Monday, June 30, 2008

5 Items to help you Find "the deal" you want in Long Beach

Looking for Long Beach real estate now you actually get some choices. Now, if it isn't your primary residence you are probably going to be hunting for a true deal. Finding a deal is possible but it does take some focus. Many people don't have any parameters for their search for "the deal" so it becomes frustrating.

Here are some ideas that you may want to keep in mind while you are on the hunt:

  1. Know Your Area - Your Long Beach real estate agent can be a guide here, but you really need to feel comfortable on the area you are investing in. With so many neighborhoods available in Long Beach you will want to narrow it down to just 2-3 maximum so you can learn the personalities of the different streets (and different buildings if you are looking at condos).
  2. Understand what is a good deal - Monitoring the area using the Long Beach MLS is a great way to become familiar with the prices. You will want to carefully keep track of the general prices so you can spot "the deal". Banks have gotten creative and realize that if they price their properties super cheap they get multiple offers. The well priced properties can still get 10 offers or more!
  3. Have Parameters - Just saying you want "a deal" isn't going to cut. Get specific with what you are looking for so you know it when you find it. Narrow down everything from min bedrooms, min bathrooms, condition, laundry requirements, parking requirements, desired rental rate and more. Speak with your agent to get more items to think about but make sure you have it all down so you can compare what is available to your target list.
  4. Be Prepared - If you really want to find the deal you have to be prepared! You will need to have your pre-approval done (not pre-qual), a statement showing where your funds are coming from, and FICO scores. Also be prepared to get out there and see the properties when they are fresh on the market. They don't last long so make sure you can block some time to see properties.
  5. Take Action - I know it's crazy but if you want the deal you have to take some action by writing an offer. Don't be discouraged if you don't win on the first shot it sometimes takes a couple of offers to stick.

Keeping these 5 items in mind will help you to have an enjoyable search for the Long Beach real estate that is right for you. You may even add a few items to this list. What do you think would help you to find the right deal?

Saturday, June 28, 2008

Long Beach Sales Statistics for June 2008

Have homes stopped being sold? Is no one buying anything across all of Los Angeles County? Hardly! Homes in fact are still being sold all across Los Angeles county. For those new to the blog Long Beach is part of Los Angeles county and is one of the largest cities in the county.

Why do we cover sales for the entire county?
We do this so everyone knows that they are in the same boat so to speak.

So let's look at the sales across the county for just homes for the last two months and take them into consideration in comparison to last years sales.

Now let's get this right out in the open that sales aren't what they were last year and people said that 2007 was not a good year. So far the number of homes that have sold across the county is decidedly less than last year but prices are not down the same percentage as the number of homes that were sold. For every one's reference the numbers do not include condos. Those are reported separately and we will have a separate post on those as well.

Home Sale Highlights of March\April 2007-2008
  • March 2008 sales are down over 50% from last year
  • April 2008 sales were down 27% from the same period as last year

So what does this all mean. Does it mean that May was just a killer month and all is well? Not exactly but it does show that the market is really returning to regular activity. The great news for everyone is prices are not down 50% and rates aren't at 19%. There are some parts of Los Angeles county, just like in Long Beach, that people are facing multiple offers. There are many areas of Long Beach and nearby Lakewood were homes are being sold in days and not weeks. Keep that in mind as you look for your next home or are considering selling your property.

You can always use the FREE MLS on our blog to check out what is available in your market and feel free to create your own free market snap shot of the properties available near your home with our market snap shot report that you can get by filling out the form to the right.

Friday, June 27, 2008

It's time to find a place to live near CSULB

Congrats to the grads and to the those who supported them to get through highschool. Now it is that time of year when grads have made their decision on what they are going to be doing for the next 4 years and some of them are going to be attending CSULB or for those unfamiliar with the abbreviation Cal State Long Beach. While there are housing options on campus for students those can tend to fill up quite quickly and as a result many students and those that support them choose to look off campus for housing.

There are a variety of options for those looking for housing. Some of the options you may want to consider are:

  • Condos near the campus - We have an entire section dedicated to condos near CSULB.
  • Homes near Cal State Long Beach - There are wonderful neighborhoods near the campus. In fact these are some of the finest neighborhoods in the entire city.
  • Apartments and condos in nearby Signal Hill - This city is really intertwined within Long Beach and is home to many a CSULB student. There are fantastic views and nearby shopping that make it easy for students.

