Downtown Long Beach Condo Short Sale For Sale-640 W 4th St 317-Sunset Pointe Condos-90802

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Downtown Long Beach Condo For Sale

Sunset Pointe Condominiums

640 W 4th St #317

 

 

This peaceful and serene Downtown Long Beach condo has a loft feel to it.  Light Maple hardwood floors and a romantic fireplace await your return home.  Bedrooms are situated on either side of the unit which provides a nice level of privacy.  This lovely condo has 2 bedrooms and 2 baths, is 937 sq ft and has 2 parking spaces.  There is recessed lighting and washer/dryer hookups in the unit.  An upper, interior courtyard unit you will hear the water babbling in the brook below your windows. 

 

 

 

This unit is a short sale.  All offers are subject to bank approval. 

 

The Sunset Pointe Condominiums, a 68 unit complex built in 1990, offers a rooftop pool and spa with a 360° view of Downtown Long Beach, San Pedro and Palos Verdes, sunrise over Signal Hill, you can even view Hollywood and the San Bernardino mountains on a clear day from the rooftop pool area.  The center courtyard has lush landscaping, babbling brooks and no foot traffic. The sound of the babbling brook can be heard throughout the interior units of the complex, very relaxing and peaceful.  A great way to relax after a stressful day at work and a peaceful sound to drift off to. 

Located just one block from the new and beautiful Cesar Chavez park and community center, your new home is within a short walk of the restaurants and entertainment of Pine Avenue, The Pike, Shoreline Village, the East Village Arts District and Downtowns new outdoor mall and is convenient to all public transportation including the Metro Blue Line.  A short walk to your office if you live and work in the Downtown Long Beach business district and just up the block from the World Trade Center.  

 

Recent sales in the Sunset Pointe Condominiums include:

7/1/2007 through 1/11/2008

Status	Unit #	Bd	Bth	Gar	SqFt	Price
Active	317	2	2	2	937	$260,000
In Escrow	314	1	1	1	622	$244,000
In Escrow	206	2	2	2	1,117	$285,000
Sold	109	2	2	0	1,017	$300,000
Sold	316	2	2	2	916	$345,000

 

 Offered at:  $220,000

Do you work in the Downtown Long Beach area? 

 
Living here will make your walk to work a short one.

 

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Downtown Long Beach Condo Short Sale For Sale-640 W 4th St 317-Sunset Pointe Condos-90802

Long Beach Short Sale-A Tale of Betrayal and Greed

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Once upon a time there was a nice young couple who wanted a 2 bedroom Downtown Long Beach Condo to call home and to begin a future in.  About 2 years ago this sweet young couple met a nice real estate agent while visiting open houses beyond their financial reach.

Knowing little about the Long Beach communities, nothing about real estate and very little about managing their finances; they wisely sought out professional assistance.  They developed a working relationship with that agent, who helped them find the Downtown Long Beach Condo they were dreaming about and live in today.

The agent, not content with this sale, explained to this nice young couple that they could purchase a second condo in Downtown Long Beach, as an investment, and rent it out.  While they would be upside down to the tune of about $1,000 per month, they should not worry about it because they could afford it and in two years she would sell it for them at a huge profit.  Nice agent also assured this young couple that she would find them a tenant and check their credit etc¦ for the 2nd condo.  She didnt.

Relying on the professional they went ahead with the 2nd condo purchase anticipating a large profit with which they could purchase a nice home with a yard in a couple of years. This nice agent also arranged for financing on both units, both loans were 2 year fixed, both of which are now adjusting massively.  It was a financial plan-of sorts which is now a disaster.

2 years ago the hot sellers market was winding down, most agents knew what was developing in the Long Beach Real Estate market and were hoping for a mild downturn.  This was not a new agent, she had to know the position she put this couple into.

Nice young couple had a hard time finding a tenant and the $1,000 a month became a bit more.  They eventually found the tenant from hell, who wrecked their rental condo, annoyed the living crap out of all of the neighbors and took over 8 months to evict.  Naturally the tenant did not pay rent for those 8 months and broke the bank.

