Laurie Manny » Long Beach Mortgage Rates Reports

Belmont Heights Neighborhood of Long Beach California Resource Guide

lauriemanny — Sat, 04 Jul 2009 14:29:32 +0000

BELMONT HEIGHTS REAL ESTATE – LONG BEACH REAL ESTATE

Belmont Heights – Long Beach California

Belmont Heights is a lovely, eclectic mix of early century homes, low rise condos, smaller apartment buildings (including some fabulous Spanish duplexes), restaurants, coffee shops, funky stores, galleries and a nice mix of neighborhood friendly small business. Just blocks from the bluffs, overlooking the harbor, the beach, and a short walk into Belmont Shore, Belmont Heights is a tree lined Long Beach Community developed in the early 20th Century, and a great place to call home. Many of the neighborhood homes were originally built as summer cottages mostly between 1905 and 1939, later becoming year round residences. More bungalow style homes can be found here than in any other community of Long Beach.

In Belmont Heights you will find a wonderful array of beautifully crafted Long Beach homes in many styles; the Craftsman Bungalow predominating with about 2/3 of the homes in the area. Other home styles found in the Belmont Heights neighborhood are:

Victorian 1890s – 1910
Craftsman Bungalow 1905 – 1922
Mission Revival 1915 – 1925
Spanish Colonial Revival 1925 – 1939
Tudor Revival 1920s
Neo-Traditional 1930 – 1940s
Streamline Moderne 1930s
Mediterranean

Belmont Heights boundaries are Ocean Boulevard (and Livingston Drive) to the south, Redondo Avenue on the west, 7th Street to the North, and Cherry Avenue to the east.

Belmont Heights Historic District boundaries are approximately Newport Avenue on the West; 7th Street on the North; Roswell Avenue on the East; and 4th Street on the South. Map of the Belmont Heights Historic District

If you are considering relocating to Long Beach, Belmont Heights would be a great consideration. Affordable and beach close, convenient to all area amenities and freeway close this would be a smart choice. We are about 20 minutes south of Los Angeles Airport – LAX, about 20 minutes North of John Wayne Airport in Irvine and even have our own airport. Long Beach Airport is a major hub for Jet Blue Airlines (my personal favorite) and is extremely easy to fly in and out of. The City of Long Beach has great employment opportunities; the Port of Long Beach being the largest. We have a little something for just about everybody.

If you are thinking about relocating to Long Beach feel free to contact me for further information.

Other Long Beach Resources

Great Local Restaurants

Christys Restaurant 3937 East Broadway
Lashers Restaurant 3441 East Broadway
Cafe Piccolo 3222 East Broadway
Belmont Brewing Company 25 39th Place
La Palapa Del Mar 4020 East Olympic Plaza

Unique Coffee Shops

The Library 3412 East Broadway
Portfolio Coffee House 2300 East 4th Street

Local Schools located in the Belmont Heights Community:

The following schools are part of the Long Beach Unified School District.

Elementary Schools
- John C. Fremont Elementary School, 4000 East 4th Street
- Lowell Elementary School, 5201 East Broadway
- Horace Mann Elementary School, 257 Coronado Avenue

Middle Schools
- Jefferson Leadership Academies, 750 Euclid Avenue
- Will Rogers Middle School, 365 Monrovia Avenue

High School
- Woodrow Wilson Classical High School, 4400 E. 10th Street

Libraries

Long Beach Library-Alamitos Branch 1836 East 3rd Street, Long Beach
Long Beach Library-Bay Shore 195 Bay Shore Avenue, Long Beach
Long Beach Library-Brewitt Branch 4036 East Anaheim Street, Long Beach
Long Beach Library-Senior Center 1150 East 4th Street, Long Beach
Long Beach Library-Mark Twain 1325 East Anaheim Street, Long Beach

Grocery Stores

Vons 3900 East Ocean Boulevard, Long Beach
Ralphs 2930 East 4th Street, Long Beach
Albertsons 644 Redondo Avenue, Long Beach
Ralphs 3210 East Anaheim Street, Long Beach
Ralphs 5760 East 7th Street, Long Beach

Important Phone Numbers

Fire/Police/Medical Emergency 911
Non-Emergency Police 562-435-6711
Non-Emergency Fire 562-570-2500
Gas Emergency 562-570-2140
Long Beach Water 562-570-2390
Sewer/Storm Drains 562-570-2390
Graffiti Hotline 562-570-2773
Shopping Carts 800-252-4613
Code Enforcement 562-570-6421
Trash Collection & Recycling 562-570-2876
Traffic Signals 562-570-2768
Parking Meters 562-570-2741
Street Lights 888-983-2000
First Council District 562-570-6919
Second Council District 562-570-6684
Neighborhood Services 562-570-6866
Neighborhood Watch 562-570-7229
Apartment Watch 562-570-7160
Business Watch 562-570-7274
Noise Abatement 562-570-4126
Urban Forestry Program 562-570-5221
Neighborhood Clean-Up 562-570-5221
City Light & Power (for burned out street lights) 562-983-2000
Neighborhood Leadership Program 562-570-1010
Community Development 562-570-6841

Relocating to Long Beach-Resource Guide

Real Estate for sale in Belmont Heights – Long Beach California

Click here to view the embedded video.