Whether you are looking to buy or rent check out the MLS on our site to the right and make sure you see what is available. We always recommend driving by the area first to see how you like the neighborhood.

For more information on CSULB condos and buildings that are nearby to the campus check out our Cal State Long Beach condos page on our site at

Thursday, June 26, 2008

5 items of "Reality" for Today's Buyer

This market has presented quite a bit of opportunity for buyers. Whether you are a first time buyer, a move-up buyer, a relocation buyer, or maybe an investor there certainly are some great options out there.

As the general thought out there is that there is an abundance of inventory many people start with the idea that every seller is desperate and they would be "crazy" not to sell if there is an offer in writing. Now, I really would like to believe this as I represent buyers throughout the city of Long Beach, but unfortunately many of the sellers have missed the memo that they are desperate.

In this vein, I thought I would share some thoughts for buyers to consider as they look for their piece of Long Beach real estate.

  1. Not every seller is desperate - I know it's shocking to think, but not every seller has to sell, and some are prepared to ride out this time to higher prices. Be aware that some sellers have a "bottom" price and it may be above what you are willing to pay.
  2. The Worst they can say is "no" - Ok, now that is probably the worst they can say, but if you want the chance at the property and they say no, then you may not get a 2nd change to make a 1st impression.
  3. Banks aren't giving properties away - Many of the banks have foreclosures. The banks may be in the money business, but they aren't in the business of giving it away. Many banks are pricing their bank owned properties so well that they are getting more than 10 offers! Catch the bank owned properties early when they are listed and be prepared to qualify with the bank as well for their chance to earn your loan business.
  4. Multiple Offers Happen - Yes in this market the well priced properties are still getting multiple offers so make sure your offer is well documented so your offer can stand out. We make sure to include personal letters, proof of funds, FICO scores, and pre-approvals so our client offers stand apart from the crowd even when they aren't the highest price.
  5. Escrows can be long - Due to the changing loan environment we are often experiencing longer escrows. Sure some finish right on time at day 30, but make sure you stay in touch with your loan officer to find out what is going on. Many lenders haven't done FHA loans in a long time so you may run a little late. Watch your timelines carefully.

Being a buyer in today's Long Beach real estate market is going to go down as one of the best in history. Great prices with great loan rates. Understanding the above 5 items will make the trip to your property much more pleasant. Have fun shopping and remember you can always use the Long Beach MLS for FREE to find the right Long Beach home or condo.

Related Posts:

Stalemate in Long Beach Real Estate

Wednesday, June 25, 2008

To sell or not to sell that is the question?

To sell or not to sell your piece of Long Beach real estate that is the question? Many times this time of year home owners start to discuss whether they should begin the process of selling or not. They way the pros and cons of the whole process and try to decide if they should subject themselves to the following:

  • Having to make sure the home is clean every single day
  • Having a post up in your front yard
  • Having every neighbor, friend, and family member ask where you are going and what you are doing
  • Having the excitement of finding a new place
  • Wondering what new opportunities you will find in your new place

It is a roller coaster ride of emotions to be sure when you are looking at selling your piece of Long Beach real estate that you have worked so hard to pay diligently on for years. So how do you decide if you should sell or not? Only you can answer that but a few things you may want to check out that may help you:

  • How many homes or condos are for sale near me? - Look at least in a radius of 3 miles to see what buyers can choose from.
  • How many homes are currently in some stage of escrow? - This is a closer indication of value these days then homes that sold 6 months ago.
  • Am I willing to improve the condition of my home? - think of it like giving your home a detail like you do for a car before you sell it.
  • Am I willing to price it as one of the most affordable homes or condos in the area? - There are only two things a seller can change: PRICE and CONDITION. Make sure you are willing to look at both.

Make sure you check out the market long before you have to sell your piece of long beach real estate. Our market snapshot tool is absolutely free and is designed to give you a head start on your home work. Just fill out the form to the right in the right navigation to create your very own market snap shot.

