Long Beach Home and Income Property Tax Pending

Long Beach Home and Income Property Tax Pending

Just in from the Pacific West Board of Realtors:

The Long Beach City Council will consider placing a Parcel Tax on the November 2008 ballot this Tuesday, July 22nd at 5:00 p.m. at City Hall.

Guide to Long Beach City Government

The proposed Parcel Tax is $120 annually per residential parcel and $120 annually per unit for apartment buildings.

We encourage you to attend this council meeting if possible.

City of Long Beach
333 W. Ocean Blvd
Long Beach, CA 90802
Tel: (562) 570-6555

Why is this important to you?

If you are the owner of a single family home this will cost you an extra $120 per year. Not a lot by anybodys standards and won't exactly break the bank.

If you are the owner of apartment buildings this parcel tax will be per unit. Own a lot of units? OUCH! This breaks down to about $10 per month per apartment.

If you are a renter, plan on having that included in your next rent increase!

Laurie Manny Long Beach Realtor (562) 212-5420
Prudential Calfornia Realty Bixby Knolls/California Heights Historic District   3728 Atlantic Avenue Long Beach, CA 90807
Long Beach Real Estate Blog Long Beach Real Estate Website

Posted on July 21, 2008 01:58:44 by Laurie.Manny

Its Time to Purchase Your Own Home - Long Beach California Real Estate

The Long Beach Real Estate Home Blog is proud to welcome guest author Bruce Mulhearn.

Bruce T. Mulhearn is viewed as one of the most profound thinkers and analysts in the real estate profession.  He obtained his real estate license in 1960.  In addition, he is a recipient of numerous professional designations from the National Association of Realtors including Graduate Realtors Institute (GRI), Certified Residential Broker (CRB), and Certified Residential Salesman (CRS).

A native of Newcastle-Upon-Tyne, England, he has been a U.S. citizen since 1964.  He is recognized nationally for his contributions as one of the foremost instructors in the industry.  He is president and founder of Prudential California Realty, Mulhearn Group, which opened in 1967 and has grown to 21 offices with some 800 sales associates and is ranked as one of the top 100 real estate firms in the U.S.

"It's Now Time to Purchase Your Own Home!"

Crystal balls are in short supply.  Depending on which periodical, newspaper clipping, or sound bite you receive, speculation on the future runs rampant.  Nobody can provide an exact picture of the future with any degree of accuracy.  One thing that's for sure-the housing crisis varies dramatically depending on what part of the country you live.

On a national basis, California, Arizona, Nevada, and Florida have been hit the hardest with value reductions; however, in retrospect, these are the four states that had by far the most appreciation within a five-year period from 2000 to 2005.

When a headline screams out, "Median Price in California Drops 30% in One Year," that in itself is startling.  The median price in California has fallen to $339,000.  That's the steepest monthly decline in two decades.  But in return, it draws in a tremendous amount of first-time buyers who now see the homes as affordable.   They are no longer priced out of the market.  What we're seeing are prices in 2008 that reflect the same price in 2004.  At the height of the market in May 2007, the median price was at $484,000.

Read more »

Posted on July 08, 2008 20:46:06 by Laurie.Manny

Downtown Long Beach California - July 2008

Whats going on in Downtown Long Beach?

So many people are downsizing and looking for new diggs in a more urban environment. What I am hearing more often is "I want to be able to walk to stores, coffee shops and entertainment." Where better to live than our very own "Downtown Long Beach". With such a wide variety of choices there is housing available to quench almost any buyers thirst.

Downtown has its very own Historic District replete with early century Craftsman Homes, Victorian Homes, California bungalows and lovely Spanish style homes (Willmore City Historic District). Prefer a duplex, triplex or fourplex; perhaps a stock co-op or an own your own (OYO)? We have those as well, and in all price ranges; from the very affordable to the very pricey.

In Downtown Long Beach, condos both old and new, fantastic loft spaces (urban living at its finest), abound. Prefer a brand new luxury high rise condo on the waterfront or with an ocean view? We have those too! We even have a landmark historic high rise on the ocean that it just to die for gorgeous, have you seen the Villa Riviera lately?

Moving your business here as well? Downtown Long Beach has many commercial properties; office space is available.

Buyers who are thinking about "Relocating to Long Beach" usually ask for particulars about the area. Questions like "What is there to do in Downtown Long Beach"? This question always brings a smile to my face, because our little Downtown is a jumping mecca of entertainment for all types and ages, we have a lil sumptin to entertain just about everybody here.

If you are feeling like a slug, you can sit outside of one of our many coffee shops or restaurants and just people watch; bring your laptop and tap into the Downtown Wireless Hotzone network. Now that may sound pretty boring to some of you, but I assure you Downtown is anything but boring. While you are sitting there, you may hear some incredible jazz or blues and choose to follow those enticing sounds right on over to the Blue Cafe. Stay a while, enjoy the music, play a game of pool, chill out. If it happens to be a Tuesday afternoon, between 11 AM and 4 PM, you can walk across the street to the Farmers market and pick up some fresh fruit and veggies for dinner. Check out the local crafts on display here as well.

The East Village Arts District in Downtown Long Beach hosts the 2nd Saturday Artwalk every month 4 - 10 PM. Enjoy an evening of art, entertainment, food and wine. Hey make a day of it, walk over from the Blue Cafe, its a short walk.

"MOLAA" (The Museum of Latin American Art) is free every Sunday in July 2008, compliments of Target. Hey, thanks Target! Enjoy the Latin Culture of Long Beach free every Friday, compliments of MOOLA.