Nice young couple is watching the market crashing around them while going through the eviction process and are beginning to freak out.  They immediately arranged for a nice large heloc so they could cover the unexpected expenses.  Nice lender must have been feeling very generous, gave them a very large line to draw freely from, and they did – they maxed it out trying to keep their heads above water.

Both units are now short sales.

Sidenote:  If this couple had not purchased the 2nd condo they would not be in trouble today.

Nice agent who sold them the unit noticed the investment condo was on the market and called the young couple at home.  She was quite upset that they listed with another agent.  Didnt they know how good she is at what she does?  She works with an investment firm now and has many investor/buyers for the condo. (Duh! Where are they?  Where are the offers?)

• Why did you hire HER? You should have hired me.
  
• What is the agent you hired doing for you?
• Oh, you like her?
• Oh, she sells a lot of units in your complex?
• And in the area?
• Which Units?
• How much did she sell them for?
• Oh, she is doing a good job?
  
• What does she know about selling short sales?  I sell a lot of short sales!
  
• Oh, you have multiple offers.
• How many?
• Tell me how much the offers are for, I will talk to my buyer and bring you in a better offer!  (OMG-THE UNMITIGATED BRASS!)
  

It pays to educate your clients at the time of listing.  My clients were prepared for agents trying to extract information and were prepared with the right answers.  That didnt stop them from the shock of this particular phone conversation.  Both husband and wife called me the next morning.  The wife, who spoke to the agent assures me that she did not disclose the amounts of the offers.

I checked DRE records and the MLS, located the agents phone number and her brokers.  I called the agent, no answer, did not leave a message, hung up.  She called right back.  I told her I was aware of the details of the conversation, discussed the business and professions codes she violated, the lack of ethics that she displayed. Asked her why, if she had a buyer, didnt she call me and write an offer.  DUH!  She was also informed that the couple was very displeased and didnt want her to call them anymore.

Are you ready for the comeback?

Well, we have known each other for years and are very close, I thought it was OK.

Hey – get a clue – they didnt hire you!  You dont represent them!

AND

YOU KNOW WHAT YOU DID WAS UNTHINKABLE!!!

Did You Get Your Real Estate License in a Box of Cracker Jacks?  Are you smoking crack?

This is really bad!  Unprofessional and unethical behavior is turning up on an almost daily basis these days.  I dont have time to turn all of these people in to a system that doesnt deal with them anyway.  It is a disgrace.

It is illegal for an agent to disclose the terms of any offer prior to the close of escrow!  All agents know this, it is part of basic training.

The term REALTOR was deliberately omitted from this post!

Long Beach Homes and Condos Market Report-Jan-Dec Home Sales 2007

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Long Beach Short Sale-A Tale of Betrayal and Greed

Oceangate Square Condos-Downtown Long Beach-Market Report-720 W 4 St-90802-January-December 2007-2006-2005

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  Oceangate Square Condos – Downtown Long Beach

Market Report 2007-2006-2005

 

Year in Review

720 West 4th Street

Downtown Long Beach, CA  90802

Built in 1984

 

 

This report updates original market report: 

Oceangate Square Condos-Downtown Long Beach-Market Report-720 W 4 St-90802-January-December 8, 2007

 

It is said that a picture can tell a story.  Here is a 3 year view of sales at the Oceangate Condominiums.  The story told is that of a declining market, listings struggling to be sold and decreased volume of sales and selling prices.  Judge for yourself:

 

2007

Status	Unit #	Bd	Bth	Gar	SqFt	Price	DOM
A	311	1	2	0	584	$229,900	196
A	216	2	2	2	957	$275,000	94
P	116	2	2	1	957	$279,900	97
S	410	1	1.5	1	853	$281,000	11
S	108	1	2	1	584	$290,000	27
X	109	1	2	1	584	$249,000	117
X	107	1	2	1	588	$259,000	110
X	109	1	1.5	1	584	$269,000	258
X	416	2	2	2	1,352	$374,900	276

 

2006

 

