Rising housing, gas and food prices are driving people out of their cars and back into town...

The Economy is Hitting Home

The Economic Squeeze

Watch this interesting 2 minute video by ABC News, Diane Sawyer.

Rising housing, gas and food prices are driving people out of their cars and back into town...

The mortgage crisis combined with rising housing costs related to the sub prime crisis are really starting to hit home for many Southern California residents who still commute. With the price of gas now topping $4.50 per gallon at most Southern California stations this is becoming a very serious issue. I drive an SUV (which I still love, sigh...). Yesterday I spent $143 to fill the tank; can you say OUCH?!? That equates to over $600 per month in gasoline for me and I rarely leave the Long Beach area! Looks like I am going to have to think about a smaller, more fuel efficient car pretty soon.

By the way, has anybody else noticed that a tank of gasoline isn't going as far as it did? It seems to be burning up a lot faster these days. I asked a friend who works at one of the refineries about it, he mentioned that they are adjusting the ethanol content in the mix which causes the fuel to burn faster. Gee thanks George W!

Buffalo NY Realtor Colleen Kulikowski has not only noticed less miles per gallon, she reports that Mobil Oil is advertising no ethanol in their mix up in her area.  After experimenting she is seeing a better return on her miles per gallon.  Definately something to consider when deciding where to pump that liquid gold!  Hey Mobil, is that nationwide?  Or just up in Buffalo?

Many homeowners have faced or are facing foreclosure due to adjusting mortgages, which few can afford. This combined with the rising cost of gasoline, food (have you checked out the prices in the supemarkets lately - good grief) and just about everything else has just about everybody rethinking just about everything.

Many homeowners are interested in downsizing their homes, are seeking affordable housing and are moving closer to their places of employment; or are seeking ways to work remotely from home.

Long Beach Real Estate is affordable and beach close.  Oh and by the way, we have better weather down here at the beach.  Cooler in the summer, wamer in the winter.

What are you doing to ease the effects of the economy?

Posted on June 22, 2008 19:04:50 by Laurie.Manny

Can We Save the Long Beach Condo Market?

The Long Beach condo market experienced a significant decline before the mortgage credit crunch started.  In fact, Southern California was one of the markets that promulgated the credit crunch with its higher than normal foreclosure rate.  On August 2, 2007, American Home Mortgage went belly-up, sparking a chain reaction of A paper lenders to close their doors, permanently.  262 lending institutions have "imploded" since the sub-prime mortgage decline in late 2006. The mortgage industry contraction has exacerbated the Long Beach housing market decline, especially the condominium market.

It doesn't have to stay like this.

Condominium management associations are dealing with stressed out homeowner associations who are responding to angry homeowners.  "Where are all the qualiied buyers?", they demand.  "Why is the Long Beach condominium market in a free fall?"

I have the answer.  Nobody can get financed.  Well, nobody is a strong word; very few can get financing for Long Beach condominiums.  On June 2, 2008, Fannie Mae severely limited its approvals for Long Beach condominium financing; now, you need at least 10% downpayment to get a loan for a condominium....UNLESS...

...you read carefully.  I know how to stop these prices from dropping like a ball off a table;

government financing.

That's right, FHA or VA loans can save the Long Beach condo market.  They don't have "declining market" adjustments, aren't relying on PMI companies to insure loans with a down payment of less than 10%, and offer competitive loan terms to borrowers.  The problem with FHA/VA home loans in Southern California?  Most condominium complexes are NOT approved for government loans.  If you're a condo owner, or a HOA board member, or an association management company employee, you can check to see if the complex is approved for:

FHA financing here or

VA financing here.

If your complex isn't approved for government loan financing, you have effectively cut the pool of potential buyers by two thirds.  Many Long Beach condominium buyers are first-time home buyers and don't have 20% down payment.  When you limit the pool of potential buyers, you work against the already stabilizing housing market in Southern California.

