Long Beach Real Estate Sales-Homes and Condos YTD 2008

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Long Beach Real Estate News

Long Beach Homes and Condos Sales and Market Update 2008

December 5, 2008

Daily the media pounds Americans with numbers, statistics and real estate market information which is general across the nation. None of these numbers are relevant to any local real estate market, they are estimates from test markets in various places and are combined numbers which we are to believe are true in all real estate markets. These numbers do not translate down to the local real estate market level and are not necessarily indicative of the Long Beach Real Estate Market.

Sales trends can change not just from state to state and city to city, but there can be vast differences in market trends at the neighborhood level in any given city. Cities are made up of many neighborhoods, some affluent, some average, some lower income. While certain neighborhoods may be plagued by foreclosures and short sales, which are continuing to drag prices down, not all neighborhoods are suffering from this malady. Some Long Beach neighborhoods, for instance, do not have many foreclosures or short sales and prices, after initial drops, have remained fairly stable since the beginning of the summer.

Long Beach Homes and Long Beach Condo Sales have steadily increased this year through October, as is reflected on the graph below. While November sales have dropped sharply, this is normal in our market and is not cause for alarm. November and December traditionally reflect reduced sales, the holidays always slow sales down. People just don’t have the time during the holiday season to shop for real estate and don’t want to list their homes during the holiday season either. This is a time for family and preparation for the upcoming holidays. This increase in sales is reflected statewide as reported by DQ News in their October Sales Report.

Little new inventory has entered the market for the last 6 weeks or so, and won’t until the beginning of the new year. After the holidays there will be a rash of new inventory for buyers to choose from. Even the banks have slowed placing new bank owned homes and condos listings onto the real estate market, holding back, presumably to take the loss in the new year.

January usually brings a surge of buyers onto the market, fueled by today’s lower prices, the new inventory interests them. If you are thinking about putting your Long Beach Home or your Long Beach Condo on the market soon, this is the time to do so. New inventory, priced to sell immediately, is welcome by buyers who have been looking for months and have not been intrigued by the current inventory of homes and condos available. Today’s buyers are not willing to overpay, if your home or condo is priced right, straight out of the gate, this could be your opportunity to sell rather quickly.

Long Beach Real Estate – Closed Sales

January – November – 2008

2008	HOMES	CONDOS	LOFTS*	CO-OPS	OYOs	2-4 UNITS	5+ UNITS	TOTAL
JAN	72	40	2	1	0	9	6	130
FEB	94	32	2	1	1	17	6	153
MAR	107	48	2	1	0	17	4	179
1/4 ttl	273	120	6	3	1	43	16	462
APR	137	56	1	3	0	21	6	224
MAY	164	59	1	4	0	28	7	263
JUN	160	60	1	2	4	24	8	259
2/4 ttl	461	175	3	9	4	73	21	746
YTD Subttl	734	295	9	12	5	116	37	1208
JUL	183	67	1	0	1	31	8	291
AUG	181	74	0	1	4	26	3	289
SEPT	408	202	0	3	0	22	4	639
3/4 ttl	772	343	1	4	5	79	15	1219
YTD Subttl	1506	638	10	16	10	195	52	2427
OCT	218	81	0	3	1	34	3	340
NOV	144	48	1	0	0	33	1	227
DEC
4/4 ttl	362	129	1	3	1	67	4	567
2008 Sales

* Lofts include Loft Live and Work spaces

Contact Laurie to begin the Search for Your Long Beach Home or for Your Long Beach Homes Value

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Long Beach Real Estate Sales-Homes and Condos YTD 2008

Long Beach Home Buyers-Understanding Your Credit Scores

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Long Beach Home Loans – Understanding Your Credit Scores

Understanding how your credit score will affect the purchase of Long Beach
homes.

We all know that a good credit score is not only helpful, but today it is necessary to get a mortgage to purchase Long Beach homes, or even buy a car.  Your credit score will also determine the interest rate you have to pay.

Factors that go into figuring a credit score?

• Have you Established Credit? Paying cash is often construed to be the act of a responsible consumer, by doing so you establish no history for a mortgage lender to examine. One way to establish credit is to get credit cards and use them – you can, and should, pay them off every month and on time.  A credit score considers the number of creditors as well as payment history.
  