Status	Unit #	Bd	Bth	Gar	SqFt	Price	DOM
S	113	1	1.5	1	584	$265,000	75
S	208	1	1.5	0 A	584	$262,500	28
S	112	1	2	0	584	$265,000	10
S	310	1	2	0	584	$268,000	19
S	409	1	2	1 A	853	$315,000	65
S	405	2	2	2	1,352	$375,000	56
K	113	1	2	1	584	$265,000	98
X	310	1	1.5	0	584	$274,500	49
X	310	1	1.5	0	584	$274,500	41
X	313	1	2	1	584	$310,000	124
X	416	2	2	2	1,352	$399,000	114

 

 2005

 

Status	Unit #	Bd	Bth	Gar	SqFt	Price	DOM
S	309	1	1.25	0	584	$249,000	14
S	109	1	2	1	584	$265,000	18
S	108	1	2	0	584	$275,000	48
S	304	2	2	0	957	$279,900	15
S	410	1	1.5	1	853	$280,000	24
S	216	2	2	0	957	$325,000	8
S	320	2	2	0	1,072	$339,000	10
S	412	1	2	1	853	$335,000	14
S	302	2	2	2	957	$339,900	22
S	406	2	2	2	1,352	$429,000	21
K	410	1	1.5	1	853	$279,999	0
X	416	2	2	2	1,352	$419,000	37

 

 

A = Active

P = Pending in Escrow

S = Closed Sale

K = Cancelled Listing

x = Expired Listing

 

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Oceangate Square Condos-Downtown Long Beach-Market Report-720 W 4 St-90802-January-December 2007-2006-2005

2008 Tournament of Roses

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LONG BEACH REAL ESTATE

 

2008 Tournament of Roses

Pasadena California

 

 

THE HISTORY, THE FLOATS, THE PARADE, THE GAME

THE PASSPORT TO THE PACIFIC-LONG BEACH FLOAT

 

 

HISTORY

 

The Tournament of Roses was founded in 1890 by the Pasadena Valley Hunt Club. Thrilled with the mild weather and blooming flowers they decided to hold a festival to tell the world about their paradise.

 

Over time the festival expanded to include:

 

• marching bands
• motorized floats
• ostrich races
• bronco busting
• a camel and an elephant race

 

The Tournament of Roses Association was formed in 1895 when the festival had become too large for the Valley Hunt Club to handle. The Tournament of Roses Associations executive offices are located at Tournament House, an Italian Renaissance-style mansion once owned by chewing-gum magnate William Wrigley Jr.

 

After Mrs. Wrigleys death in 1958 the house and surrounding land were donated by the Wrigley family to the City of Pasadena with the stipulation that they be used for the Tournaments Headquarters. Built between 1906 & 1914 this majestic home is located among the grand houses along South Orange Grove Boulevard in Pasadena.

 

The football game was first added in 1902; Stanford University took on and lost to the University of Michigan 49-0; it was such a bust Roman style chariot races were held instead for the next 14 years. Football didnt return until 1916, the crowds grew and ‘The Rose Bowl’ was constructed to host the games. The first game was held at The Rose Bowl in 1923.

 

 

THE FLOATS

 

Todays motorized floats are elaboratly constructed all year long, feature high-tech computerized animation and are mostly built by professionals. Many of the floats are built by the Phoenix Decorating Company. This years floats can be viewed here.

 

The City of Long Beach 2008 themed float ‘Passport to the Pacific‘, designed by Michelle Lofthouse is #68 of the 91 entries this year.

The float specs: Height: 25ft.; Width: 18 ft.; Length: 53 ft.

 

 

The Tournament of Roses website describes the float theme:

 

 

The City of Long Beach and its Convention and Visitors Bureau offer a Passport to the Pacific that is equal to any Pacific metropolis.  As a gateway to the entire Pacific Rim, Long Beach offers a celebrated passport for tourism as well as world-wide trade and commerce.

 

 

From Jules Verne and Captain Nemo to a Beatles song and movie, submarines have provided a passport to fantastic adventure. Long Beach and its fanciful underwater craft offer parade viewers an adventuresome ‘Passport to the Pacific,’ complete with menacing octopus and colorful piscatory creatures worthy of the citys Aquarium of the Pacific, the 10th anniversary of which the float celebrates. Long Beach, which is a gateway to the Pacific Rim, is also home to the Queen Mary, an annual Sea Festival, and the Long Beach Grand Prix car race which links downtown streets with the citys unsurpassed shoreline.

 

 

The submarine is created with silverleaf, poppy seed, and lettuce seed, highlighted by a lentil seed stripe, and a yellow strawflower periscope. The octopus is created with lentil, strawflower and kumquat halves. The turtles have shells of black beans, crushed walnut shell, ground rice, parsnip seed, strawflower and white beans; their faces and fins are onion seed and walnut shell. The sharks feature statice, poppy seed, silverleaf and white carnation petals. The kelp is created with lentil and kumquat halves, green seaweed is made up of ti leaves. The water rings around the sub are orchid petals and ground rice. Rocks are parsnip seed, walnut shell. Accents on the sea floor are black lichen moss, mood moss, giant sponge mushrooms king mushrooms, mini lotus pods, trumpet pods and moneta leaves. The base of the float includes iris, roses cattleya orchids and curly willow.

 

 

Long Beach is where the action begins and the fun never ends. From the regal Queen Mary and spectacular Aquarium of the Pacific, celebrating its 10th anniversary, to stirring Broadway shows, live music venues and hundreds of exclusive dining destinations”all centrally located – Long Beach is the perfect destination!

 

 

The submarines propeller rotates, and the 25-foot tall periscope and tower lift and retract to accommodate passage beneath the 17-foot freeway underpass near the end of the parades route.

 

 

FLOAT VIEWING

 

 

This years floats can be viewed at the Buena Vista Pavilion in Duarte, Dec. 28 – Dec. 31. Mapquest Map of Buena Vista Pavilion. 

 

The Buena Vista Pavilion is the official Tournament of Roses float decorating and public viewing site and is also the decorating home of Fiesta Parade Floats, the Tournaments leading award-winning float builder. As many at 40,000 visitors and volunteers are expected in the days leading up to the parade to view 9 of the 12 floats being constructed and decorated at this site. The Buena Vista Pavilion offers convenient on-site parking, eye-level viewing of the floats and guided tours in English and Spanish. It is a wonderful way to spend the afternoon with the family.

 

 

 

Viewing hours are Friday, Dec. 28 to Sunday, Dec. 30, from 9 a.m. to 8 p.m., and Monday, Dec. 31, from 11 a.m. to 1 p.m. General admission is $5, children 3 years of age and under, free. Admission is good for two visits to any of the Tournament of Roses four public viewing sites. Parking for cars is $2. For more information, or to inquire about group tours, call (626) 256-0155, or visit the website at http://www.duarterosefloats.org.

 

 

 

 

Post Parade:

 

Showcase of Floats is presented by Eastman Kodak Company and Bayer Advanced.

 

Date/Time: (Rain or shine)

• Jan. 1, 1:00 PM – 4:00 PM * (general admission)
• Jan. 2, 7:00 AM – 9:00 AM (senior citizens and disabled visitors)
• Jan. 2, 9:00 AM – 4:00 PM * (general admission)

*Ticket sales and guest admittance end at 4:00 PM, venue closes at 5:00 PM

 

 

 

Location: End of Parade route on Sierra Madre Blvd – see Park & Ride shuttle locations

 

Admission: $7.00 for all adults (including seniors), free for children 5 and under (Cash and credit cards accepted, no checks please)

 

 

Further information, including parking instructions, can be found here.

 

 

 

THE PARADE

 

This years Rose Bowl Parade Theme is Passport to the Worlds Celebrations.

Parade: Tuesday Jan 1, 2008 at 8:00 AM

 

Each year new attendees of the Parade discover that most of the parade viewers have parked their car in Pasadena the day before the parade and are camped along the streets overnight in order to secure a position to view the parade. It is quite a festive event and an interesting way to spend your New Years Eve. If you plan on doing this it is wise to arrive in the Pasadena area as early as possible on Dec. 31.

 

 

Where Can I ‘camp out’ the night before the Rose Parade?

 

People can ‘camp out’ on the Parade route starting at noon on December 31. All ‘campers’ must stay on the curb prior to midnight. After midnight, they may move out to the blue line. For questions about what is and is not allowed on the Parade route, contact the Pasadena Police Department at (626) 405-4621.

 

• Tournament Events
• 2007-2008 Visitors Guide Brochure – contains event information and local maps.
• Pasadena Convention & Visitors Bureau – a wealth of information and Q & A regarding the events.

 

 

 

THE GAME

 

Tickets page

 

Following the Rose Parade, at 2:00 PM (PST), the 94th Rose Bowl Game will feature the University of Illinois Fighting Illini and the University of Southern California Trojans – GO TROJANS! (Hey its my home turf, I can be partial). The Rose Bowl game will be broadcast exclusively on ABC and on ESPN radio. Further information can be found here.

 

If you plan on attending any of these events leave yourself plenty of time, Pasadena is innundated with visitors at all of these events and parking is difficult at best.

 

Have a great time and:

GO TROJANS!!!

 

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2008 Tournament of Roses

Selling YOUR Downtown Long Beach Condos-State of the Market-December 2007

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We are all painfully aware of the changes in the real estate market and that prices have been declining not just in Downtown Long Beach, but in most places across the nation.  If you are considering selling your Downtown Long Beach Condo you must understand how critical pricing has become.

The Downtown Long Beach Condo market is flush with inventory affording buyers many choices. Naturally buyers are interested in getting the most their money will buy. Sellers who pay special attention to the desires of todays buyer will fare better in actually attracting a buyer. 

 

While it is understandable that sellers want to sell for as much as possible, denying what the market is telling you is a recipe for disaster. Many such sellers are currently unable to meet mortgage payments and are trying desperately to stave off foreclosure. Many of these units are now being marketed as short sales. 

 

Short sales occur when an owner owes the bank more than the market will bear. Not all of these condos being marketed as short sales will be accepted by the banks. Short sales are conditional and require proof of specific hardship. Without bank acceptance an attempt at a sale, as a short sale, can fall through. Understandably buyers are wary of short sales, although they do recognize that a short sale can make an otherwise impossible purchase possible. Banks recognize that denying a short sale will likely result in foreclosure. With so many Long Beach properties heading in this direction, the banks are becoming more cooperative. Foreclosures are much more expensive for a bank than the loss caused by a short sale. 

 

Sellers using their property as a primary residence may become eligible for a 5 year mortgage rate freeze under President Bushs new voluntary agreement with banking institutions. Some of the criteria is as follows: This offer only applies to buyers using their property as a primary residence who have not missed any payments.  It also would only apply to loans taken out between 2005 and 7/30/07 with rates scheduled to rise in 2008 and 2009.  Consult with your lender to inquire about eligibility. 

Foreclosures are becoming available in the Downtown Long Beach Condo market. Many of these are in desperate need of upgrades unaffordable to todays 100% first time homebuyers. While these may seem like a good buy, and occasionally are, most buyers are faring better purchasing conventional sales, priced right with upgrades, at this time. 

The immediate problem for Downtown Long Beach Condo sellers is the quantity of short sales currently available and coming onto the market. When an owner is in trouble they will price their condo well below market to position themselves as an attractive purchase. As these short sales close escrow they become comparable sales and drive market prices down. The difference in market pricing between what is available as a short sale as opposed to most conventional sales is substantial, at this time. A few smart sellers have recognized this and are pricing their condos for sale accordingly and are receiving offers. If a unit is priced to compete with the short sales on the market, yet is not a short sale, it is VERY desirable to a buyer. Think about it, the right price; no bank hassle and close in 30 days, that sounds like a great chance at a sale to me.  

If you are on the market and your condo is not selling you may not be reducing your price in time.  You may be chasing the market down.   This is never a good thing to do and will generally cost you a lot of money or possibly drive you into a short sale, if you ever sell.  It is much smarter to take a giant leap when considering your price reduction and get ahead of the curve than to inch down and never quite get it right. 

1. Price Prices are continuing to decline. Buyers want to feel secure in their purchase. They want to buy below current market to minimize their potential losses, if any. Price your condo accordingly. 
2. Concessions Most buyers are 100% financing; are without the funds, or are unwilling to pay closing costs, preferring to keep their money in the bank for unanticipated expenses after the purchase, some upgrades or against potential future HOA assessments. 
3. Location A neighborhood they deem safe, desirable or convenient; it just has to fit. 
4. Upper Floor Units First floor units are almost impossible to sell at this time. With the abundance of units on the market right now, first floor units are rarely a consideration for todays buyer. If you have a first floor unit, and must sell, you need to price your unit to appeal to a buyer who just cannot afford anything else. Top floor units are very desirable, they often provide a view, cathedral ceilings and possibly loft space, all very appealing to buyers. 
5. In Unit Laundry Buyers are not interested in community laundry rooms, this can be a deal killer. If you can get HOA approval to add washer/dryer hookups you might want to convert a closet, it may mean the difference between selling or not. If you currently have an in unit washer/dryer, include it in the sale. 
6. Appliances – Plan on leaving yours, 100% buyers are usually moving from a rental, they do not have the money to buy all new appliances; they will purchase a unit that includes them to save money after sale. 
7. Hardwood or Wood Laminate/Pergo Flooring – It costs approximately $5000 to install wood laminate flooring in a 900/1000 square foot condo. Buyers just dont have that kind of money after purchasing. They want wood or wood laminate flooring; they will purchase the condo that can provide it. Most buyers seem to prefer the lighter maple color; light colored flooring opens up smaller spaces making them feel larger, light and airy. If you have wood floors under those carpets you might consider removing the carpeting and going through the hassle of having the wood floors refinished. Nothing is more appealing to a buyer than entering your condo for the first time and seeing gleaming wood flooring. It is a MAJOR selling point. 
8. Secure Parking Spaces units with one space are having difficulty competing, you will have to make your price very attractive. Lack of parking spaces can be deal killers. 
9. Countertops Granite countertops remain in high demand, concrete countertops are fabulous in Downtown Long Beach Lofts; there are many attractive recycled materials available in use such as; glass, wood, etc. 
10. Remodeled Kitchens and Bathrooms Remodeling is expensive, most of todays Downtown Long Beach Condo buyers are 100% financing and do not have the funds available to refurbish with the extras they crave. If you have remodeled your kitchens and bathrooms you will be a much more desirable purchase to a buyer. If you have not remodeled and your kitchen is dated or not in very good condition you should do something to update and clean it up. Update your appliances and include them, sanding and refinishing cabinets, painting cabinets and walls, replacing flooring, replace hardware and hinges, update lighting, new sink, new faucets; do whatever you can to improve the look, clean it up and make it desirable. 
11. Clean Buyers want to see a sparkling clean home when they preview it. Nothing makes a home feel cleaner than a fresh coat of paint. If you have a lot of clutter get rid of it put it into storage have a rummage sale donate it just get it out of the sight of the buyer. Clutter minimizes space, buyers need to be able to visualize themselves in your space, depersonalize your space. Cluttered, messy and dirty condos will not sell. 

Remodeling Your Long Beach Home? Unique Remodeling Materials.

As an experienced Downtown Long Beach Real Estate professional I have both written and received many offers to purchase homes and condos in Downtown Long Beach.  Not only do I know my contracts, I know them well enough to negotiate the very best deal for you whether you are a Buyer or a Seller and I want to earn your business.  Are you thinking about buying or selling a Long Beach Home or a Downtown Long Beach Condo?  Would you like to be properly represented by an experienced professional?  If so, contact me regarding your next Long Beach sale or purchase. 

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Selling YOUR Downtown Long Beach Condos-State of the Market-December 2007