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

Posted on June 29, 2008 14:32:00 by Laurie.Manny

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

Home Sales in Belmont Heights are picking up. The availability of lower priced homes has todays buyers out shopping. The plethera of available short sale and bank owned homes has brought prices down in Belmont Heights. Well priced homes are often receiving multiple offers. Smart sellers are pricing their homes to sell instead of chasing the market down, which is never a good idea. If you do not need to sell, this is not the time to be on the market. Smart buyers are out shopping.

There are currently 68 homes for sale in Belmont Heights.

Average Price: $1,111,793

• Lowest Price: $530,000
• Highest Price: $2,500,000
• 30 Homes are priced under $1,000,000
• 38 Homes are price over $1,000,000
  

Average Days on Market: 91

6 homes in Belmont Heights are in escrow accepting back-up offers.

Average Price: $804,650

Average Days on Market: 83

2 homes in Belmont Heights are currently pending in escrow.

Average Price: $1,019,000

Average Days on Market: 34

42 homes in Belmont Heights have Sold (closed escrow) in 2008.

Average Price: $820,619

Average Days on Market: 85

27 Belmont Heights home owners have cancelled their listings.

Average Price: $967,201

Average Days on Market: 119

6 Belmont Heights homes have withdawn from the market.

Average Price: $1,056,000

Average Days on Market: 104

22 Belmont Heights single family home listings have expired.

Average Price: $912,881

Average Days on Market: 153

• Belmont Heights Homes For Sale $800000 and less
• Belmont Heights Homes For Sale $800000 to $1200000
• Belmont Heights Homes For Sale $1200000 and higher

• 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

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

Are you thinking about selling your Belmont Heights home? Internet exposure and marketing has never been more important. Expansive internet exposure will drive many buyers to view your home. Hire an internet savvy Realtor. Contact Laurie (562)212-5420

Why Hire an Internet Savvy Realtor?

Over 80% of all home searches start on the internet. Your Long Beach homes need to be online, and findable, when buyers begin their search. Have the Realtors you interview show you their ability to market your Long Beach properties on the internet. Step back; pick keywords that should bring that item to the front page of Google; keywords like Long Beach Real Estate. Are any of the sites that your Realtor is using to promote your property coming up at the top of the engines? No? Keep shopping. Better yet, call the Realtors on the front page of Google, they already know how to get there and you can cut right through the unlikely candidates.

Over 25% of all Home Buyers FIRST saw the home they purchased on the internet. If your Long Beach homes are not heavily marketed on the internet, you are missing thousands of potential buyers.

Visit our blog for more helpful Long Beach Real Estate Information and Updates

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Posted on June 29, 2008 14:17:24 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

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Long Beach Homes For Sale

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• 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 June 28, 2008 08:05:32 by Laurie.Manny

Long Beach Mortgage Rates Report: June 25, 2008

No recommendation until tomorrow.  All eyes are on the Federal Reserve Open Market Committee today.  At 2:15PM (EDT), 11:15 (PDT), they will release their interest rate decision and statement.  The fixed income securities market believe there is a 43% chance that the Fed will RAISE rates, to stifle inflation, in August and that there is a 61% chance that the hike will come in November.

The eyes will be on the Fed's commentary, though:

"We expect the Fed to keep the funds rate at 2% today but to shift to a more hawkish statement by placing more emphasis on inflation over growth risks," strategists at Credit Suisse wrote in a research report. "The Fed will likely use this meeting as an opportunity to set the stage for a potential rate rise in August."

If the Fed signals that rates could rise as early as August, expect Long Beach mortgage rates to jump .25% higher, from today's 6.375% 30 year fixed rate, over the next few weeks.  If the Fed signals rate hikes are "possible" as a way to fight inflation, expect rates to stay level through in July (6.25% to 6.5%).  Finally, if the Fed shifts back to its anti-recessionary talk, we could see rates drop down to 6%.

As you can see, there are a lot of "ifs".  This is why today's Fed commentary is all important.  The Fed's ambiguity has traders convinced that higher rates are a foregone conclusion.  Here's the silver lining hidden in this dark cloud; mortgage rates are equal to what they were in July, 2007.  The Fed Funds rate was at 5.25%, then.  Today, the Fed funds rate is at 2.25%.  What that means is that mortgage rates SHOULD be able to withstand some 5-6 rate hikes and stay under 7%.

Alas, markets are discounting mechanisms.  We still think there is a lot of risk to higher mortgage rates until the commodities bubble bursts.

Posted on June 25, 2008 08:08:48 by Brian.Brady

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