Long Beach California Luxury Home Market Update

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Long Beach California is home to the West Coasts most affordable beach real estate.  Set in sunny Southern California we enjoy moderate temperatures year round, sweet ocean breezes and a resort atmosphere.  With our purchase prices so reasonable is it any wonder snowbirds are flocking here?  Palm Desert, 2 hours inland, is fantastic, but nothing compares to luxury oceanfront property and the beach is just more fun!

Long Beach has an endless array of entertainment to suit any lifestyle or age from water-sports to nightlife, theater and fine dining.  This is the perfect place to do everything, do nothing or to just go fly a kite!

Yes we have golf courses!  Long Beach is centrally located making access to all Southern California golf courses just a short drive.

Long Beach is conveniently located just 20 minutes south of Los Angeles International Airport (LAX), 20 minutes north of John Wayne Airport (SNA) in Irvine, and home to our own Long Beach Airport - which we love.  We are also just a 20 minute drive into Downtown Los Angeles - in case you were thinking about catching a Lakers game; attending a concert at the fabulous Staples Center or a performance at our beautiful Music Center.  Fantabulous and incomparable, 8 time Grammy award winner, Tina Turner
is performing at the Staples Center as I write this, had I known that ahead of time I would be there tonight singing along……..What’s love got to do with it? La la la… Gotta love that woman!

Did I say we were centrally located?  A 2 hour drive north will find you in beautiful Santa Barbara.  Head north just a little further and enjoy a day, or a romantic weekend, in wine country.  A leisurely drive south will take you into lovely San Diego.  Catch a Padres game or spend a day at the San Diego Zoo or perhaps SeaWorld with the family then head into the Downtown San Diego gaslight district for a delicious dinner and some relaxing down time.

Surfer? 10 minutes to surf city - Huntington Beach, where you will catch some of the finest waves on the west coast.

Long Beach is slated to become the new home of the largest movie studio in California.  A deal has been struck to take over the Boeing facility near the Long Beach airport. This will infuse new life into Long Beach and will certainly attract celebrities to our lovely waterfront homes and high rise condominiums.  How could they resist?  You never know who your new neighbor may be!

Did you know that Hollywood got its start in Long Beach?  Long Beach was known as the motion picture capital of the world until post World War I when Hollywood developed around the glitz of the era.  With its perfect Southern California climate, Long Beach afforded the perfect setting for the industry.  There were eight film houses, two stock companies,  roller-coasters and bath houses at the historic Pike, along the shore of Downtown Long Beach.  This was the home of the Balboa Amusement Production Company, the  world’s most prolific silent-film studio.  W. C. Fields and other stars lived in beautiful mansions in the Bluff Park neighborhood along Ocean Boulevard and First Street, many of which remain in the families to this day.

Speaking of historic districts, Long Beach has 17 of them, California Heights being the largest.  We love our historic homes here.  You can find out more about the history of Long Beach here as well.

Redevelopment in Alamitos Beach and the bustling Downtown Long Beach communities has birthed fabulous luxury high rise condominiums with endless ocean views, Manhattan style lofts and many fabulous new dining opportunities.

The luxury home market is generally a cash market.  Brian Brady’s 2009 Real Estate Market outlook predicts that disappearing jobs and financing will likely drive the price of luxury properties down in our waterfront and higher end communities.  While that is tragic for the owners of these Long Beach properties it is an incredible opportunity to purchase the Long Beach home, condo or vacation property you, the buyer has been waiting for.

The Long Beach real estate market has gone through several tumultuous years, this winter is certain to be a difficult time for sellers of Long Beach luxury homes, condos and income properties.  FHA loan limits, currently capping at $729,750 for single family home purchases are slated to be decreased to around $625,000 on January 1, 2009.  Decreasing buyer purchasing power is certain to affect prices in the mid-market range of $700,000 to about $1,000,000.

What does this mean for sellers?  If you are planning on selling, you should plan on closing your escrow before the end of the year and should price it to do so. It would be our pleasure to provide a home value assessment.

What does this mean for buyers?  This is an incredible opportunity to purchase your new home at an incredible price.

International buyers are flocking to the United States to purchase real estate at our current depressed prices, there is limited financing for foreign nationals, most are purchasing with all cash.  Long Beach prices have become very attractive to these buyers. You can start your search for Long Beach homes here.  VIP service is provided with the ability to set up custom searches with an automatic email alert system.