Tuesday, June 24, 2008

Finding your Cliff May means knowing the Streets in Long Beach

We had a great response to the latest post we put up, regarding mid Century Modern homes here in Long Beach so we thought we would provide some additional information. Cliff May Rancho homes are extremely popular as everyone realizes that despite him building homes over 50 years ago, he had a good idea of what embracing the southern California lifestyle.

There is one area of homes that will be on your search list if you want to focus on Cliff May Rancho Homes. The area as defined by the Long Beach MLS would be called the Rancho, Plaza area (33). If you used this broad definition though you would also get quite a mix of traditional ranch style homes. The boundaries of the neighborhood would be:

  • North of Spring

  • East of Studebaker

  • West of Stevely

  • South of Wardlow

With these boundaries you can often just cruise the neighborhoods to see how people have embraced their homes and restored them. These fine examples of architecture fetch a premium over nearby neighborhoods so act quickly when you spot a deal as they don't last too long.

The Cliff May homes often are on lots that are 6,000 sq ft or slightly larger so you will see some great landscaping and some nice pools as well.
Have fun, Search the LONG BEACH MLS and find your Cliff May Home Today.

Related Posts:

Mid-Century Modern Homes in Long Beach Holding Strong

Just what is an REO?

So just what does REO mean? REO stands for Real Estate Owned. It is a term used in the finance industry where bank takes over as the owner of a property. In other words a person doesn't own the property anymore but the bank does. This happens for a variety of reasons but it is important to understand the benefits to you of the bank owning the property. Let's cover a few of them so you can keep them in mind as you look for real estate owned properties in Long Beach. Keep in mind that some areas of Long Beach literally have ZERO REO properties while others have dozens to choose from. Use the MLS tool on the blog in the right hand tool bar to take a look at what is available.

Benefits of REO Properties in Long Beach
  • The Bank has to sell them - This doesn't mean they will take $1 for the property but they don't like owning property and they will be motivated to sell them.
  • You won't have to wait 4 months for a decision like short sales - Since these are owned by the bank they are the final approval and have all of the information they need to make a decision. They aren't collecting the information like they are in a short sale.
  • They are easier to see - most REO properties are vacant and have boxes that allow your real estate agent to show them to you.

Keep in mind that the banks have an agent working for them (the listing agent). Make sure that you have a qualified buying agent who has helped clients purchase properties owned by banks before. The forms are sometimes different and you will want someone with experience helping you every step of the way.

Related Posts

  • What is a promissory note in a short sale?
  • Mortgage relief act of 2007 becomes law
  • 5 Ways to Protect yourself in a short sale

Monday, June 23, 2008

What home should you choose in Naples or Belmont Shore?

With all of the talk in the media about long beach real estate and how there are just choices everywhere and people should be getting deals of their lives no one talks about the areas that have not been severly affected.

If you look at the area of Naples and Belmont Shore you have (as of today) only 74 single family homes to choose from.

Let's also take a look at the cost of the average home in the area so we can see what is going on as well.

Properties that are currently available in Belmont Shore & Naples

  • Average Price of Homes for Sale: $1,637,910
  • Most Affordable home: $739,000
  • Most Expensive Home $5,500,000

What is currently in escrow

  • There are 7 properties currently in escrow
  • The average price of properties in Escrow is $2,098,000
  • The most affordable home in escrow is $800,000

So what does this all mean? It means that if you want a piece of property near the water there are some opportunities for you. It doesn't mean that you will be able to buy it for $100,000 and sell it the next day for $700,000.

Sellers on and near the island have to sell homes to make their moves in what they need to do. If you have been holding off on your dream of moving close to the water this may be your time to do it. Make sure you have all the information first. Check out the market surrounding your home with our marketsnap shot and you can see what the homes look like in the naples and belmont by searching with our free mls.

Selling a Long Beach home when someone passes

When someone passes it can be one of the hardest times of your life and the last thing you want to do is talk about what should we do with the home? The best thing do to with loved ones who you know might be near leaving is talk to them and see what their wishes are for their property or multiple properties if they have them.

So why are we talking about this subject on this blog? We have helped many people sell assets after a loved one has left the earth and there are always some common issues that arise. We can't possible cover them all here in this one post but here are some things to think about when you are looking at your long beach real estate when someone leaves the earth.

