Long Beach Real Estate Sales – Market Report – Statistics – 2008

1 Comment »

Long Beach Real Estate News

Long Beach California Real Estate Sales Update

 

 

The Long Beach Real Estate Market has been shifting a bit this year. After a very slow start in January, Long Beach home sales are up by over 100% on a monthly basis as of August. Long Beach Condo sales, still very weak, have been increasing on a monthly basis, almost doubling by August.  Downtown Long Beach is home to a great many condominium complexes; clearly 25% of all Long Beach condo sales this year have been in the Downtown area.  This makes sense, Downtown is still very affordable and affordable sells in this market.  The redevelopment in Downtown Long Beach has made living there very desirable. 

 

While residential real estate sales in Long Beach are down a bit from the same time in 2007; sales of income properties are down substantially. The Long Beach income property sector has been extremely hard hit with large decreases in annual sales 2006 through 2007.  2008 has not offered a reprieve for owners of these investment properties.  Prospective buyers of income properties are learning that large down payments are now necessary to purchase units whether they are owner occupied or not.  The banks, hard pressed to cover these loans, have raised the bar on qualifying.  It is not unusual for a bank to demand a 40% down payment and excellent credit before even considering a loan for apartments. Still, some sellers need to sell and there have been a few very sweet deals that have closed this year, some all cash, the rest with large down payments or seller financing. 

 

Long Beach stock co-ops and Own Your Owns-OYOs remain difficult to purchase with little financing available and large down payments required.

 

Prices seem to be stabilizing in some Long Beach neighborhoods, while others are still facing further declines.  Neighborhoods plagued by foreclosures and short sales are feeling the drag down effect on prices as more of these continue to come onto the market. 

 

 

Buyers shopping foreclosed homes and condos are finding them to be a highly desirable but difficult purchase.  With prices so attractive the competition for better properties has become fierce with serious investors winning many of these properties with all cash offers. Seller concessions are decreasing as the market begins to stabilize a bit.  If a buyer needs closing costs they are often building all or part of that into their loan to make the purchase where several months ago it was a given that the seller would be making that concession.  While it is still possible to attain seller concessions it is not necessarily the order of the day any longer, which may be a telltale sign of either the homes being priced right or a flattening in the market.  Time will tell.  

 

Most Realtors® and buyers have given up trying to purchase short sales unless they already have bank approval.  The banks have made the process near impossible, nobody wants their time wasted.

 

And yet, people are buying homes and condos in Long Beach and are getting some killer deals.  Great deals are out there right now.  Why do you think the investors are waving around so much money?  If you were waiting for the bottom of the market it is time to get out there now.  While this might not be the bottom in all areas its close enough to the bottom in most. 

 

Long Beach Homes and Condos that went onto the market in the spring will be expiring very soon which means some of them will re-enter the market with price reductions, some large.  Over the next couple of months some lucky buyers are going to get homes they only could have dreamed of several years ago.

Don’t you want to be one of those buyers?

 

 

 

Long Beach Real Estate – Closed Sales

January – August – 2008

2008	HOMES	CONDOS	LOFTS*	CO-OPS	OYOs	2-4 UNITS	5+ UNITS	TOTAL
JAN	72	40	2	1	0	9	6	130
FEB	94	32	2	1	1	17	6	153
MAR	107	48	2	1	0	17	4	179
1/4 ttl	273	120	6	3	1	43	16	462
APR	137	56	1	3	0	21	6	224
MAY	164	59	1	4	0	28	7	263
JUN	160	60	1	2	4	24	8	259
2/4 ttl	461	175	3	9	4	73	21	746
YTD Subttl	734	295	9	12	5	116	37	1208
JUL	183	67	1	0	1	31	8	291
AUG	181	74	0	1	4	26	3	289
YTD Subttl	1098	436	10	13	10	173	48	1788
SEPT
3/4 ttl
YTD Subttl
OCT
NOV
DEC
YTD TOTAL

* Lofts include Loft Live and Work spaces

For a little perspective, here is a comparison of the last 7 years for the same time period. 

