed over as meaningless.  There is nothing meaningless in any of the CAR contracts. 

Without going into great detail (not going to give away my secrets here, sorry) as a listing agent, representing a seller, there are a few specific items I look for on a contract when I first receive it.  These items, if addressed, tell me if the buyers agent is looking out for their clients best interests.  If they have marked these areas off they have already earned my respect because I firmly believe that all Long Beach Realtors should have their clients best interest in mind at all times.  If these items are not indicated I already know I am dealing with a rookie, or just a lazy real estate agent looking for a check who didnt take the time to learn their trade. I will take advantage of the shortcomings of that buyers agent in my clients best interests.  That Long Beach Buyer should be so lucky! 

When representing a buyer I complete all of the areas of the contract that relate to protecting my buyer and await a counter offer from the seller and listing agent.  Once the counter offer is received these areas are checked first.  If the listing agent has countered back on those items, with the intent of protecting their seller, they have earned my respect.  If these areas are not countered back once again I know, I am dealing with a rookie or a real estate agent without a command of the contracts.  I will take advantage of the shortcomings of that listing agent in my clients best interests.  That Long Beach Seller should be so lucky! 

OK, I will give you a little sumptin sumptin here.  Lets say you are a buyer, writing an offer on a Downtown Long Beach Condo priced at $350,000; you offer $335,000 and ask for some closing costs, the appliances, the plazma TV and a home warranty.  Your lender has qualified you up to $400,000 and you have a pre-approval letter to prove it.  That is a good thing because you will have to present that letter along with your offer to purchase, and you do just that.  So here it is, you just told the listing agent and the seller that although you are offering $335k, you are qualified up to $400k.  Why on earth would you do that?  Why on earth would your real estate agent let you do that? 

Caveat emptor

Let the Buyer Beware

It would have been very easy to call the buyers lender and have a new pre-approval letter faxed over for $330,000 to present with the offer.  This would have told the seller that the buyer was making the best offer they could and that the closing costs were necessary to consummate the transaction.  It also would have made a counter offer on price less likely.  Why did your agent go ahead and send the letter stating that you were qualified up to $400,000?  Do you think it was in your best interest to have done that? 

As a listing agent, I receive pre-qualification and pre-approval letters showing buyers qualified well above listing price most of the time.  As a buyers agent, a new pre-approval letter and a whole lot more is sent with the letter proving that my buyer has the loan and can close it. 

Never let the opposing side in a negotiation know what you are capable of,

it will change the response you get and will cost you money. 

 

Read more »

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

 

http://www.lauriemanny.com/001604

Posted on December 03, 2007 18:42:40 by Laurie.Manny

Downtown Long Beach Condos For Sale Under $300,000-90802-90813

Downtown Long Beach Condos For Sale

Under $300,000

(2 Bedroom Condos)

There are currently 18 Downtown Long Beach Condos with 2 bedrooms available for sale.  The majority of these units are short sales.  While these are subject to bank approval and can take several months to close escrow these are great buys for today's 1st time home-buyer.  Several of these are REO (foreclosure) properties.  These condos are generally sold in "as is" condition and may need repairs or upgrading, these units can close quickly once an offer is accepted by the bank. 

Buyers keep telling me they are looking for 'a deal'.  This group of Downtown Long Beach Condos are just that - deals. 

• 18 Downtown Long Beach Condos, under $300,000, are available For Sale
• 5 Downtown Long Beach Condos, under $300,000, are In Escrow
• 7 Downtown Long Beach Condos, under $300,000, have Closed Escrow since 10/1/2007

Contact Laurie today to view any of these available condos or for market information. 

Read also: 

Read more »

Posted on December 02, 2007 19:16:42 by Laurie.Manny