Questions to Ask Prior to Making any Decisions
  1. Do we really want to sell the asset?
  2. What is the value of the home?
  3. Are there any necessary legal proceedings that need to take place?
  4. Are there tax consequences?

It is easy to tell what stock is worth you just check online and you are done in minutes. This isn't so easy to do with real estate. You really need to consultant a professional to find out what it is worth in today's market.

Determining the Value

Make sure you find the local expert or two local experts in the area if the property is not near to your home. Even in Long Beach areas are very different. Try to find one on the Internet first to see who serves that area. Let the real estate agent know you aren't planning on selling yet but just need information. They should be happy to help and it is exactly why we offer the market snap shot on our blog here so you can sign up for it to find out how the market is doing in your area.

Do You Really Want to Sell

Sometimes people want to hold on to the asset for emotional reasons. Make sure you want to either keep the asset or sell it for the right reasons. If you aren't ready to sell emotionally make sure you can afford to keep it. If you have other family members involved make sure everyone is on the same page on whether to keep it or to sell it. Nothing is worse than making a difficult time harder by not having everyone agree on what is happening. It is best if everyone has copies of all information to make sure everyone feels included.

In all selling your long beach real estate should not be the hardest part of your grieving process. Make sure you get the facts and most importantly take your time.

Sunday, June 22, 2008

You have been SLAPPed

A Strategic Lawsuit Against Public Participation ("SLAPP") is litigation intended to intimidate and silence critics or opponents by burdening them with the cost of a legal defense so that they abandon their criticism or opposition. These suits are often brought by corporations, real estate developers, government officials and others against individuals and community groups who oppose them on issues of public concern. A SLAPP suit occurs when an corporation sues an individual in order to intimidate.

SLAPPs frequently contain claims for libel, slander, defamation, malicious prosecution, or abuse of process. The suit may not be successful, however, it may cause the individual to stop speaking out on matters that concern the public due to the expensive nature of defending the suit.

This sounds like an intimidating suit and one that would cause the most couragous to think twice about speaking out. However, in 1993 California passed an anti-SLAPP law. (Cal. Civ. Proc. 425.16 through 425.18.) This has enabled courts to dismiss frivoulous actions, or actions that are unlikely to succeed. The courts have a two-part test to determine the validity of the SLAPP motion. First, the court determines whether protected expressive activity was the cause of the suit. Second, the plaintiff must establish the probability that he or she will prevail on the claim.

The expressive activity protected under the anti-SLAPP law is broad. The activity which is protected under the law includes:

  • Any written or oral statement or writing made before a legislative, executive, or judicial proceeding, or any other official proceeding authorized by law;
  • Any written or oral statement or writing made in connection with an issue under consideration or review by a legislative, executive, or judicial body, or any other official proceeding authorized by law; or
  • Any written or oral statement or writing made in a place open to the public or a public forum in connection with an issue of public interest.
  • Any other conduct in furtherance of the exercise of the constitutional right of petition or the constitutional right of free speech in connection with a public issue.

How can a person protect themselves against such an expensive suit? If you are a homeowner and carry homeowner's insurance, check you policy for personal injury liability coverage. Many policies protect homeowners from personal injury lawsuits based on such things as defamation, nuisance, interference with contract, etc. If you can't tell whether your policy will protect you, consult your carrier. If your present policy does not cover you, ask about a rider which would extend coverage to such matters.

Other states have similar protections against SLAPPs. For the text of statutes and court opinions from other states, see

You can also access materials on how to defend a SLAPP from

Use the following form to report information on a SLAPP filed in California (but not other states). This website will help determine if CASP can help you with advice or assistance on your case.

Saturday, June 21, 2008

Belmont Heights - 4 Reasons to have it on your list

We haven't written about Belmont Heights in quite some time. For those who are still discovering this great city, Belmont Heights is a quiet beach area located just northwest of Belmont Shore and Naples and East of Downtown Long Beach.

What makes Belmont Heights special?

While I don't have enough room right here to really point out why Belmont Heights is so different and unique from the other neighborhoods here in Long Beach, I thought I would provide some highlights:
  1. You get a YARD! - Most beach areas are characterized as homes being crammed against each other so close that you can hand your nieghbor shampoo when they run out in the shower. In Belmont Heights you get some wonderful lot sizes that can be over 6,000 sq ft and if you look hard enough you will even find some over 8,000 sq ft. That means you get some front yard and some back yard space as well.