 

Long Beach Real Estate – Closed Sales

January – August – 2002 – 2008

YEAR	HOMES	CONDOS	LOFTS*	CO-OPS	OYOs	2-4 UNITS	5+ UNITS	TOTAL
2008	1098	436	10	13	10	173	48	1788
2007	1272	650	17	12	15	241	60	2267
2006	1582	805	10	12	48	419	78	2954
2005	2010	1041	7	16	109	594	207	3984
2004	1945	900	1	11	111	536	192	3696
2003	2302	970	0	17	89	566	168	4112
2002	2326	1022	0	16	88	569	153	4174

* Lofts include Loft Live and Work spaces

 

Disclaimer: Statistics are as represented in the SoCalMLS and are not the representations of the author. The numbers represented above are only as good as the information input into the SoCalMLS by the listing agents.  If (in my opinion, may be the case) some listings of lofts, co-ops and OYOs were input as condos, then they are reflected as condo sales here.  Often listing agents will represent these as condos in the MLS in order to stimulate traffic as many buyers agents will not look at the other categories.  As crazy as this sounds it is true and sales have occurred as a result of utilizing this tactic. Therefore the information in these categories is very likely not a true representation of the actual sales, but the grand total of these and the condo category would correctly reflect the total of all – as represented by the SoCalMLS.

 

Contact Laurie to begin the search for Your Long Beach Home.

 

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

 

Read More Details

Long Beach Real Estate Sales – Market Report – Statistics – 2008

Buying Fixer Upper Homes in Long Beach – Long Beach Real Estate

1 Comment »

Long Beach Real Estate News

Buying Fixer Upper Homes in Long Beach

 

Many buyers who are searching for homes in Long Beach express interest in purchasing a “fixer upper”.  It is always interesting to hear what their idea of a “fixer upper” is.  There are so many levels of fixer upper it is necessary to clarify what the buyer has in mind.

 

Quite a few buyers of Long Beach Real Estate think a home that requires paint and carpet is a fixer upper.  These are cosmetic fixers and while they do cost a fair amount of money to update, it is very common to need paint and replace flooring when purchasing Long Beach homes.  This could be called a cosmetic fixer, but then many homes that require extensive work in the kitchen and bath – or even replacement – are often referred to as cosmetic fixers as well.  Costs can start to add up and the buyer isn’t going to be thinking “cosmetic fixer” as the price tag begins to reach the stratosphere. 

 

• Paint interior and exterior
  
• Carpet or sanding/replacing hardwood or tile flooring.
  
• Kitchen Remodel or refacing
  
• Bath full or partial remodel

 

There are many items your home inspector will look at that can add to this already hefty amount of necessary repairs and/or upgrades.  Electric and plumbing replacements can get pricey if added to the already climbing total of necessary upgrades. Here are a few important items to inquire about:

 

• Has the electric been upgraded – at least partially? When?
• Is the plumbing copper? When was it installed?
  
• Are the upgrades nearing the end of their useful life? 
• Will you need to replace them at some point in the near future?

Lets not forget the roof.  There are many types of roofs, made out of many materials, but roofs do have a life expectancy. Find out how long ago the roof was installed and if the homeowner purchased a 30 year roof.  It will give you an idea of when (not if) you will need to upgrade it once again.  Roof replacements come in several forms.

 

• Adding an additional layer of shingle. (moderately expensive)
  
• Adding an additional layer of shingle and replacing the wood underneath it. (more expensive)
  
• Entire roof replacement including roof frame and ridge-board.  (quite pricey)

 

Most roofs are supposed to be able to handle the weight of about 3 layers of shingle.  3 layers makes for a very heavy roof and can bow the ridge board creating a rather expensive repair.  Check the roof to see how many layers of shingle are currently on it.  1 is best, 2 is OK, 3 means that it will eventually have to be removed to replace it with another layer, adding to the cost of your roof replacement. 

 

Termites, left to their own devices, can cause tremendous damage over time.  While most Long Beach homes require a moderate amount of termite work done during the escrow process, occasionally a home will have a tremendous amount of damage and the costs can skyrocket.  Termite work is usually the responsibility of the seller contractually.  Sometimes the seller will place a financial cap on how much work they are willing to do, if the buyer accepts this during the negotiation process they will be contractually obligated to complete the work themselves. Smart homeowners have annual contracts with a pest control company to keep the little buggers under control. 

 

Many bank owned properties are refusing to do termite inspections and work.  It is advisable to have a termite inspection during your contingency period to assure yourself that the home is sound and the work will not have astronomical costs attached to it after purchase. 

