Downtown Long Beach Condos Market Report September 2007

DOWNTOWN LONG BEACH REAL ESTATE

Downtown Long Beach Condos

Market Report 9/1/2007 - 9/30/2007

STUDIO CONDOS

ACTIVE

There are 11 STUDIO condos currently active on the market in Downtown Long Beach, ranging in price from $145,000 to $289,000.  Ranging in square footage from 249 to 527 square feet, average Days on Market is 144.  2 of these units have a parking space.  There are ample parking lots in Downtown Long Beach to accomodate your monthly parking needs quite reasonably.

Studio Condos are reasonable purchaes for students and work well for professional office space.  Be sure to check the CC & R's for regulations, they vary from one association to another.

IN ESCROW

One Studio Condo went in into escrow durning September 2007

SOLD

No Downtown Long Beach Condos Studio Units closed escrow in September 2007.

2 Downtown Long Beach Condo Studio's Expired, DOM 152;  1 was Withdrawn from the market, DOM 340

ONE BEDROOM CONDOS

ACTIVE

There are currently 73 active one bedroom condos in Downtown Long Beach, ranging in price from $169.900 to $655,000.  Square footage ranging from 481' to 1,672' sq ft.  Average days on market is 94, one as high as 400 days on market.

IN ESCROW

7 one bedroom condos went into ecrow during September 2007.

SOLD

3 one bedroom Condos in Downtown Long Beach closed escrow (SOLD) during September 2007.  Average sale price was $268,000 up from last monts $242,500.  Average square footage 624; average days on market 1320.  Two of these units indicate a parking space was included.

1 one bedroom condo was leased and one was withdrawn after 59 days on market. 

2 BEDROOM CONDOS

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Posted on October 20, 2007 20:15:30 by Laurie.Manny

Long Beach Homes - To Buy or Not To Buy?

 LONG BEACH REAL ESTATE

Are you waiting for the bottom of the market?

A couple of years ago, while we were in the throe's of a sizzling sellers market, many would be Long Beach sellers decided to hold out for the TOP of the real estate market.  Yep, you guessed it, many of them are still waiting for it.  Today Long Beach buyers are decrying the same mantra, holding out for the bottom of the market. 

How are you going to know what the bottom of the market is? 

How are you going to handle the multiple offers on the most desirable properties when all of the buyers jump onto the Long Beach Real Estate market at the same time? 

The Investors are coming.

Investors are sitting on the sidelines watching the market, prices are already at a 15 year low.  When the real estate market in Long Beach hits a certain point, and it is coming soon-no matter what the media says, the investors are going to jump in and start gobbling up all of the better Long Beach homes, townhomes and condos.  I know, I represent a few of them, we've done this successfully before and are very good at it.  These saavy investors will hit the market with cold hard cash, waive inspections, waive appraisals, out bid you and they will beat you to ALL of the deals and better properties. 

Do you think that you will be able to compete with them? 

So Mr. & Mrs. Buyer, how are you going to purchase one of the more desirable properties up against this kind of competition?  Sometimes I think that it's more about the game than it is about purchasing properties for many Long Beach buyers.  The media sure isn't helping, but then they are not Real Estate Professionals and are NOT dialed in to the local real estate markets. 

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Posted on October 16, 2007 22:22:20 by Laurie.Manny

Long Beach Condos-Short Sales and Fake Pricing!

LONG BEACH REAL ESTATE - LONG BEACH CONDOS

Just the other day a buyer called very excited about a Long Beach Condo (with a sunset view and huge square footage) which had just reduced its price by $100,000, directly into his price range.  He wanted to go see it immediately.  While reviewing the data on the SoCalMLS I had to scratch my head.  Now I know prices are down, heck we all know that, but this price was so low it just couldn't be right!  It was listed $155,000 under the last sale in the complex, the description stated it was a short sale, but come on and get real here, no bank is going to accept this price.   The last sale in the complex was in the mid $500's. 

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Posted on October 12, 2007 20:35:48 by Laurie.Manny

Sellsius Top 12 Women Real Estate Bloggers

I am privileged and honored to have been included in such a lofty group of talented real estate bloggers.  It was an absolute pleasure first meeting the Sellsius boys, Joe and Rudy back in April, at the Laguna Beach get together, and then again during their BLOG TOURS USA travels down at the lovely Del Mar Race Track.  It seems very strange getting together with a large group of people who have never met before yet are as close as any group of co-workers, but that is how it is in the real estate blogging community.  We have all become a large, nationwide family. 

I am thrilled to have discovered blogging as a way to communicate directly with todays consumer.  Finding my voice has been one of the most liberating experiences in my life. 

I would like to thank the Active Rain Community without whom this would never have been possible.  Last but not least I would like to thank my friend and mentor Mary McKnight of Rsspieces who taught me most of what I know.  Thank you, from the bottom of my lil pink heart! 

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Posted on October 09, 2007 11:44:17 by Laurie.Manny

Long Beach Homes & Condos-7 Steps to Pre-Home Purchase Preparedness

Long Beach Real Estate & Home Loans

Long Beach Homes & Condos

7 Steps to Pre-Home Purchase Preparedness

1 - Choose a Lender

No it is not smart to just gift your business to a friend or family member, lender or Realtor. It is time to shop for the right lender for the job. My suggestion is to shop for a direct lender/loan originator. Removing the middle man from the transaction reduces your home loan costs. Direct lenders generally have a larger array of product available to them to shop from on your behalf and have built trust relationships with the wholesale lenders which you will benefit from greatly. Discuss your long range plan with your lender, have them explain the benefits of the loan programs available and decide which suit you best. Lenders have been closing up shop and discontinuing loan programs often recently; inquire if your lender plans on double app-ing your loan for your safety, a good one will. 
 
 
 
2 - Checking Credit Scores Prior to Starting the Purchase

Your lender can pull your credit report for you. Many credit reports contain errors which can be costly to you. Finding and correcting these errors, prior to searching for your new home will reduce your stress levels.  This will grant you the time to repair the problems which would otherwise result in higher interest payments due to the higher risk you would appear to pose. You may find that you have been the victim of identity theft and decide to put your purchase on hold temporarily until you can clean it up. 

3 - Be  Pre-approved Prior to Searching

What a shame it would be to find your Long Beach dream home only to discover that your credit is tarnished and will require several months of repair, or that you qualify for less than you need to purchase it. How are you going to submit an offer without a pre-approval in todays market? What Long Beach seller would consider that offer? How do you even know what loan amount you will qualify for? Why spin your wheels? Be smart, get pre-approved prior to searching. 
 
 

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Posted on October 01, 2007 18:23:51 by Laurie.Manny