If you are interested in purchasing a Long Beach luxury oceanfront home or a high rise luxury waterfront condominium, this winter is the time to make that purchase. It would be our pleasure to assist you.

Long Beach California City and Relocation Resource Guide

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Long Beach California Luxury Home Market Update

Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate

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Belmont Shore Real Estate Market Report

Including Belmont Park, Naples Island, Marina Pacifica

Homes, Condos and Income Properties

Long Beach California

Last Updated 10/8/2008

Belmont Shore boundaries: North - Broadway East - Bay Shore South - The Ocean West - Livingston Drive

Belmont Park boundaries: North - Monrovia Avenue East - Marine Stadium South - Broadway West - Bay Shore

Naples Isand boundaries: North - Belmont Park East - Marina Pacifica South - The Peninsula West - Belmont Shore

About Belmont Shore and Naples Island California

Long Beach Homes For Sale in Belmont Shore, Belmont Park and on Naples Island

 

There are currently 74 Long Beach homes for sale in Belmont Shore, Naples Island and Belmont Park.

• 3 homes are for sale between $500,000 and $600,000 (All in Island Village)
  
• 1 home is for sale between $600,000 and $700,000
• 10 homes are for sale between $700,000 and $800,000
• 11 homes are for sale between $800,000 and $900,000
• 9 homes are for sale between $900,000 and $1,000,000
• 17 homes are for sale between $1,000,000 and $1,500,000
• 8 homes are for sale between $1,500,000 and $2,000,000
• 7 homes are for sale between $2,000,000 and $3,000,000
• 5 homes are for sale between $3,000,000 and $4,000,000
• 3 homes are for sale between $4,000,000 and $5,000,000
  

 

• Average Price: $1,498,262 down from last months:  $1,564,786
• Average Days on Market: 134

 

FHA loans are available to a maximum loan of $729,750 with a minimum 3.5% down payment (up from 3% as of 10/1/08) until January 1, 2009 when they are currently scheduled to drop the maximum loan amount to $625,000, this could change. 

FHA Lending Limits for LOS ANGELES COUNTY (LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN AREAS): 

• Single Family Home or Condo: $729,750
• Duplex:  $934,200
• Tri-plex:  $1,129,250
• Four-Plex:  $1,403,400
  

Jumbo Loans are currently requiring approximately 30% down payment and start at $729,000, also currently scheduled to drop concurrently on 1/1/09 to $625,000 unless something changes between now and then. 

 

There are currently 12 homes pending (in escrow) in Belmont Shore, Belmont Park and on Naples Island.

 

• 12 Homes are accepting Back-Up offers
  
• 13 Homes are pending

 

Back-Up Offers:

• Average Price: $1,171,650 down from last months $1,286,983
• Average Days on Market: 104 up from last months 84

Pending Offers:

• Average Price:$1,459,061 up from last months $1,311,130
• Average Days on Market: 98 up from last months 81

 

 

69 homes closed escrow (SOLD) in Belmont Shore, Belmont Park and on Naples Island in 2008; up from 46 closings on 8/22/08, that is a nice healthy jump!

 

• Lowest Price Home Sold: $625,000
• Highest Price Home Sold: $4,450,000

• Average Price: $1,216,423 up from last months  $1,171,889
• Average Days on Market: 92 up from last months 66

 

59 Homeowners Cancelled their Listings

• Average Price: $1,367,521

• Average Days on Market: 152

1 Homeowner Withdrew their home from the market

• Average Price $1,299,000

• Average Days on Market: 140

42 Listings Expired

• Average Price: $1,325,699

• Average Days on Market: 155

 

1 Listing has been placed on Hold

• Price:  $939,900
• Days on Market:  20

6 Homes removed from their listings from the market and Leased

• Average Lease Price:  $3,966
• Average Days on Market:  113

 

Search homes for sale in Belmont Shore,Naples Island and Belmont Park

 

• Belmont
  Shore-Naples Island-Belmont Park Homes for sale under $1000000
  
• Belmont
  Shore-Naples Island-Belmont Park Homes For Sale $1000000 to
  $2000000
• Belmont
  Shore-Naples Island-Belmont Park Homes For Sale $2000000 and
  up
• Bay Harbour Homes For Sale

 

 

 

Long Beach Condos For Sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

 

There are currently 23 Long Beach Condos for sale in Belmont Shore, Naples Island, Belmont Park and Marina Pacifica

• 3 for sale between $200,000 and $300,000
• 3 for sale between $300,000 and $400,000
• 1 for sale between $400,000 and $500,000
• 5 for sale between $500,000 and $600,000
• 2 for sale between $600,000 and $700,000
  
• 1 for sale between $1,000,000 and $1,500,000
  
• 1 for sale at $3,799,000

• Average Price: $815,563* up dramatically from last months $531,386
• Average Days on Market: 106 down just a bit from last months 109

*Please note that the dramatic increase in average listing price does NOT reflect an upturn in the local real estate market. It does reflect higher end properties coming available (which did occur here) or incorrect pricing. 