Foundation issues are usually deal breakers.  If an entire foundation needs to be replaced the estimated costs are usually so high the seller will refuse and the buyer will decline.   If you discover foundation problems, you absolutely should get 3 estimates for the work.  You may be shocked at how far apart the estimates can be.  Some years ago I saw 3 estimates for the same foundation replacement come in at about $20k, $35k and $52k, it can be confusing and it can make people very angry.   Most buyers are not equipped to handle this level of problem. 

 

Some cracks in foundations are easily repaired with a liquid epoxy.  The problems are not always major.  Foundation problems can sometimes be detected by a noticeable tilt of the floors. Large cracks can be an indicator of stress to a particular area of the foundation.

 

A sagging in a particular area of the home could indicate that a post needs to be replaced under the home.  This is not as major of a job as one would think, and is fairly reasonable to correct. 

 

Heaters must work, most lenders will not fund a loan without an operating heating system. 

I recently showed a very nice home to a buyer client.  The home was in very good condition and showed really well.  The seller happened to be home and was very forthcoming with information about the house.  She has lived in it for 25 years, having purchased it from a very handy gentleman years before.  The prior owner added on a large master bedroom and bath, the work was quality.  It seems that he also delivered the house with a new roof and 15 year old plumbing.  The electric had not been a problem, so it had not been upgraded.  The kitchen, while nice, was in need of a remodel.

 

Having informed us that she had lived in the home for 25 years repair free, we now knew that just about everything in the home was nearing the end of its useful life and would need to be replaced over the next few years.  As nice as the home was, the potential investment in it over the first few years was too high, even at a reduced selling price. 

There is much to consider when purchasing a home.  Most buyers in today’s real estate market do not have the money to handle expensive upgrades and/or repairs after purchase.  Smart sellers are putting their homes into tip top condition prior to listing their Long Beach homes on today’s real estate market.  These homes are experiencing multiple offers and are selling very fast.  There just are not very many of them available.  Other Long Beach homes continue to sit on the real estate market because the buyers know they will not be able to do the work after purchase. 

Buying Long Beach homes requires a great deal of investigation and knowledge.  It is easy to overlook potentially expensive repairs that are just a short way down the road.  This is one of the many reasons it pays to hire a knowledgeable “Long Beach Realtor®” to protect your interests when you are shopping for “Long Beach Real Estate”.

 

Contact Laurie to begin the search for your new home

 

 

Read More Details

Buying Fixer Upper Homes in Long Beach – Long Beach Real Estate

Downtown Long Beach-Belmont Shore-Parking Solutions-Long Beach California

1 Comment »

Long Beach Community News

Long Beach Parking Solutions

 

Last month the Long Beach Real Estate Home Blog published an article on Downtown Long Beach Parking.  The article discussed the escalating parking problems caused by the re-development in the Downtown Long Beach area.  One of the potential parking solutions
addressed was Vertical Parking.  The article went on and examined an assortment of related potential issues and raised a whole bunch of questions for which there were no immediate solutions.  

 

Shortly after publishing this article I was contacted by the owner of Apex Skypark.  They are a Robotic Parking Solution company located right here in Anaheim.  He took the time to address the concerns and informed me that they are currently working with the City of Long Beach in an attempt to bring these solutions to the Downtown Long Beach
and Belmont Shore
neighborhoods.  Well, both communities can certainly use more parking – he piqued my interest. 

 

An invitation to contribute to the Long Beach Real Estate Home Blog
was extended to Apex in an effort to better explain this to Long Beach residents.  We are pleased to welcome Harold W Ashworth, a Long Beach Peninsula resident and Vice President of Apex Skypark.

 

 

By:  Harold W Ashworth

 

I have become intimately involved with The City of Long Beach and their
Parking Issues. Working with the Long Beach Re-Development Agency has shown me just how
critical parking is in the Downtown Long Beach area. As a Long Beach Resident (The
Peninsula) I have experienced many of the same issues everyone else faces as
they try and Park on 2^nd Street in Belmont Shore for dinner in the evenings and or dinner on the waterfront at Shoreline Village. Whether it is waiting for the Valet to bring
your car or running out to re-fill the meter has become quite the challenge.

 

That being said – The Automated Robotic Car Garages hits close to home for me
as I am involved with a local company right here in our own backyard. Apex
Skypark®, Inc., located in Anaheim, builds the Robotics and Systems for this new
Technology – New to the USA only. Presently there are only 4-5 Garages operating
in the USA but many are either under construction or they are in the design
phases. We are currently working with Developers and the City of Long Beach on a
couple of locations for this very thing. Long Beach will become the first on the
West Coast for an Automated Robotic Garage.