  2. Home Styles - Much of Belmont Heights was developed from 1918 to 1923. During this era of home development many different styles of architecture were built. You will find craftsman homes, spanish style, traditional homes, english tudor, mediterranean and probably some more. Varied style among the tree lined streets really bring it to life and allow you to fall in love with the home that is right for you.

  3. Historic Section - If truly want to embrace history, then you will grab a home in the historic section of Belmont Heights. In this small neighborhood you will find that the city upholds a standard to preserve the "look and feel" of the homes. The result has been some wonderful homes that are gleaming and nearly 100 years old.

  4. Condos Still an Option - Many of the areas closest to the beach have expensive condos. Here you can still find condos for the first time buyer (and the luxury buyer too) so it's nice to have some options. Long Beach Condos here typically have balconies to enjoy the great weather.

So these are just a few reasons why you might want to put Belmont Heights on your list if you are starting to consider Long Beach real estate as an option. Just driving around is fun as you will notice some nice wide streets and some tall palm trees.

Search the Long Beach MLS for Free to find the latest homes and condos that are currently available in Belmont Heights and more.

Friday, June 20, 2008

Ask Yourself the tough questions before you list your Long Beach home

Do you think you should ask yourself a few questions prior to listing your home? I mean even before you call a real estate professional to interview for the job. I am not talking about who you are going to use but I am talking about what is important to you. In today's long beach real estate market there are some questions that you should ask yourself prior to picking up that phone or going on to Google to search for the real estate professional who is going to help you.

So what are the tough questions that you should actually ask yourself? That is the topic of today's post and these are always the toughest questions to ask. We will discuss some of these questions in the post and let's open it up to comments for the ones that aren't discussed.

  • Do I have to sell?
  • What is my motivation to sell?
  • How motivated am I to sell?
  • Am I committed to selling my home?
  • What are my options if I don't sell or don't get the price I hope for?

We want to take a few of these and discuss them. It is important to be brutally honest with yourself prior to selling so you don't get in a situation that will cause you more stress and work.

Do I have to sell?

If you have to sell because of a job change or an adjusting loan make sure you know that you absolutely have to sell. Is there a severance package that you get or can you get a short term loan till your next job. Have you evaluated that you must sell. Make sure that you know the answer to this because often it isn't as bad as one things.

Am I committed to selling?

If you are really committed to selling make sure that you ask yourself this question: If I got 15% less than I was hoping for would I still sell. If it isn't a YES make sure you have all your numbers worked out and really know your motivation level. Use a scale of 1 to 10. 1 being you aren't motivated and 10 is you wish you were gone yesterday. If you are 8 or above proceed with more investigation.

What are my options if I don't get my price?

Remember above I asked you to think about 15% less than you thought? Well if you did get 15% less could you still move? Would you have enough for the next down payment? Can you use your proceeds in a different way or is your future impacted?

It isn't always about how much money you receive from your sale but how you use your money. Keep that in mind when you are looking at accepting an offer or considering a price reduction.

If you want to know what your market is doing fill out the market snapshot form on the right to get an idea of what your home would be worth in today's market.

Thursday, June 19, 2008

Invest with confidence in Long Beach

In every market there are opportunities to get a deal on a piece of property. Now every one's definition of a deal is different. I am not talking about buying a property for $1 and then selling it the next day for $150,000. I am talking about getting a property for a small amount of money (in real estate terms) and owning an appreciating asset that will continue to provide for you for years to come.

In this market there are even more opportunities then in rapidly appreciating markets as a result of sellers being willing to take less to get out of their property and move on to other opportunities. It isn't always the highest price that wins an offer but the one that is willing to meet the right terms. A savvy real estate investor is always on the look out for investing opportunities that make sense.