 

There are currently 9 condos in escrow in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica.

 

• 4 condos are accepting Back-Up offers.
• 5 condos are pending

 

Back-Up Offers:

• Average Price: $474,725 down from last months $541,628
• Average Days on Market: 55 down dramatically from last months 113
  

Pending Offers:

• Average Price:  $340,659 down from last months $407,450
• Average Days on Market: 199 up dramatically from last months 28
  

 

 

39 condos have closed escrow (SOLD) in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica in 2008, up from last months 31

 

• Lowest Price Condo Sold: $225,000
• Highest Price Condo Sold: $780,000

• Average Price: $518,815 not far off from last months $513,912
• Average Days on Market: 83 about the same as last months 85
  

 

19 Condo owners Cancelled their Listings

• Average Price: $528,431

• Average Days on Market: 123
  

 

 

26 Listings Expired

• Average Price: $614,600

• Average Days on Market: 192
  

 

2 Condo owners Leased:

• Average Lease Price:  $2,225
• Average Days on Market:  176

 

 

Search Condos for sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

• Belmont
  Shore-Naples Island-Belmont Park Condos For Sale
• Marina
  Pacifica Condos for Sale Long Beach CA
• Bay
  Harbour Homes For Sale Long Beach California

 

 

 

 

 

 

Long Beach Income Properties For Sale in Belmont Shore, Belmont Park and Naples Island

 

There are currently 19 Long Beach Income Properties for sale in Belmont Shore, Naples Island and Belmont Park, down from 21 last month. 

 

• 9 are duplexes
• 6 are triplexes
• 1 is a four-plex
  
• 1 has 9 units
• 1 has 10 units
• 1 has 23 units

 

• Lowest Price: $789,900
• Highest Price: $6,950,000

• Average Price: 1,716,568 down substatially from last months $1,946,614
• Average Days on Market: 119 down from last months 138
  

 

 

There are currently 3 income properties in escrow in Belmont Shore, Belmont Park and Naples Island.

 

• 1 income property is accepting Back-Up offers.
• 3 income properties are pending.

 

Back-Up Offers:

• Price: $1,495,000
• Days on Market: 78
  

Pending Offers:

• Average Price:  $1,389,666 down dramatically from last months $1,699,000
• Average Days on Market: 157 up from last months 142
  

 

 

13 income properties have closed escrow (SOLD) in Belmont Shore, Belmont Park and Naples Island in 2008, up from last months 12. 

 

• Lowest Price income property Sold: $799,000
• Highest Price income property Sold: $3,500,000

• Average Price: $1,662,115 down from last months $1,734,041
• Average Days on Market: 129 down from last months 135
  

 

7 income property owners Cancelled their Listings

• Average Price: $1,316,685

• Average Days on Market: 292
  

  2 income property owners Withdrew their properties from the market

• Average Price $837.250

• Average Days on Market: 76
  

18 Listings Expired

• Average Price: $1,456,883

• Average Days on Market: 218
  

 

Search Income Properties for sale in Belmont Shore, Belmont Park and Naples Island

• Belmont
  Shore-Naples Island-Belmont Park Income Properties For Sale

 

 

 

*All statistics are as represented by the MLS and are not to be interpreted as the representations of the author.

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Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate

Long Beach Condos For Sale: September 28, 2008

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Long Beach Condos For Sale: 
September 28, 2008

 

 

What’s available?  

 

YIKES! There are 539
Condos for Sale in Long Beach!

 

Need a little perspective? 
464 Long Beach condos have sold (closed escrow) between 1/1/2008 and today
9/28/2008!  This means that it will take
about 10.5 months to sell off the existing inventory of homes.  That does not take into account new listings
entering the Long Beach Real Estate market. 

                                                           

11 Studio condos for sale in Long Beach ranging in price from $75,000 to
$497,000, square footage 215 to 527, 143 average days on market.