Read Also: How to establish credit

• Prompt Payment of Financial Obligations. This is very important, but you should know that this accounts for only about a third of the total score.

• Amount of Available Credit. Your credit score might be impacted by the number of credit cards you have, even if you never use them.  They indicate the amount of credit you have access to, thus opening up the chance of financial strain.

• Your Debt Ratio.
  Lenders will consider your debt ratio when you apply for a Long Beach mortgage. In spite of an excellent credit rating they will use this debt ratio to see if you can take on additional debt for a mortgage on your Long Beach home.

• Consolidation of Debt. Although, this might make it easier to pay off debt and thus increase your credit score, the process of consolidation will have no effect on your credit score.
  

What do the Credit Score numbers mean?

Your FICO score is comprised of a compilation of your credit history from the three major credit reporting bureaus, Equifax, Transunion, and Experian. Basically your credit score is determined by a formula that is calculated that is proprietary information and owned by Fair Isaac.  Your credit score number will be between 300-900, and the higher the number the better off you are.

Are you ready to start the process of applying for a Long Beach Mortgage now?  Before you approach a lending institution for a Long Beach home mortgage, know where you stand with your credit score.  Not sure where you stand, a good Mortgage professional will assist you with obtaining a copy of your report.  After obtaining a copy of it, they will review it with you and assist you to resolve any issues that are affecting your
credit score negatively.

Guest author: Colleen Kulikowski, Buffalo NY Realtor

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Long Beach Home Buyers-Understanding Your Credit Scores

Long Beach California Luxury Home Market Update

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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

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Long Beach California Luxury Home Market Update

Long Beach 2009 Real Estate Market Outlook

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Long Beach Real Estate News

Long Beach real estate market 2009 Forecast

Author: Brian Brady.

If bifurcation was the theme for the 2008 Long Beach real estate market, convergence will be the theme in 2009. Both the bifurcation of 2008 and the Convergence of 2009 are closely tied to the ability to finance Long Beach properties.  While prices were lower across Long Beach, this past year, the under
$400,000 real estate market was extremely hard hit. Vanishing stated income and Sub-prime loan programs reduced the number of qualified buyers, driving prices dramatically lower in areas like California Heights, Lakewood Plaza/Rancho, Bixby Knolls, and the non-waterfront condominiums in Downtown Long Beach. In some cases, those prices are below the fundamental value, and offer a great buy for investors and owner-occupants alike.

The Long Beach neighborhoods of Belmont Shore, Belmont Heights, Bluff Park, Alamitos Beach and Virginia Country Club might not fare so well in 2009, While I expect Long Beach homes priced below $500,000 to hold relative value next year, it’s the homes priced over $700,000 and below $1,000,000 that are most vulnerable to vanishing financing. I discussed this very challenge in my 2009 San Diego Real Estate Outlook:

The key component to the housing recovery for San Diego remains in
The ability for a home buyer to get financing. The US Treasury stepped
In to provide financing for properties under $625,000, by:

(a) increasing the loan limits for FHA, conforming and VA loans to 115% of median price (expected Jan,2009)
(b) nationalizing Fannie Mae and Freddie Mac (guaranteeing the loan from default)

The luxury home market ($1,000,000 and above) is generally a cash
Market. As such, credit availability affects those housing units far
Less than the “rank and file” developments inhabited by those of us in
The “working class”. Expect SOME softness in the luxury home market but
If the buyer likes the home, she’ll either pay cash or have access to
Highly specialized financing available to the only asset-rich.

After January 1, 2009, the government loan limits will be capped at $625,000 for Long Beach. This means that rates for loan amounts above that number will be as much as 2% higher than the government-backed Financing and downpayment requirements will be 25% or greater. If you’re selling a home in that price range, the buyer pool is about to shrink in about 3 months.

Exacerbating this financing issue is the loss of jobs a recession may bring. Unemployment in California has spiked this past year.  Job losses have been concentrated in the lower to middle income range
in 2008 while the upper-income jobs have remained relatively safe. A recession will hit those upper-income jobs harder than the lower income ones. I said that 2008 is the year where the “rich will get not rich and the poor will get clobbered“; that certainly happened this year. 2009 will be the great equalizer as the higher-priced homes decline and higher-paid jobs disappear.

What then, should be your strategy for 2009?