Let's pose this question. Would you buy a piece of Long Beach real estate with the following conditions:

  • $4,500 out of your pocket and that $4,500 went to pay down your principle on an FHA loan
  • The bank or seller paid for ALL of our closing costs associated with the property
  • You were able to get reputable property manager to manage it for you so that you never had to deal with finding a renter, collecting rent, or dealing with repairs.
  • You provided a piece of shelter for someone in a nice neighborhood
  • You were out $0 a month and someone else was paying off an asset valued at $165,000
  • With time and appreciation you would be making money on a monthly basis and the value of your asset went up!

If this is the kind of investment that you are looking for now is your time to buy in Long Beach, CA. Now don't get me wrong there aren't opportunities that exist like this on every corner and you have to be a little selective (notice I didn't say picky) about things. But this is your chance to provide for your future and maybe that of family and friends if you so desire.

How do you find such deals? First starting looking at our MLS by clicking on Free MLS icon in the right hand portion of our blog.

Why NOW is the Best Time to Buy

The following information has been provided by Dick Gaylord who is the 2008 President of the National Association of Realtors®. He also happens to be a praticing Long Beach Real Estate Broker.

"Are you looking to buy a home, but not sure if now is the right time? Forget about what you have read in the national news media – stop for just a couple of minutes and consider these five reasons why NOW just might be the best time to buy here in Southern California.

  1. High Inventory. That means you have lots to choose from and sellers are motivated to give you the best deal possible.
  2. Lower Prices. In the Los Angeles-Long Beach area, median prices have declined from where they were at this time last year. However, signs indicate that the market is stabilizing, which means prices are likely to rise again next year.
  3. Favorable Interest Rates. It’s a good bet that interest rates aren’t going to fall any further either. As the Federal Reserve contemplates a rate hike this fall, now might be the best time to lock in a low interest rate on a new mortgage.
  4. Affordable Financing. The federal government recently raised the loan limits for FHA and conforming loans through the end of 2008. That means qualified buyers can get an affordable mortgage on a home priced as high as $729,750.
  5. A Great Investment. In addition to the financial benefits of homeownership, studies show that homeownership offers important social benefits, such as safety and security. You can’t put a price on that.

I’ve been in the real estate business for more than 30 years, and I am a top producer here in Southern California. I can honestly say that I have never seen this kind of real estate market – every market really is different.
So, don’t rely on national headlines to tell you when it’s a good time to buy or sell. Go to for the latest local information and to find a Realtor® in your community who can help take you from “dream” to “home” TODAY! "

It's definitely some great food to chew on and I recommend checking out the website he recommended so you can see some of the statistics that are occuring here in the market. The media has a tendancy to use overall market numbers instead of highly localized data so take some time and have fun looking through the data.

Wednesday, June 18, 2008

What to do when your Long Beach home isn't selling

It's that time of year again. It is summer time and people are motivated and out looking for property. At least that is what every seller is hoping for. So is it time to list your home? That is up to you and your situation and we will write more about the questions you should ask yourself prior to listing your home. But if your home is already listed for sell and you haven't received the activity on it that you wanted or you have a friend who continues to lament the market we have some suggestions.

Before we get into that have you heard about the seller who asks any of the following questions:

  • Why hasn't my home sold?
  • Why haven't we had any offers on the property?
  • Why have we had no one come and see the house?

Now let me be the first to say (if you haven't heard it before) any piece of property can be sold in any market it just depends on the price. If you don't believe this e-mail any friend and ask them if they would buy your property for $1. Trust me you will have a few takers for sure. So let's look at these questions and some answers.

Why hasn't my home sold?

This is where you have to be honest with yourself. Have you done everything possible that your agent has asked you to do. Have you:

  • Removed clutter
  • Painted if necessary
  • Made it easy to show (without any appointments)
  • Have you looked at the price

If you have had your home on the market for more than 79 days (the average a home stays on the market in long beach before an offer) and you haven't lowered the price at least 1 time you may be priced incorrectly.

Why haven't we had any offers?

This one can be a combination of things. You may want to ask yourself a few questions about how thing are going such as:

  • Has your agent solicited feedback on the showings?
  • Have they brought questions to you that you couldn't answer in regards to condition, HOA, or other issues with the property.
  • Is the commission that you and your agent offering out motivating to the agents?
  • Are there incentives for the buyer that your agent can offer out such as closing costs, TV's, or improvements to the property?