• 1 condo
  for sale in Belmont
  Shore
• 1 condo
  for sale near PCH & Bellflower
• 6 condos
  for sale in Downtown Long Beach
• 3 condos
  for sale in Alamitos
  Beach

Buyers are looking at these units with a new perspective
lately.  Some are buying these for
weekend getaways, others are using them to run small businesses from and
parents have been purchasing them for students. 
Be sure to check the CC&R’s to make certain that your purpose is
allowed. 

 

160 one bedroom condos are for sale in Long Beach ranging in price from $64,000 to
$740,000, square footage 471 to 2,461, 111 average days on market. 

• 2 condos
  for sale in Bixby
  Village on 7^th St.
• 2 condos
  for sale in Marina Pacifica Condominiums
• 1 condo
  for sale in Belmont
  Shore
• 16 condos
  for sale in Belmont
  Shore
• 1 condo
  for sale is actually in Lakewood
• 18 condos
  for sale on the Eastside
• 3 condos
  for sale near PCH & Bellflower
• 97 condos
  for sale in Downtown Long Beach and Alamitos Beach
• 9 condos
  for sale in Bixby Knolls
• 11 condos
  for sale in North Long Beach

 

Lowest Priced one
bedroom condo for sale in Long Beach?

$64,000, 1 bedroom, 1 bath, 660 sq ft in Bixby Knolls.  But don’t go getting all excited, its not a
real price folks, it’s the starting price for an auction and there are other
costs involved as well.  You remember the
old saying, “If it sounds too good to be true…. It’s probably too good to be
true!” 

 

 

Highest Priced one
bedroom condo for sale in Long Beach? 

133 N The Promenade #405 in Downtown Long Beach Condo for
Sale is a 1 bedroom, 3 bath, 2,461 sq ft Penthouse, with HOA dues of $604 and
central air and heat which has been on the market for a short 10 days.  This unit went on the market this time at
$689,000 the price was changed the same day to $740,000.  Yes, that is curious!  This is a Short Sale believe it or not, built
in 2007. City lights view. 
Hmmmmmmm…………..  What? No ocean
view for that price???  Can you smell
another foreclosure coming? 

While only on the market for an apparent short 10 days, this
property was actually recently removed from the market to be put back on as
new.  Previously listed on 6/10/2008 for
$950,000, reduced the same day to $789,999, then reduced to $740,000 on
9/12/2008 and removed from the market the same day. 

Can you say psychotic? 

 

There are 303 two
bedroom Long Beach
condos for sale ranging in price from $80,000 to $1,495,000. 

• 40
  have 1 bathroom
• 249
  have 2 bathrooms
• 14
  have 3 bathrooms

• 55
  indicate no parking (some of these have parking but it is not indicated on
  the MLS)
• 117
  indicate 1 available parking space or garage
• 130
  indicate 2 available parking spaces or garage combination
• 1
  indicates 3 available parking spaces or garage combination

Since 3 parking spaces are so very rare here in Long Beach here is
further information on that particular unit:

2121 E 1st
Street #307 is 2 bedroom, 2 bath, 1,264 sq ft, HOA
$183 Long Beach Condo located in the heart of the Bluff Park Historic District
and is just 1 short block to the beach.  
It is a Probate sale, being sold as is, and is not subject to court
approval.  This unit has been on the
market for 109 days, originally priced at $524,900 back on 2/13/2008, reduced
several times to its current list price of $420,000. 

Since 2 bedrooms so rarely are available at anywhere near $80,000
here is further information on the 2 that are available at that incredible
(realistic?) price:

3245 Santa Fe Ave #71 is a 2 bedroom, 1 bath, 730 sq ft
first floor unit with a carport and HOA $215. 
This is a Short Sale that has not been approved by the bank and has been
on the market for 160 days. 

3265 Santa Fe Ave #138 is a 2 bedroom, 1 bath, 730 sq ft,
HOA $185, no parking indicated which is likely incorrect.  This unit is a bank owned foreclosure and has
been on the market for 51 days. 

 

 

I found an interesting blog in Virginia about Condo ownership which you might want to read. 