While house prices may rise, later this year, Long Beach condominiums can still decline in value because of poor management.  Can you afford to have your property investment go sour because of laziness or lack of information?  It doesn't have to be that way.

Call me and I'll help assist you in the government loan approval process.  It may take 4-6 weeks and will probably cost the association about $2,000 to get the complex approved.  While that may sound costly, I assure you that your homeowners will be ecstatic that you've stabilized their property value.

Brian Brady is a San Diego-based mortgage banker and can be reached at 858-777-9751

Posted on June 06, 2008 17:49:49 by Brian.Brady

Alamitos Beach Condos-Market Report-2008-Long Beach Real Estate Sales

Alamitos Beach Condos Market Report

2008

Long Beach Real Estate Sales

Ocean Boulevard Corridor Condo Sales

January 1, 2008 - June 3, 2008

Active

There are currently 59 Ocean Blvd Corridor Condos For Sale in Alamitos Beach, many with fantastic waterfront views, some with city views. 

• 17 of these condos are priced under $500,000 and range from 580 sq ft to 1,128 sq ft.
• 28 of these condos are priced between $500,000 and $1,000,000 and range from 846 sq ft to 1,850 sq ft. 
• 13 of these condos are priced between $1,000,000 and $1,499,000 and range from 1,264 sq ft to 2,065 sq ft. 

Pending

5 Alamitos Beach Condos are pending in escrow.

• 3 bedroom, 2 bath, 1,535 sq ft., $930,000, 51 Days on Market
• 2 bedroom, 2 bath, 1,245 sq ft., $619,000, 182 Days on Market
• 3 bedroom, 2 bath, 1,818 sq ft., $774,900, 83 Days on Market
• 3 bedroom, 2.5 baths, 1,788 sq ft, $799,900, 100 Days on Market
• 2 bedroom, 2 bath, 1,590 sq ft., $910,000, 82 Days on Market

Back Up Offers

4 Alamitos Beach Condos are in escrow accepting back up offers:

• 1 bedroom, 1 bath, 732 sq ft., $459,000, 73 Days on Market
• 3 bedroom, 2 bath, 1,320 sq ft., $699,900, 51 Days on Market
• 3 bedroom 3 bath, 1,788 sq ft., $899,000, 15 Days on Market
• 3 bedroom, 2 bath, 1,800 sq ft., $1,649,000, 120 Days on Market

Closed Sales:

17 Alamitos Beach Condos have closed escrow this year (2008) to date: 

• 9 Under $500,000
• 6 Between $500,000 and $1,000,000
• 2 over $1,000,000
  

Cancelled

29  - Alamitos Beach Condos listed for sale on the Ocean Blvd. corridor were taken off of the market.  Average Days on Market: 155

Expired

34 - Alamitos Beach Condos on the Ocean Blvd. corridor, listed for sale, expired in 2008, Average Days on Market: 155

• Long Beach CA Ocean Blvd Condos For Sale

• Alamitos Beach Luxury High Rise Condos Market Report-Ocean Boulevard Corridor-90802-January-December 2007
  

Long Beach Relocation Resource Guide

• Relocating to Long Beach California-Resource Guide

Alamitos Beach Condos and High Rise Condos For Sale

• Alamitos Beach Condos For Sale $400000 to $500000
• Alamitos Beach Condos For Sale $500000 to $600000
• Alamitos Beach Condos For Sale $600000 to $800000
• Alamitos Beach Condos For Sale $800000 to $1000000
• Alamitos Beach Condos For Sale $1000000 and more
• Alamitos Beach-Downtown Long Beach-Ocean Blvd Condos For Sale-Long Beach Real Estate For Sale