Investors should pay close attention to the lower-end of the real estate market for fantastic buys. Long Beach real estate is a great investment and opportunities to own a property that offers positive cash flow are evident today in the under $500,000 market. There will be some great opportunities in those mid-priced homes, next year as well as the $700,000 to $1,000,000 drops below the financing caps.

If you’re planning on selling a Long Beach home in that $700,000 to $1,000,000 price range, better to list it today rather than to wait until after the new year. Veterans can buy up to $729,000 with no money down. FHA buyers can buy up to $729,000 with 3.5% down. Conventional buyers can buy to that limit with as little as 5% down…today. Next year, that all goes away.

Brian Brady is a Managing Director with World Wide Credit Corporation, a San Diego-based mortgage banking and brokerage firm. Google calls him America’s #1 Mortgage Broker; you can call him at (858)-777-9751

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Long Beach 2009 Real Estate Market Outlook

Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate

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Belmont Shore Real Estate Market Report

Including Belmont Park, Naples Island, Marina Pacifica

Homes, Condos and Income Properties

Long Beach California

Last Updated 10/8/2008

Belmont Shore boundaries: North – Broadway East – Bay Shore South – The Ocean West – Livingston Drive

Belmont Park boundaries: North – Marine Stadium East – Bayshore South – The Toledo West – Livingston/Monrovia

Naples Isand boundaries: North – Belmont Park East – Marina Pacifica South – The Peninsula West – Belmont Shore

About Belmont Shore and Naples Island California

Long Beach Homes For Sale in Belmont Shore, Belmont Park and on Naples Island

There are currently 74 Long Beach homes for sale in Belmont Shore, Naples Island and Belmont Park.

• 3 homes are for sale between $500,000 and $600,000 (All in Island Village)
  
• 1 home is for sale between $600,000 and $700,000
• 10 homes are for sale between $700,000 and $800,000
• 11 homes are for sale between $800,000 and $900,000
• 9 homes are for sale between $900,000 and $1,000,000
• 17 homes are for sale between $1,000,000 and $1,500,000
• 8 homes are for sale between $1,500,000 and $2,000,000
• 7 homes are for sale between $2,000,000 and $3,000,000
• 5 homes are for sale between $3,000,000 and $4,000,000
• 3 homes are for sale between $4,000,000 and $5,000,000
  

• Average Price: $1,498,262 down from last months:  $1,564,786
• Average Days on Market: 134

FHA loans are available to a maximum loan of $729,750 with a minimum 3.5% down payment (up from 3% as of 10/1/08) until January 1, 2009 when they are currently scheduled to drop the maximum loan amount to $625,000, this could change.

FHA Lending Limits for LOS ANGELES COUNTY (LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN AREAS):

• Single Family Home or Condo: $729,750
• Duplex:  $934,200
• Tri-plex:  $1,129,250
• Four-Plex:  $1,403,400
  

Jumbo Loans are currently requiring approximately 30% down payment and start at $729,000, also currently scheduled to drop concurrently on 1/1/09 to $625,000 unless something changes between now and then.

There are currently 12 homes pending (in escrow) in Belmont Shore, Belmont Park and on Naples Island.

• 12 Homes are accepting Back-Up offers
  
• 13 Homes are pending

Back-Up Offers:

• Average Price: $1,171,650 down from last months $1,286,983
• Average Days on Market: 104 up from last months 84

Pending Offers:

• Average Price:$1,459,061 up from last months $1,311,130
• Average Days on Market: 98 up from last months 81

69 homes closed escrow (SOLD) in Belmont Shore, Belmont Park and on Naples Island in 2008; up from 46 closings on 8/22/08, that is a nice healthy jump!

• Lowest Price Home Sold: $625,000
• Highest Price Home Sold: $4,450,000

• Average Price: $1,216,423 up from last months  $1,171,889
• Average Days on Market: 92 up from last months 66

59 Homeowners Cancelled their Listings

• Average Price: $1,367,521
• Average Days on Market: 152

1 Homeowner Withdrew their home from the market

• Average Price $1,299,000
• Average Days on Market: 140

42 Listings Expired

• Average Price: $1,325,699
• Average Days on Market: 155

1 Listing has been placed on Hold

• Price:  $939,900
• Days on Market:  20

6 Homes removed from their listings from the market and Leased

• Average Lease Price:  $3,966
• Average Days on Market:  113

Search homes for sale in Belmont Shore,Naples Island and Belmont Park

• Belmont
  Shore-Naples Island-Belmont Park Homes for sale under $1000000
  
• Belmont
  Shore-Naples Island-Belmont Park Homes For Sale $1000000 to
  $2000000
• Belmont
  Shore-Naples Island-Belmont Park Homes For Sale $2000000 and
  up
• Bay Harbour Homes For Sale