If you have showings but no offers it can be price but it could also be something simple such as incentives for closing costs or changing a paint color for a nervous buyer. It helps if your agent can get feedback. It is not always possible for them but see if they can get feedback on the showings.

What if we have no showings?

Sorry to burst anyones bubble here but if you have no showings you have a pricing problem. If you don't have any showings at all it means you are more than likely to far out of the reach of buyers in your area. Take a long look at the price of your property and those that are currently available not the ones that have sold.

If you want to see more of what is available on the market check out the FREE MLS tool or sign-up for the market snapshot in the right hand tool bar to see your home in comparison to others currently available.

Most of all work together with your real estate professional as you both have the same goal in mind.

Tuesday, June 17, 2008

Bank Owned Homes under $500,000

After the great response that we got from the post on Monday in regards to Long Beach Condos under $200,000, we thought we would share about another price range and a different area here in Long Beach. For those interested in their first Long Beach Home and willing to do some work, here is your post! You can always use the Long Beach MLS to find out all the details, as we just summarize the best of the data here for you.

For the information here we searched Bank Owned properties under $500,000 in the Long Beach neighbhorhoods of Los Altos and the Lakewood Plaza and Rancho area. Again, we searched ALL properties, so these aren't necessarily our listings, but we always want to make sure you get the best deal in town.
You would think (according to the media) that there would be just tons of properties available, but actually there are just 3 homes available! So since there are just 3 I thought I would put up information about each of them.

This home on Studebaker is bank owned and requires that you pre-approve with Countrywide as well. It is 3 bedrooms, 3 bathrooms, and over 2,100 sq ft. It is in decent shape, but could probably use some updating. The lot is over 5,000 sq ft and you get a 2 car garage to store all of your stuff. It is listed for $464,900.

This home on Stearnlee is showing available. I will check to make sure if anyone is interested because at $450,000 and being a 3 bedroom, 2 bathroom, I almost doubt that there wouldn't be a few offers on this one (maybe someone hasn't updated the MLS as they should). With an 8,200 sq ft lot this is a heck of a deal if it is actually still available for purchase.

This cute home on Walton St is another 3 bedroom and 2 bathrooms. It is just over 1,200 sq ft and is on a 6,000 sq ft lot. It needs some love to bring it back to it's glory, but it is available for just $459,000 so it is well priced. They do state that they will not help with closing costs unless a full price offer is given. You have to be prepared to pre-qualify with Wells Fargo to get your offer accepted so be prepared for an extra step. It has been on the market for 33 days.

So contrary to the media you can see that if you want that deal on a Long Beach home you better act quickly. Get our Hot List of foreclosures if you want to make sure to stay on top of the best deals throughout Long Beach.

Monday, June 16, 2008

Long Beach Under $200,000 - Get your Deal!

Speaking with people on a daily basis, I realize that in addition to people that are looking for their very first Long Beach Condo or Home, there are people who just crave "the deal". If you have searched through the Long Beach MLS sometimes it can seem difficult to spot the good deals from others.

I thought I would highlight some great opportunities for Long Beach Condos that are currently available. Now, these aren't our listings, I just poured through the MLS to find some great values and thought I would share them with you.

For today's post, I went through to find the most affordable so I looked for condos in Downtown Long Beach under $200,000. I believe most people want to know they really can purchase them, so I did avoid short sales and am only putting properties that are bank owned or traditional resales.

With a total of 44 properties available in Downtown, under $200,000, here are some of the highlights:

A unit available at the Coooper Arms is available for $169,900. It is a studio that is 398 sq ft. The unit is in good shape and you get a prime location on Ocean Blvd with some views to the east. The Cooper Arms is a wonderful historic building with great access to restaurants and an easy jump to the freeways.

This condo is located at 545 Chestnut Ave. It is in the Western portion of downtown. It's a building that has just 45 units and not all get parking. This unit is on the top floor, in average condition, and is available for $188,000. It is 667 sq ft and it does list that it has parking. It has just come on the market 8 days ago so it is a pretty new opportunity to go after.

I know you would think there would be a few more for me to list. If you want to avoid short sales though there are much fewer available. Have fun and you can certainly find out all the details on them using our FREE Long Beach MLS or if you really want to get the right deal, give us a call today at 562-989-7111 and we will be happy to help.