Downtown Long Beach Condos For Sale

• Downtown Long Beach-Alamitos Beach-Ocean Blvd Condos For Sale
• Emerald Villas Condos-555 Maine Ave-Downtown Long Beach Condos For Sale-Long Beach Real Estate For Sale
• Sunset Pointe Condominiums-640 W 4th St-Downtown Long Beach Condos For Sale-Long Beach Real Estate For Sale
• Golden Gate Square Condos-730 W 4th St-Downtown Long Beach Condos For Sale-Long Beach Real Estate For Sale
• Ocean Gate Square Condos-720 W 4th St-Downtown Long Beach Condos For Sale-Long Beach Real Estate For Sale

Downtown Long Beach Homes For Sale

• Downtown Long Beach Homes For Sale $500000 and up
• Downtown Long Beach Homes For Sale $300000 to $500000
• Downtown Long Beach Homes For Sale Under $300,000

Prefer Luxury Waterfront Long Beach Homes with room for a boat?

Try Spinnaker Bay. 

Or perhaps the Belmont Shore and Naples areas:

• Belmont Shore and Naples Condos For Sale-Long Beach Real Estate
• Belmont Shore Naples Homes For Sale in Long Beach CA $2000000 and up
• Belmont Shore CA Homes for sale under $1000000
• Belmont Shore-Naples Homes For Sale in Long Beach California $1000000 to $2000000
• Marina Pacifica Condos for Sale Long Beach CA
• Bay Harbour Homes For Sale Long Beach California

Posted on June 03, 2008 17:17:20 by Laurie.Manny

Long Beach Own Your Owns-OYO-OYOs-Condo Conversions-Income Properties in Long Beach

Long Beach Own Your Owns - OYOs

What the Heck is an OYO?

Why would I want to own one?

Long Beach has been home to many Own Your Owns over the years. They can be found throughout Downtown Long Beach, Alamitos Beach, Bluff Park and into Belmont Heights; older, usually 2 or 3 story buildings tucked between newer and sometimes taller buildings.   Recent Condo Conversions have trimmed the numbers of available OYOs considerably. OYOs used to be a really good investment, selling for considerably less than Long Beach Condos, they proved to be a very desirable purchase. When they successfully converted to condominiums owners realized large profits.  Often condo conversion was the motivation for purchasing an Own Your Own. 

Many buyers ask about OYOs.  They want to know if they are the same as a condo, or more like a stock cooperative. 

OYOs are similar in ownership to condos in that they are both fee simple ownership with individual tax bills and deeds. OYOs are a pre-condominium form of ownership, mostly built in the 50s. They generally sell for less than condos and are occasionally candidates for condo conversion, if they qualify, at which time they increase in value dramatically. Often OYOs will not have sufficient parking to qualify for condo conversion. 

Read more »

Posted on May 05, 2008 18:18:26 by Laurie.Manny

Long Beach California Real Estate Sales

Long Beach California Real Estate Sales Update

January - April 2008

The real estate market in Long Beach has begun to shift.  We have witnessed a steady rise in homes and condos for sale in Long Beach since the beginning of the year, as is witnessed by the chart provided.  Buyers who have been waiting out the real estate market hoping to get that incredible deal are now buying those Long Beach homes and condos they have been wanting. 

Interest rates are still great, although lenders are tightening up on lending standards.  It is getting more difficult to procure a home loan unless your income and credit scores are high, your credit history is good and your debt ratio is low.  As we progress into the summer months lending standards will become even more stringent.   

• Long Beach Mortgage Rates Reports

If you are one of the consumers who has been sitting on the sidelines waiting for Long Beach real estate prices to drop before you begin your buying process, you might want to speak to a mortgage lender pretty soon.  Run your credit, find out if you qualify for a home loan sufficient to make that purchase.  You may also decide to go ahead and buy now while Long Beach prices are low, some concessions are still being granted and home loans are still available to consumers with less than pristine credit. 