Enjoy live music concerts monthly at:

• The Vault
• Blue Cafe
• The Cellar
• Downtown Long Beach Summer Music Series
• Seaside Summer Concert Series
• South Coast Chorle in Concert
• The Long Beach Symphony
  

Is the Theater more your bag? We have theater!

• Terrace Theater
• The Garage Theatre
• The Found Theatre

Head on over to the Aquarium of the Pacific for Shark Lagoon Night from 6 - 9 PM, go ahead, reach out and touch one of over 150 sharks. Aw geez, I just never had the guts for this one, but my little niece and nephew shamed me by reaching in and stroking jaws!

The Queen Mary is hosting several very interesting events this July.

• LA Motorcycle Show - July 12-13
• Calendar Girl Music Fest - July 12-13
• Caribbean Summer Music Festival - July 27
  

Did you ask if we had Sports?

Yes, Downtown Long Beach hosts sporting events on a regular basis. This month (July 2008) we have some exciting sporting events:

Read more »

Posted on July 05, 2008 23:00:21 by Laurie.Manny

Investment Properties Market Report-2 to 4 units For Sale-Long Beach Real Estate

Sales of Investment properties (2 -4 units), formerly a robust market here in Long Beach have slipped into the abyss along with homes and condos for the last few years. As with Long Beach homes and condos many owners of these investment properties have been facing difficulties meeting the financial responsibilities of ownership, some have already lost their properties to foreclosure.

Bank owned investment properties are starting to come available which is beginning to bring back the dormant investment property market here in Long Beach.  Investors are finding some great deals, several which will deliver an instant return on investment (ROI). 

The days of a 14 + gross rent multiplier are gone.   We are beginning to see GRM's back in the healthy 10 range once again. 

Many of these available properties are short sales.  Given the level of attention and interest the banks have been showing short sales these days, many of these are likely to be tomorrows REO properties.  There are bank owned properties in the mix already and smart investors are scooping these up rather quickly.  Several smart owners who would like to get out with thier shirt still attached to their backs have also priced thier investment properties to sell.  Its a good time to be out shopping.

Although we are part of Los Angeles County, we do not have rent control in Long Beach.  This makes Long Beach an ideal place to own and operate investment properties. 

There are currently 195 duplexes for sale in Long Beach.  

Average Price:$558,084

Average Days on Market:  102

Lowest priced duplex for sale in Long Beach:  $229,900 (2 one bedroom units in North Long Beach-no financials provided)

Highest priced duplex for sale in Long Beach:  $5,500,000 (Totally tricked out custom duplex on the sand with 360 views - no financials provided, lol...)

There are currently 77 triplexes for sale in Long Beach. 

Average Price:  $655,460

Average Days on Market: 132

Lowest priced triplex for sale in Long Beach: $300,000 (1 two bedroom, 1 one bedroom and 1 single, claims a gross scheduled income (GSI) of $42k and a GRM of 7.14, not a shabby return on your investment if the numbers are for real.  Located in Long Beach above Downtown Long Beach and below Wrigley.)

Highest priced triplex for sale in Long Beach:  $1,899,000 (1 three bedroom, 1 two bedroom and 1 one bedroom (and mysterious other income of $500 per month), with a boat dock. Claiming a GSI of $73,200 and a GRM of 25.94.  Yeah, it's a trophy property, but its got location, location, location - on the canal at Bayshore in Belmont Shore - and its really nice!)

There are currently 121 Four Plexes for sale in Long Beach. 

Average Price: $745,425

Average Days on Market: 130

Lowest priced four plex for sale in Long Beach: $425,000 (there are 3 for sale at this price)

1)  No clear details - the 2 units appear to have been combined, claims huge lot, able to build more.  No financial details avaiable.  Might be a short sale.

2)  1 three bedroom, 2 two bedrooms and 1 one bedrrom.  Claims GSI of $48,900 and a GRM of  8.69.  At this price its no wonder!

3) A mixed use property. This means you will need a commercial loan and an exceptionally large down payment - 40% or higher.  Comprised of 1 storefront and 3 residential units; 2 two bedrooms and a single.  Claims a GSI of $46,260 and a GRM of 9.19.  Again, at this price its no wonder!

Note:  You do understand that there is very little chance of the bank accepting an offer anywhere near this price for the 2 short sales - don't you?

Highest priced four plex for sale in Long Beach: $1,695,000 ( 1 two story, 3 bedroom upgraded owners unit, 1 two bedroom and 2 one bedrooms.  Claims a GSI of $81,240 and a GRM of 20.86.  Located in the heart of Belmont Heights, this one is new on the market, clean and attractive.  

Contact Laurie for more information, available property lists, or to purchase investment properties in Long Beach (562) 212-5420

• Duplexes For Sale in Long Beach California-Long Beach Real Estate For Sale
• Triplexes For Sale in Long Beach California-Long Beach Real Estate For Sale
• Four Plex's For Sale in Long Beach California-Long Beach Real Estate For Sale
• Income Property For Sale in Long Beach California 5+ Units Long Beach Real Estate For Sale
• Long Beach Income Property Market Report-January-December 2007-Including Signal Hill
• Long Beach Own Your Owns-OYO-OYOs-Condo Conversions-Income Properties in Long Beach
• Long Beach Real Estate Market Statistics- March 2008 - Absorption Rate

(562) 212-5420

Posted on June 28, 2008 15:05:32 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 19:18:26 by Laurie.Manny