California Heights Historic Home SOLD

Closed Sale	California Heights Historic District Charming Historic Home
	2 Bedroom 1 Bath 960 Square Feet 3,840 Lot Size Built 1924 Detached 2 Car Garage Most Original Features Intact Hardwood Floors French Doors Crown Molding Nice Landscaping Sprinkler System Copper Plumbing 5 Days on Market 184 Combined Days on Market Subject to Historic District Rules Buyer Represented by: Laurie Manny Long Beach Realtor (562) 212-5420 Long Beach Real Estate Blog Long Beach Real Estate Website Long Beach Photoblog
Represented Buyer	Offered at: $439,000 Closed Escrow at: $439,000 Closed November 10, 2008

California Heights Historic District Market Report (Updated every couple of months)

Marketing your homes on the internet is critical in this market.

We market Long Beach Homes for sale and reverse prospect for our buyers special needs:

Seeking California Heights Home for sale

Why Hire an Internet Savvy Realtor? Over 80% of all home searches start on the internet . Your Long Beach home needs to be online, and findable, when buyers begin their search. Have the Realtors you interview show you their ability to market your Long Beach property 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.

Call Laurie for all of your Long Beach Real Estate needs

(562) 212-5420

]]> http://www.lauriemanny.com/3650-olive-ave-california-heights-historic-home-sold-long-beach-real-estate-sales/feed/ 0 http://www.lauriemanny.com/long-beach-california-luxury-home-market-update/ http://www.lauriemanny.com/long-beach-california-luxury-home-market-update/#comments Sat, 18 Oct 2008 00:27:20 +0000 lauriemanny http://testing.realestatetomato.com/2008/10/17/long-beach-california-luxury-home-market-update/

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

The California Heights Historic District has decided to cancel this years 12th annual Home and Garden Show and postpone it until October 2009. 

Few are unaffected by the events leading to the current condition of our economy, this wonderful event is no exception.  Homeowners have postponed projects that would otherwise have been completed before placing their homes on the tour.  Attendees who would normally take the tour for improvement and restoration ideas are placing home improvements on hold and are finding themselves on restricted budgets due to inflating gas and food costs as well as, in some cases, large overhead costs due to increased mortgage payments, none of which bode well for anticipated attendance. 

The event has traditionally provided funds for projects in and around the California Heights Historic District and will be sorely missed. 

Are you considering a move to the lovely California Heights Historic District?  Here are several home searches for your quick reference:

California Heights Homes For Sale

• Bixby Knolls and California Heights Homes For Sale $500000 or less
• Bixby Knolls and California Heights Homes For Sale $500000 to $600000
• Bixby Knolls and California Heights Homes For Sale $600000 to $700000
• Bixby Knolls and California Heights Homes For Sale $700000 to $800000
• Bixby Knolls and California Heights Homes For Sale $800000 to $900000
• Bixby Knolls and California Heights Homes For Sale $1000000 to $1200000
• Bixby Knolls and California Heights Homes For Sale from $1200000

The Internet has become the go to place for buyers beginning their home search and to find their Realtor®. 

• 2008 – 78%
  
• 2007 – 72%

Buyers are spending more time and viewing many more homes and condos than in prior years.  They are also spending a considerable amount of time searching on the Internet prior to contacting an agent; often as much as 2 months or more. 

Barry Cunningham wrote a rather accurate depiction of the current state of affairs over on the Sellsius Blog.  He explains that the survey revealed:

After reading the results of the survey
Barry ran an experiment calling 20 Realtors on Friday morning and another 20 on Saturday morning.  The results?  2 agents answered their phone and only 4 called him back.  Yeah, that’s pretty bad.  We agents are running into the same problem.  Searching for homes for buyers often requires research and feedback from the listing agent prior to even considering showing a home.  Just last week I was researching available homes with Mills Act status in 3 historic neighborhoods: 

• Bluff Park Historic District
• California Heights Historic District
• Belmont Heights Historic District

With none currently available on the market the next step was to search for homes that might qualify for Mills Act after purchase.  I called 7 agents on Thursday and received 1 call back as of today.  Sellers, pay attention here, these are your listing agents!  My buyer lives on the East coast and was going to make a trip here to view these homes with the intention of purchasing one, he has to purchase, he is in a 1031 exchange and the clock is ticking.  Your Long Beach homes will not be shown, he has cancelled his travel plans and will have to make other arrangements.  One of the 7 of you was about to sell your home – not going to happen for now. 

Barry asks if Real Estate Agents have given up.  It appears to be so for some.  I think some have and more will follow in short order, there just isn’t enough business to support the amount of Realtors with active licenses.  One would think this alone is reason enough to be all over your business and jumping on those phones, but apparently it is not.  I suspect that many of these agents have sought employment and cannot take real estate related calls if they want to keep their other jobs.  But that leaves me scratching my head about the other 4 days the calls weren’t returned, so I guess I don’t have an answer here either.  I’m stumped, which brings up another issue.  If one of these agents listings go into escrow and the listing agent is gainfully employed elsewhere, how are they going to handle the barrage of paperwork and phone calls?  Escrow and Title Companies as well as most lenders work Monday thru Friday, from 9 – 5.  Do you know if your listing agent is available to handle the sale of your Long Beach home or condo? Are you sure?