 

There were some very important and concerning facts you brought up and I will
try to address those for you here. First of all you should know that Robotic
Parking is not any less than Conventional Parking as far as costs are concerned
but we can basically get more into less space. Here are some of the concerns you
addressed with my response.

Lots in Downtown Long Beach

• Great Research!! You know your city! There are many lots going away and along with that Parking
  Spaces

 

Expensive Equipment

• As I stated the cost many times is equal or less than traditional parking. To
  build a conventional garage it presently costs the City app. $35,000 per parking
  space not including the land. If you go below grade the costs escalates quite
  dramatically. Unlike Traditional Garages that for every level you go up it gets
  more expensive Automated actually goes down in cost.

 

Expensive Operations

• The economics are quite interesting actually. In a recent exercise we did for
  the City we analyzed a popular Parking Lot in downtown and concluded that their
  Expense per Parking space is $10.91 per day compared to $3.11 for Automated -
  Substantially less.

 

Parts Required and availability

• Skypark® components are designed and built with “Off the Shelf” components that are readily accessible from almost any local supplier. This is designed intentionally so the end user will never be faced with this exact issue.

 

Trained Personnel Engineers and Mechanics

• Each System that is delivered has Personnel fully trained in our facility; additionally we also encourage a local Elevator Trained company to partner with Skypark® and the Customer. Basically the System is a sophisticated Elevator System and any company that works on elevators can work on this System.

 

What happens if your car is on one of the upper levels and the Equipment breaks down?

• The System is designed with Redundancy. For instance there is not just one Robot and Trolley System. The Robot/Trolley is actually two Robots and if one fails then the other can literally push or pull the other one. There are also other Robots in the System to take over. In the event of Power failure there is a Diesel Generator that will automatically take over within 20 seconds. As a last resort the System has a Manual Override.

 

What if the Part is unavailable and has to be imported from Japan

• All components are sourced from the USA or have actually been designed by the Team at Skypark®. There is also a Spare Parts Kit included with every System. Periodic Regular Scheduled Maintenance is required which in most cases will prevent any System Breakdown.

 

How could all of this be kept affordable?

• Using State of the Art Technology and low Maintenance Costs

 

Who do you call if the System fails?

• Skypark® or the local Authorized and Trained Maintenance Company

 

What happens if it is very late at night?

• 24/7 is always on Call

 

24 hour availability?

• YES many times we can look at the System via Computer modem and repair or determine exactly what the issue is.

 

Time to retrieve your car.

• Typically in most cases 1-2 min

 

Fear of retrieving your car in the middle of the night.

• Each Garage has a Safe and well lit Waiting Room

 

Large influx of people after work to retrieve their car.

• 
  There are many ways to alleviate this multiple Exit Modules, Call Ahead Retrieval, Valet, etc. The System’s Computer is designed to understand that there are certain vehicles that come and go at different times and as those “Peak” times approach the system will move cars from different levels down closer to the Exit points thus creating a smooth and positive experience.

 

 

Do You Want to be Published?

Read More Details

Downtown Long Beach-Belmont Shore-Parking Solutions-Long Beach California

Fun on the Naples Island Canals-Long Beach California Real Estate

1 Comment »

Long Beach Community News

Naples Island – Long Beach California

Life and Fun on the Naples Italianesque Canals

Saturday afternoon, August 30, 2008

 

Another glorious day in Long Beach California.  Does this ever get boring?  Not!  Today I showed duplexes in Belmont Shore and Seal Beach, dropped my client off and cruised around Naples Island taking pictures on the canals. 

 

I met 2 lovely young ladies, Sophia and Sylvia, who were sunning themselves on one of the bridges.  They were kind enough to agree to let me photograph their sunny faces, so cute!  Imagine my surprise when they asked me “Do you want to see us jump off of the bridge?”  Well, they didn’t wait for an answer, they just went ahead and jumped off of the bridge!  Then dragged themselves out of the canal at a convenient dock. 

 

The 2 adorable little river rats were having a ball.  I cracked up laughing.  Just had to get pictures of this to share. 2 little hams, didn’t mind, they wanted to make sure I got them mid air.  So, here they are, mid-air…  They are looking forward to seeing their pictures here.  Girls I hope you like them. 