 

Home or Condo Buyer Information:

• Home Buyer
  Information
• Long
  Beach Home Search-Where do I start?
• Home
  Buyer Tips - Don’t Make Any Major Purchases 
• Home
  Buyers Tips - Changing Jobs Affects Your Ability to Purchase a
  Home 
• Long
  Beach Home Buyer Tips - Things to Avoid Before Purchasing a
  Home

 

 

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

 

 

Naples Island and Belmont
Shore Luxury Condos For Sale

• Belmont
  Shore and Naples Condos For Sale
• Marina
  Pacifica Condos for Sale Long Beach CA
• Bay
  Harbour Homes For Sale Long Beach California

 

 

Belmont Heights Condos For Sale

• Belmont
  Heights Condos For Sale $300000 to $400000
• Belmont
  Heights Condos For Sale $400000 to $500000
• Belmont
  Heights Condos For Sale $500000 to $600000
• Belmont
  Heights Condos For Sale $600000 to $800000

 

Related Posts:

• Belmont
  Heights Neighborhood of Long Beach California Resource Guide
• Belmont Heights Neighborhood Market Report
• Long Beach - Best Neighborhood for Walking
• Space Saving Ideas for your Long Beach Homes
• Selling YOUR Long Beach California Homes and Condos
• Long Beach California Beach Communities - Area Information
• About Long
  Beach California
• Relocating to Long Beach California-Resource Guide

 

 

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Long Beach Condos For Sale: September 28, 2008

Are YOUR Granite Countertops "HOT"? -Long Beach Real Estate

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Are your Granite Countertops “HOT”?

Granite Countertops are one of the top selling points for homes and condos.  In a recent article “Words that Sell Homes”, it was disclosed that the word Granite was one of the 7 top words that help sell a home. When thinking about a Long Beach Home Kitchen Remodel, it is the Granite counter-top that is the finishing touch.  Will you go dark or light?  A lot of texture or more sedate? Domestic or Imported? Almost everybody loves granite countertops. 

 

Recently the NY Times published an article raising questions regarding harmful levels of radon gases being emited by the breadown of uranium in the many varieties of granite countertops.  Radon is a radioactive gas that can cause lung cancer.

 

Having read through many of the articles available on the internet most suggest that the countertops emitting the highest levels of radiation seem to be those imported from Brazil and Namibia.

 

The Marble Institute of America has said such claims are “ludicrous” because although granite is known to contain uranium and other radioactive materials like thorium and potassium, the amounts in countertops are not enough to pose a health threat.

 

If you have granite countertops and are concerned whether radon or radiation is a problem you can:

 

1. Contact the American Association of Radon Scientists and Technologists (aarst.org). Testing costs between $100 and $300.
2. Find a certified technician at the Environmental Protection Agency’s Web site at epa.gov/radon, as well as from state or regional indoor air environment offices, which can be found at epa.gov/iaq/whereyoulive.html.
3. Radon test kits are available from the National Safety Council  (or call 1-800-SOS-RADON).  Some home improvement stores sell test kits.  To find a qualified testing or mitigation contractor, contact your state radon office or either of the national private radon programs.

 

Articles on the subject you might be interested in reading: 

 

• What’s Lurking in Your Countertop? - NY Times
  
• Granite Countertops A Health Threat? - CBS News
  
• Radon in Granite
• Could your granite countertops be leaking radon gas?
• Granite Countertops & Radon Gas

 

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Are YOUR Granite Countertops "HOT"? -Long Beach Real Estate

Space Saving Ideas for your Long Beach Homes

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Small Living Space Soutions for Long Beach Homes

Space Savers or Hidden Secrets?

 

Down here at the beach we trade square footage for beach living and ocean breezes.  But what do we do with all of our stuff?  Lifetime collections of photos, books and other treasured belongings, that we are just not prepared to part with, need a place in our new homes as well. 

 

Small spaces are a challenge when we downsize our lives.  Creative use of our space without feeling cluttered and oppressive becomes a mission.  Creative Home Engineering, a Tempe Arizona company specializing in hidden passageways may have solved some of these issues. 

 

What a great way to expand space, furnish our homes and create hidden storage spaces!  When your square footage is limited every found space becomes critical.  Living in small spaces certainly has its challenges and rewards.  A small mess in a large home is a huge mess in small space.  One needs to be a neat freak in small spaces.  Creative Home Engineering is providing several wonderful solutions. 

Have you been wondering where to hide a safe in your home?  Take an unsightly hall closet and convert it to a hidden safe and a wonderfully elegent storage cabinet. 

Looking for a safe and discrete hiding place for those things that should never be found by others?  Lovely and elegant built in’s hide your most private possessions very nicely.

 

While we have many larger homes in Long Beach, many of the homes here are of the smaller cottage genre.  Small living space ideas are in demand, we are pleased to be able to provide some solutions. 

Read also: 

Small Living Space Solutions for Long Beach Homes

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Space Saving Ideas for your Long Beach Homes