(Direct feeds from the Southern California MLS)

Belmont Shore and Naples Island Luxury Real Estate For Sale

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Contact us for further information on any of these Long Beach properties. It will be our privilege to assist you in your next real estate purchase.

FHA Loan Limits for Long Beach-Los Angeles and Orange County – Long Beach Real Estate News

lauriemanny — Sat, 22 Nov 2008 01:15:25 +0000

Long Beach Real Estate News

New FHA Loan Limits

Los Angeles County and Orange County FHA loan limits are rising January 1, 2009. What does that mean to todays home buyers? This means that Fannie Mae and Freddie Mac loans remain high through the end of 2008, buyers can qualify for higher loans on homes closing prior to the end of this year. Once the New Year rolls around buyers will have less buying power due to the lower loan limits. This is true for all residential loans, including; homes, condos and residential investment property under 4 units.

Current FHA Loan Limits through 12/31/2008	Maximum Loan Amount
One Unit Limit	$729,750
Two Unit Limit	$934,200
Three Unit Limit	$1,129,250
Four Unit Limit	$1,403,400

Whats the big deal? Lower maximums loan amounts means decreased buying power.

FHA Loan Limits Effective 1/1/2009	Maximum Loan Amount
One Unit Limit	$625,500
Two Unit Limit	$800,775
Three Unit Limit	$967,950
Four Unit Limit	$1,202,925

Today is November 16, 2008. It is still possible to find and close on a home or condo before the new lower loan limits take effect. If you have been thinking about buying, were contemplating putting that purchase off until after the New Year and are in the price range that would be affected by the new lower FHA loan limits, you might want to consider getting out there right now while you can still take advantage of the higher FHA loan limits. Remember, your escrow must close prior to 12/31/2008.

Federal Housing Authority Home

Real estate is always a good purchase, now really is a very good time to consider purchasing a Long Beach Home, Condo or Income Property. If you have been sitting on the fence call us today to discuss your needs and wants. We are always here for you. Call Laurie (562) 212-5420

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Long Beach Mortgage Rates Report: October 14, 2008

lauriemanny — Wed, 15 Oct 2008 04:37:34 +0000

If you’re closing your loan after Friday, I left you unlocked. I told you
that the fundamentals of the economy would bring rates lower after the bailout
was announced. Long Beach mortgage rates were at 5.875%, today they’re at
6.5%. What’s in store for the rest of the month?

Eric Holloman of Rate Link offers this two-minute
research report about why “headline risk” should be replaced by economic
data as a determination of mortgage-backed securities pricing. If he’s
correct (and I think he is), the next three days will be important for the
direct of mortgage rates through the end of the year.

I’m still recommending that you float your mortgage rates; I
believe we’ll see rates come back down under 6% within the next 7-10 days. If
the economic data suggest that we are NOT headed for a recession, Long Beach
mortgage rates will stay in the 6.25-6.75% range. If the data are as
indicative of a downturn as I think they will be, lower rates should be on the
horizon. As always, keep checking back.

Long Beach Real Estate Sales-Market Update: October 5, 2008

lauriemanny — Mon, 06 Oct 2008 05:59:59 +0000

Long Beach Real Estate Sales-Market Update: October 5, 2008

Through September 30 2008

The Long Beach real estate market closes sales for the month of September with the average purchase price down 16% from year end 2007. The average sold price of residential real estate in Long Beach for year end 2007 was $543,770, end September finds the average sale price of residential at $454,208 with a small increase in the number of days on market; that is a decrease in average sale price of $89,562, which is substantial. The volume of Long Beach home and condo sales has dropped this month after steady growth throughout the year.

1/1/2008 thru 9/30/2008

1745 Residential Long Beach Properties sold; homes, condos, coops, lofts, OYOs
2008 Average Long Beach Residential Sale Price $454,208
2008 Average Residential Days on Market: 79

1/1/2007 thru 12/31/2007

2614 Residential Long Beach Properties sold; homes, condos, coops, lofts, OYOs
2007 Average Residential Sale Price $543,770
2007 Average Days on Market: 66

The government bailout, meant to stimulate the economy and real estate market, seems to have had an opposite effect across most of our nation. Prices are down to a very affordable level, interest rates have remained low, loans are still available and there is plenty of inventory to choose from. 100% financing and most government assisted down payment plans have dried up, stated loans are toast as well, the FHA is offering loans with 3.5% down payment at very reasonable interest rates (if you qualify), which is very reasonable – its really not a bad time to buy. Ask the wealthy why they are out buying 2nd, 3rd and 4th homes; vacation homes are selling- they are a good investment right now. They are buying because it is smart to buy low and sell high.