Some agents consider themselves to be “listing agents”, others “buyers agents”.  The truth be told we are agents that handle both buyers and sellers, these are just personal preferences.  In the hot sellers market I worked with mostly sellers and some buyers.  It wasn’t a choice, listings, when handled properly, are a lot of work, if you are carrying a lot of listings there isn’t a whole heck of a lot of time to be researching for buyers and for showing properties, handling the phone calls alone can become a full time venture.  In the current market I find myself turning down most listings and working with more buyers.  This year I have declined close to 80 listings.  Why list homes that will not sell either because the seller wants more than the market will bear, is upside down or doesn’t have the funds to put the home into sell-able condition?  It just doesn’t make sense when buyers have so many viable choices. 

Does it sound strange to hear that a Realtor® is turning business away in this market?  We are not just agents.  We are business owners and as such need to make management decisions.  Not taking listings that won’t sell is a very smart business decision.  Listings cost a great deal of money and time to market when they are handled properly.  Taking 80 listings that probably won’t sell in this kind of a market would likely lead to bankruptcy.  I love what I do and will not jeopardize my business. 

No agent understands contracts better than a highly experienced listing agent.  They not only need to understand those contracts from the buyers perspective, they need to be in a strong position to protect their seller.  Buyer agents with little contract experience on the listing side are often not strong enough to protect the sellers interests when they list homes.  I love getting one of these as a listing agent when I am representing a buyer.  Can you say lunch?  

Buyers shopping today’s real estate market are looking to get the absolute most for their money.  Who can blame them?  When else will they ever have such an opportunity to purchase a lot of home for an amount they can afford?  Purchasing long Beach real estate is not a game, it is an investment in your future.  When prices are down it is smart to buy as much house or condo as you can handle comfortably.  Buyers are taking their time and continuing to look around even after they think they have found the right home, often for several months, sometimes they will find an even better one.  Who can blame them?  It’s just smart business, it’s not just a home, it’s an investment. 

The study said that today’s consumer is not satisfied with the performance of their real estate agent; 80% stating that their agent did not negotiate aggressively on their behalf.  Barry says “Thats completely understandable since most real estate agents are not trained negotiators.”  He’s right! Negotiating is not taught in real estate training.  Either the agent has those skills coming in or they develop them – or not.  Would you like to know what else is not taught?  How to price your homes!  Scary, isn’t it?  We either have it, or we don’t.  Barry is right when he states that negotiating is more than passing counter offers back and forth.  There is a whole lot more to it before that contract is even written and all the way through to the close of escrow.  The negotiating doesn’t stop until the deal is closed.  Both buyers and sellers need to really get to know what their agent is all about before they begin to work with them.

In all fairness, some buyers and sellers have to own the responsibility for choosing the wrong agent to work with.  Hey just because you or somebody you know, knows them doesn’t make them the right agent for you, and it doesn’t make them good at what they do.  Hire smarter the next time. 

Earlier this year Joel Singer, the Executive Vice President of C.A.R. invited me up to HQ to participate in a small round-table of Realtors® to discuss the effects of social networking on the real estate industry (there is a video on the CAR site as well, can’t locate it at the moment).  4 of us from around the state participated.  While we all went about social networking in somewhat different ways, the one thing we all agreed upon was that if you don’t have a heavily trafficked blog site, and a very strong online presence, you are going to get buried in the very near future.  Barry says we need a well marketed, SEO intensive Blog or website if we are to survive in this industry.  He is right, I have been saying this for over a year and a half now.  I have a few of those , they work, nuff said? 

The consumer (buyers) are shopping on the Internet.  Actually most of them are shopping on:

• Google, 40%
• Realtor.com 28%
• Yahoo Real Estate 8%
• Zillow 5%
• Specific home site 4%
• Craigslist.org 3%
• Unsure 13%

I’m smiling here.  Having one of the strongest online presences in the Long Beach Real Estate online market kinda takes a lot of the stress off .  33% of the participants in the survey said that Real Estate agents sites were the most useful tool in their home search.  Why wouldn’t they be?  We know our market better than anybody else, we work it every day.  The information on our sites reflects that.

Single property websites don’t work.  Do you want to know why?  Because they are website based and are new sites with new URL’s on them.  It will take them months to ever be found, by that time either your home will have sold, be coming off of the market or going into foreclosure! 

For Sale signs used to generate a lot of phone calls, especially on weekends.  Not true any longer.  Gone are the days of buyers driving around on weekends looking for open houses and calling on signs.  Today’s buyer is sitting in the comfort of their own home shopping on the Internet, looking at pictures, videos and slide shows of Long Beach homes and condos they are considering.  When they are ready, they pick up the phone and make an appointment to view the home.  Yep, open houses are pretty much toast as well.  Why would a buyer want to run all over town on your schedule when they can shop on theirs? 

Barry wants to know what we (Realtors®) are going to do with this information.  I have decided to pass it on to you, the Long Beach Buyers and Sellers.  What are you going to do with it?  

Please visit my Long Beach sites, Google loves them and I hope you will too!

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