• Long Beach Homes & Condos-7 Steps to Pre-Home Purchase Preparedness 
• Buying Your Long Beach Home - Getting Started 
• Long Beach Home Search-Where do I start? 
• New FHA Loan Limit For Long Beach Homes
  
• Long Beach Homes - To Buy or Not To Buy? 
• Long Beach Homes and Condos - Negotiating Your Offer 
• Long Beach Home Ownership - 1st Time Home Buyers and The American Dream 

 Real Estate Sales in Long Beach California - 2008 - Year to Date

• Long Beach Homes and Condos Market Report-Jan-Dec Home Sales 2007 
• Long Beach Income Property Market Report-January-December 2007-Including Signal Hill 
• Downtown Long Beach Stock Co-operatives 

There are many REO (Real Estate Owned) or bank owned homes and condos on the market in Long Beach.  There is a huge demand for these homes, especially the nicer ones, and many are receiving multiple offers and selling quickly.  When a bank, or a seller, receives multiple offers, they generally are not willing to grant much, if anything, in the way of concessions, which means the buyer is paying a higher NET price. 

Recently many home sales have been at or near full price with minimal contribution, if any, toward closing costs.  Some bank owned properties, which have sat on the market, have been successfully negotiated at considerably lower prices.  Most of these have been purchased by contractors or other professionals who know how to make the necessary repairs and upgrades at minimal cost.  First Time Buyers do not have the after purchase cash to bring these homes up to standard. 

• Who is Negotiating YOUR Long Beach Home Purchase or Sale 

All cash buyers are shopping and closing deals, and thier money is making waves here in Long Beach.  A seller of a Long Beach home or a bank will gladly accept a cash offer.  For them a cash offer means they dont have to worry about a loan program disappearing or a lender closing its doors in the middle of their transaction.  They dont have to worry about a buyers credit position changing during the course of the transaction or the lenders guidlines changing and precluding the buyer from the loan program midstream.  They know that an all cash purchase has an excellent chance of actually closing escrow.  Many escrows have not been successfully closing here in Long Beach, especially those with 100% financing programs involved, which makes the all cash buyer - or the buyer with a large down payment very attractive to a seller.  Sometimes a seller will accept a slightly lesser offer for the assurances an all cash deal can provide.  Money talks¦

Home sales in Long Beach are on the incline, prices are down, interest rates are still great; now is a good time to buy.

• Home Buyer Tips - Dont Make Any Major Purchases
• Home Buyer Tips - Changing Jobs Affects Your Ability to Purchase a Home
• Home Buyer Tips - Things to Avoid Before Purchasing a Home 

Learn About Long Beach California:

• Relocating to Long Beach California-Resource Guide 

Call Laurie today to begin your home buying process.

Long Beach Homes For Sale

• Long Beach Homes For Sale $300000 to $400000
• Long Beach Homes For Sale $400000 to $500000
• Long Beach Homes For Sale $500000 to $700000
• Long Beach Homes For Sale $700000 to $900000
• Long Beach Homes For Sale $900000 to $1200000
• Long Beach Luxury Homes For Sale $1200000 to $2500000
• Luxury Homes For Sale in Long Beach California $2.5 Million and up
  

Long Beach Condos For Sale

• Long Beach Condos For Sale $1,500,000 and higher
• Long Beach Condos For Sale $1,000,000 to $1,500,000
• Long Beach Condos For Sale $900,000 to $1,000,000
• Long Beach Condos For Sale $800,000 to $900,000
• Long Beach Condos For Sale $700,000 to $800,000
• Long Beach Condos For Sale $600,000 to $700,000
• Long Beach Condos For Sale $500,000 to $600,000
• Long Beach Condos For Sale $400,000 to $500,000
• Long Beach Condos For Sale $300,000 to $400,000
• Long Beach Condos For Sale Under $300,000

Long Beach Income Properties For Sale

• Income Property For Sale in Long Beach California-5+ Units
• 2 to 4 Units For Sale in Long Beach California
• Triplexes For Sale in Long Beach California
• Duplexes For Sale in Long Beach California

Posted on May 03, 2008 19:37:51 by Laurie.Manny