Today I spent time reading on one of my favorite national real estate social networks. Fellow Atlanta Realtor, Jim Crawford asked the question “Has your market slowed to a crawl or died?” Realtors from across the nation have steadily been reporting in with the skinny from their real estate markets. In a nutshell, the impending bailout, the actual bailout and the impending election seem to have buyers frozen in place for the last several weeks. Fear seems to be ruling the day.

Waterfront and ocean close homes and condos in Long Beach are experiencing average sale price of about $635,000, 88 DOM, for 2008 thru end of September, with approximately 350 closed sales. Compared to 2007’s average sale price of $665,155, 74 DOM, about 650 closed sales for the year. While these highly desirable Long Beach homes and condos are selling well above the average for our city, they are down, although prices are holding near the beach a lot better than they are further inland.

We try to keep our Long Beach neighborhood real estate market reports updated monthly or bi-monthly, as time will allow. These are a great resource for buyers and sellers of Long Beach properties, and contain valuable statistics to better assist in your real estate decisions. We know those decisions are important ones and want you to have the most current information at your fingertips. If the information you require cannot be found here, please do not hesitate to ask.

Potential buyers are shopping and are looking for a great deal. Today’s buyer wants to see a lot of properties before making a final decision. Often the very deal they are seeking will come across early in their search. Reluctant to write an offer until they assure themselves that they have acquired the very best deal available on the market, they are hesitating too often and losing that deal only to find there isn’t another on par with it available. Many Long Beach buyers give up their home search disillusioned at what their dollar will actually purchase.

Personally I blame the media and the bubble bloggers. Many buyers have an unrealistic idea of what their money will actually buy. $300,000 will not buy a home that is worth $500,000, it never did. What is available in the $300,000 range are mostly bank foreclosures and the homes mostly need work. It is unrealistic to expect to find a completely remodeled, turnkey home available in that price range foreclosure or otherwise. Does it happen? Yes, rarely. So 100 buyers sitting on the sidelines waiting for that 1 home to come available and when it does they don’t want to offer more than the asking price, they are usually working with a 3.5% FHA down payment and in sweeps an investor with all cash who closes the deal in 10 days. Most of today’s buyers are unequipped financially to handle the upgrades and repairs necessary on foreclosed homes, which can be substantial; that is why the bank is selling them in AS IS condition. Lets keep in mind that $300,00 for homes in Long Beach is really a great price when they are available.

Read Also:

Long Beach Real Estate – Closed Sales

January – September – 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	269
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	139	63	0	1	0	22	4	229

3/4 ttl	503	204	1	2	5	79	15	809
YTD Subttl	1237	499	10	14	10	195	52	2017

OCT
NOV
DEC

YTD TOTAL

* Lofts include Loft Live and Work spaces

For a little perspective, here is a comparison of the last 4 years for the same time period.

Long Beach Real Estate – Closed Sales

January – September – 2005 – 2008

YEAR	HOMES	CONDOS	LOFTS*	CO-OPS	OYOs	2-4 UNITS	5+ UNITS	TOTAL
2008	1237	499	10	14	10	195	52	2017
2007	1380	714	18	12	17	258	68	2467
2006	1795	924	15	15	56	464	84	3353
2005	2304	1184	9	19	120	664	239	4539

* Lofts include Loft Live and Work spaces

Disclaimer: Statistics are as represented in the SoCalMLS and are not the representations of the author.The numbers represented above are only as good as the information input into the SoCalMLS by the listing agents. If (in my opinion, may be the case) some listings of lofts, co-ops and OYOs were input as condos, then they are reflected as condo sales here. Often listing agents will represent these as condos in the MLS in order to stimulate traffic as many buyers agents will not look at the other categories. As crazy as this sounds it is true and sales have occurred as a result of utilizing this tactic. Therefore the information in these categories is very likely not a true representation of the actual sales, but the grand total of these and the condo category would correctly reflect the total of all – as represented by the SoCalMLS.

Contact Laurie to begin the search for Your Long Beach Home.

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Long Beach Mortgage Rates Report: September 29, 2008

lauriemanny — Mon, 29 Sep 2008 17:59:23 +0000

Remember I told you to sit tight on that mortgage rate lock until after the Bailout Bill was passed?

Well, it failed.

Mortgage rates are a little better than they were this morning.
This morning a 30-year fixed par rate was at 6.0%; this
afternoon, it was at 5.875%. If you’re closing on your home loan in 30
days , there is more risk that you’ll get a rate over 6% than under
6%. Lock your mortgage rate if you’re closing in October.

If you have time, wait it out. The bailout bill failed but it isn’t
dead. If the bailout bill DOES ultimately fail, mortgage rates will
skyrocket, housing prices will tank, and you’ll probably renegotiate or
cancel that home purchase.

When the bailout goes through (and the whining on Wall Street will
be so loud that it WILL go through), mortgage rates will come back down.

PS: If you’re a baby boomer, this is your worst nightmare.
Most of the people over 55 have most of their retirement assets in the
stock market, through mutual funds in their 401-k plan. If you’re a
real estate investor or buyer, this might be really good news.

PPS: Did you know that Main Street already got bailed out? I’ll talk about that next time.

Brian Brady

(858) 777-9751