Belmont Heights Condos-Market Report-2008-Long Beach Real Estate Sales

Condo Sales in Belmont Heights are picking up a bit. The availability of lower priced units has todays buyers out shopping. The plethera of available short sale and bank owned condos has brought prices down in Belmont Heights. Smart sellers are pricing their condos to sell instead of chasing the market down, which is never a good idea. Smart buyers are out shopping.

There are currently 51 condos for sale in Belmont Heights.

Average Price: $381,192

Average Days on Market: 106

10 condos in Belmont Heights are in escrow accepting back-up offers.

Average Price: $387,982

Average Days on Market: 58

3 condos in Belmont Heights are currently pending in escrow.

Average Price: $286,633

Average Days on Market: 23

38 condos in Belmont Heights have Sold (closed escrow) in 2008.

Average Price: $391,678

Average Days on Market: 112

2 condos in Belmont Heights are curretly on hold (no showings)

Average Price: $341,500

Average Days on Market: 34

25 Belmont Heights condo owners have cancelled their listings.

Average Price: $461,140

Average Days on Market: 69

3 Belmont Heights condos have withdawn from the market.

Average Price: $547,666

Average Days on Market: 63

24 Belmont Heights condo listings have expired.

Average Price: $422,920

Average Days on Market: 167

1 Belmont Heights condo for sale has been leased.

Contact Laurie to begin your search for your Belmont Heights Condo (562) 212-5420

(562) 212-5420

Posted on 2008-06-29 @ 3.32:00 pm 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 2008-06-28 @ 3.05:32 pm by Laurie.Manny

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?

(562) 212-5420

Posted on 2008-06-22 @ 7.04:50 pm by Laurie.Manny

Alamitos Beach Homes Market Report-2008-Long Beach Real Estate

Alamitos Beach Homes - Market Report - 2008

January 1, 2008 - June 20, 2008

Sales are picking up this month.  The real estate market has been flushed with foreclosed homes which has driven prices down and first time buyers onto the Long Beach Real Estate market.  The sharpest decline in prices in 20 years has been reported by Data Quick, prices fell by 30% in May.  While this upturn in the real estate market has not dribbled up to the luxury market, it should follow suit shortly. 

Lenders have tightened up on lending standards, interest rates are lurking around 6.5% and buyers must be pre-qualified.  It's a smart buyer that has a lock in letter and a loan commitment from their lender to protect themselves.  

This puts some strong buyers on the market right now and they are looking to purchase the most their money will buy.  There are some really great buys available right now, well priced homes are receiving multiple offers and investors are out shopping. 

This is a great time to be on the market priced to sell.

There are currently 15 homes for sale in Alamitos Beach.

Average Price: $724,920

Average Days on Market:  75

1 home in Alamitos Beach is in escrow accepting back-up offers. 

Average Price: $595,900

Average Days on Market: 62

3 homes in Alamitos Beach are currently pending in escrow.

Average Price: $303,966

Average Days on Market: 14

3 homes in Alamitos Beach have Sold (closed escrow) in 2008. 

Average Price: $442,666

Average Days on Market: 100

Read more »

Posted on 2008-06-21 @ 7.08:13 am by Laurie.Manny

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

Read more »

Posted on 2008-06-04 @ 5.22:08 pm by Laurie.Manny