 

Apparently the girls are well known for their antics as most of the neighbors are used to seeing them do this often. 

 

There were people swimming and kayaking below and boats passing through, I was very relieved to notice the girls taking extra precautions to make certain the coast was cleared for a safe landing. 

It looked like so much fun, if I were still a kid, I’d have jumped in with them, lol…

 

I hope you enjoy the video of this afternoons pictures. 

Best,

Laurie

 

Are you thinking about moving to Long Beach?  Think you might enjoy living on Naples Island, perhaps raising your family there and watching your kids shiny, smiling, joyful faces as they jump off a bridge?  If living on a gorgeous Italianesque canal, having a boat slip and living in a luxury waterfront home appeals to you, contact Laurie. 

 

Naples Island and Belmont Shore Homes For Sale

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

Naples Island, Belmont Shore and Marina Pacifica Condos For Sale

• Belmont Shore and Naples Condos For Sale
• Marina Pacifica Condos for Sale Long Beach CA

 

Naples Island and Belmont Shore Income Properties For Sale

• Belmont Shore-Naples Island Income Properties For Sale

 

 

Read More Details

Fun on the Naples Island Canals-Long Beach California Real Estate

Back to School – Long Beach Resources

Leave a comment »

Long Beach Community News

Back to School Resources

 

 

The lazy, hazy days of summer are just about over.  September is closing in on us and the beginning of the new school year is just around the corner.  Are you ready? 

 

The CBS Early Show put together this great segment on cool back to school gadgets:

 

• Crammer Study & Sound System – Cool Tool!
• Lightweight laptops -EEE PC 900 (only 2.18 lbs., runs Windows XP and plenty of space, it even has a webcam and it is somewhat shockproof) See the video below to view the many features this neat little gadget provides.
• Digital lunch pail/printer – unlikely duo, but it works
• Cheap MP3, only $39 – not a favorite with kids though
• Back friendly back packs with air lifts to lift the weight off your child – those books are heavy! 

 

Heather Waldmand over at Kidshealth.org has a wonderful article and some great suggestions about the emotional impact of the first day back at school:  “Going Back To School”

10 Tips for Smart Back-to-School Shopping over at great schools is sure to make your transition less stressful.  While you are over at Great Schools check out their polls; learn how other parents feel about important issues. 

 

Shop where the teachers shop, CM School Supply has bunches of school supplies – at a discount!  Way to go……….. Mom has money left over for that first day of school pampering……….a manicure AND a pedicure. 

 

Discount School Supplies 

 

Save time and money, by shopping online, at any one of these online discount school suppliers:

 

• BuyOnlineNow
• Discount School Supply
• ABC Teacher’s Outlet
• Early Childhood
• Classroom Direct – Wholesale Supplier – Great idea for large familys. 
• Home Schooling?  Discount Home School Supplies is the place for you. 
• Toy Destination is advertising discount Backpacks and Lunchboxes as well.
• Deal Time has Craft and Drawing supplies to soothe that creative streak, and whole lot’s more. 
• Head on over to 1StopSquare for your discount scrapbook supplies.

Check out these informative articles from Great Schools :

 

• A Back-to-School Supply List to Get You Started
• 10 Tips for Smart Back-to-School Shopping
• The Debate Over Dress Codes and Uniforms
• Choosing Your Child’s Back-to-School Clothes
• Shopping With Your Tween or Teen
• When to Get Your Child a Cell Phone
• Start Your School Routine Now
• Back to School: Avoid Morning Meltdown
• Jinx the Kindergarten Jitters
• 10 Tips for Adjusting to a New School
• Five Key Skills for Academic Success
• How to Stay Involved in Middle and High School
• Study Skills for Middle School and Beyond
• 10 Ways to Jump-Start College Planning
• What Are the Latest College Trends?
• Help Your Child Eat a Healthy Lunch
• Tips for Buying a Backpack and Carrying It Safely
• How to Get to School Safely
• What Makes a Great Parent?
• 10 Easy Ways to Help Your Child’s School
• Parent-Teacher Conference Prep
• Is It ADHD? The Teacher and Doctor Disagree
• My Child Is Easily Distracted
• Get Ready for Middle and High School Reading
• Study Skills for Middle School and Beyond
• How to Read With Your Child
• Get Your Child Excited About Math

 

Read More Details

Back to School – Long Beach Resources