Long Beach Condos For Sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

There are currently 23 Long Beach Condos for sale in Belmont Shore, Naples Island, Belmont Park and Marina Pacifica

• 3 for sale between $200,000 and $300,000
• 3 for sale between $300,000 and $400,000
• 1 for sale between $400,000 and $500,000
• 5 for sale between $500,000 and $600,000
• 2 for sale between $600,000 and $700,000
  
• 1 for sale between $1,000,000 and $1,500,000
  
• 1 for sale at $3,799,000

• Average Price: $815,563* up dramatically from last months $531,386
• Average Days on Market: 106 down just a bit from last months 109

*Please note that the dramatic increase in average listing price does NOT reflect an upturn in the local real estate market. It does reflect higher end properties coming available (which did occur here) or incorrect pricing.

There are currently 9 condos in escrow in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica.

• 4 condos are accepting Back-Up offers.
• 5 condos are pending

Back-Up Offers:

• Average Price: $474,725 down from last months $541,628
• Average Days on Market: 55 down dramatically from last months 113
  

Pending Offers:

• Average Price:  $340,659 down from last months $407,450
• Average Days on Market: 199 up dramatically from last months 28
  

39 condos have closed escrow (SOLD) in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica in 2008, up from last months 31

• Lowest Price Condo Sold: $225,000
• Highest Price Condo Sold: $780,000

• Average Price: $518,815 not far off from last months $513,912
• Average Days on Market: 83 about the same as last months 85
  

19 Condo owners Cancelled their Listings

• Average Price: $528,431
• Average Days on Market: 123
  

26 Listings Expired

• Average Price: $614,600
• Average Days on Market: 192
  

2 Condo owners Leased:

• Average Lease Price:  $2,225
• Average Days on Market:  176

Search Condos for sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

• Belmont
  Shore-Naples Island-Belmont Park Condos For Sale
• Marina
  Pacifica Condos for Sale Long Beach CA
• Bay
  Harbour Homes For Sale Long Beach California

Long Beach Income Properties For Sale in Belmont Shore, Belmont Park and Naples Island

There are currently 19 Long Beach Income Properties for sale in Belmont Shore, Naples Island and Belmont Park, down from 21 last month.

• 9 are duplexes
• 6 are triplexes
• 1 is a four-plex
  
• 1 has 9 units
• 1 has 10 units
• 1 has 23 units

• Lowest Price: $789,900
• Highest Price: $6,950,000

• Average Price: 1,716,568 down substatially from last months $1,946,614
• Average Days on Market: 119 down from last months 138
  

There are currently 3 income properties in escrow in Belmont Shore, Belmont Park and Naples Island.

• 1 income property is accepting Back-Up offers.
• 3 income properties are pending.

Back-Up Offers:

• Price: $1,495,000
• Days on Market: 78
  

Pending Offers:

• Average Price:  $1,389,666 down dramatically from last months $1,699,000
• Average Days on Market: 157 up from last months 142
  

13 income properties have closed escrow (SOLD) in Belmont Shore, Belmont Park and Naples Island in 2008, up from last months 12.

• Lowest Price income property Sold: $799,000
• Highest Price income property Sold: $3,500,000

• Average Price: $1,662,115 down from last months $1,734,041
• Average Days on Market: 129 down from last months 135
  

7 income property owners Cancelled their Listings

• Average Price: $1,316,685
• Average Days on Market: 292
  

2 income property owners Withdrew their properties from the market

• Average Price $837.250
• Average Days on Market: 76
  

18 Listings Expired

• Average Price: $1,456,883
• Average Days on Market: 218
  

Search Income Properties for sale in Belmont Shore, Belmont Park and Naples Island

• Belmont
  Shore-Naples Island-Belmont Park Income Properties For Sale

*All statistics are as represented by the MLS and are not to be interpreted as the representations of the author.

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Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate