2008 Long Beach Real Estate Sales

January 1, 2008 – October 23, 2008

What’s going on in the Lakewood Plaza/Rancho Real Estate Market?

There are 31 Lakewood Plaza Rancho homes for sale on the real estate market at an average price of $517,762 while the average price for closed sales in the area is $501,568. This is a very negotiable gap.  Homes are selling in the area with an average of 60 days on market.  This is not bad for todays market.  Sellers in this Long Beach neighborhood are pricing homes to sell at today’s market price point, buyers are recognizing this and are purchasing in the Lakewood Plaza Rancho communities.

The Lakewood Plaza Rancho neighborhood is known for its exceptional elementary school and its quiet tree lined residential streets making it quite attractive to buyers.

While the real estate market certainly still has its challenges and more are certain to follow, the Lakewood Plaza/Rancho area has fared quite well.  It remains an excellent place to purchase a house and to call home.

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

There are currently 31 homes for sale in the Lakewood Plaza/Rancho neighborhood of Long Beach.

• Average Price: $517,762 down considerably from our update of 6/20/2008; $606,919
• Average Days on Market:  121 down a bit from June’s 137

There are 8 homes in Lakewood Plaza Rancho pending in escrow, down from 21 in June.

• Average Price: $506,825 up a bit since June’s $488,192
• Average Days on Market: 115 up considerable since June’s 71

There are 10 homes in Lakewood Plaza Rancho in escrow, accepting back-up offers, up a bit from June’s 6.

• Average Price: $466,935 down a bit from June’s $472,649
• Average Days on Market: 47 up slightly since June’s 44

100 homes in Lakewood Plaza Rancho have sold (closed escrow) in 2008, up from June’s 70.

• Average Price: $501,568 down a bit since our last report of 6/20/08 when it was at $528,545
• Average Days on Market: 60 down a bit since June 70

There is currently 1 home in Lakewood Plaza Rancho on Hold (do not show).

• Price: $425,000
• Days on Market:  8
  

34 Lakewood Plaza Rancho homeowners cancelled their listing, up from 22 in June.

• Average Price: $544,888 down a bit since June’s $563,336
• Average Days on Market: 107 up slightly since June’s 104

44 Lakewood Plaza Rancho home listings expired in 2008, up from 34 in June

• Average Price: $599,377 down a bit from June’s $606,919
• Average Days on Market: 146 up a bit from June’s 137

View Lakewood Plaza Rancho Homes For Sale in Long Beach California

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

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

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

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