Bixby Knolls Real Estate Update for May 2008

How many people have driven through Bixby Knolls lately? If you haven't you may have missed some of the changes that have been happening. New commercial developments (like the one at Carson & Atlantic) have been finished, first Friday of the month activities (for businesses in and near bixby knolls), and improvements to building facades (check out the corner of Long Beach Blvd and 36th). It is an exciting time in Bixby Knolls so you may want to take a look around. If you are coming from the 405 the easiest way to get there is head north off of the Long Beach Blvd or Atlantic exits to see what is happening.

So how does this affect the real estate in Bixby Knolls? Well let's look at what is going on in real time in the area to find out.

Bixby Knolls Real Estate Report for May 2008

We of course normally do these reports at the very beginning of the month or at the end but I thought we would go over what is happening today so everyone doesn't miss out on anything.

• Active Properties - 130 - All residential properties for sale
• In Escrow - 37 (Backup and Pending)
• Months Supply - 3.5

So what does this mean. Well as we have covered in the past under 6 months of supply of property is a "sellers market". We have a very low 3.5 months so is Bixby a sellers market? Well in some cases it is. There are some fantastic opportunities for condos and a few homes that are worth checking out. Take a look at through the FREE Long Beach MLS on the site to check current properties. Homes and condos that are priced under the last sales are getting multiple offers and selling within days not weeks or months. It does require sellers to be aggressive in their pricing and selling a home right now in Bixby Knolls may not be right for all sellers so make sure you know the actual value of what your home would sell for before you put it on the market. If you want to know what your home would sell for in todays market get a free home evaluation from your real estate professional.

You snooze, You Lose....The House That You Always Wanted

For all of the media attention on the fact that it is a "buyer's market" and there are so many choices, when you get down to it, there might not be as many choices as you anticipate. With just 1,841 home and condo options available as of the end of April (see Long Beach Real Estate Statistics for last month), you need to dig carefully through the Long Beach MLS to find the property that is right for you.

Want a real life example of dissappearing inventory?

If you were looking in the Bixby Village complex just over 4 weeks ago, you had 5 different townhomes to choose from. You could choose from models just over 1,700 sq ft to the largeest ones in the complex that are over 2,000 sq ft. If you searched on May 12th though, you would find that you had 0 to choose from! Now, some of these properties has been on the market over the average days on market of 72, but with fewer choices, buyers have now picked them up. In fact if you searched for townhomes nearby you would find that you could only find them in next door Whaler's Cove.

Don't Miss Out

Although I think a real estate agent would be crazy to say that Long Beach real estate is hot again like it was in 2003 and 2004 it does show you that you need to keep a careful eye on the inventory. With historically low interest rates and inventory that is the best we have seen in years now is the time to keep a careful watch to find the Long Beach home or condo you have been waiting for, just don't wait to long!

Get up to the minute updates on the properties that meet your needs by using the Long Beach MLS.

Long Beach Golfer Has Amazing Day on National TV

For those who aren't into golf this may not be a story for you but if you love hearing about a local Long Beach resident have an amazing day then this may be a post with reading. For those who watch golf the Players Championship was this weekend on Mother's day. Normally you don't get to see a Long Beach Dirtbag hat on TV for 4 hours but that is exactly what happened on Sunday when local Long Beach golfer Paul Goydos was leading the entire PGA on Sunday at TPC Sawgrass.

When he is not on tour he golfs at Virginia Country Club . If anyone gets chance to read about Paul he is just a class act. There is a great article on ESPN about how he finished. He is a true sportsman and did Long Beach proud for sure.

If you want to see homes in and around Virginia Country Club where Paul golfs check out the free MLS link and see the homes that are available. Virginia Country club is located in Bixby Knolls just north of the 405 near Long Beach Blvd.

Postage is going up but do you even care

By now you may have heard that the price of stamps is going up to May 12th to 42 cents for a first class stamp. In care anyone was wondering the price went up to 41 cents last May 14th. Now my point is do you really care? I mean the amount of stamps that I send is next to none! So how does this all affect the Long Beach real estate market? Well it is a sign of the times that costs are rising and the costs of fuel and other necessities are driving costs up even for the post office.

So how do make sure that the price of stamps doesn't affect you or affects you so little that you won't even care? Let's look at a few ways to save the penny because after all pennies add up and you can use the difference to put into Long Beach real estate if you want to!

• Online Bill Pay - I don't know if I even use 1 stamp a month to send bills. I pay them all online and thereby I am not affected at all. Check with your bank to see what services they offer and by the way they should be free!
• E-mail - This has been taking away business from the post office for a long time. Send an e-mail and worry no more about having enough stamps at your home.
• Bloggging - Don't want to spend your time on writing tons of e-mail to family? Set-up a blog for free at wordpress.com or blogger.com and just let your family and friends know that they can check in for the latest updates.

So don't let the increase in the price of stamps get you down just find out ways to use less stamps!

Mid-Century Modern Homes in Long Beach holding strong

Mid-century modern homes can be found throughout Long Beach. Probably the greatest density of these homes is an area near El Dorado park that was designed by Cliff May. This neighborhood has over 400 homes, however, at any given point you may find fewer than 6 homes available.

Mid-century modern homes were built dominantly in the 1950's. They were pioneered by architects and designers like Cliff May and Joseph Eichler. These homes, although built in large tracts, where designed to break away from the norm of traditional "tract" housing. These homes were designed to embrace light and the nature of living in southern California.

Some of the characteristics of these homes that attract many are:

• Open floor plans



• High open beamed ceilings



• Floor to ceiling windows



• Floor plan centered around a the outdoors

The desire to embrace this architectural style and tradition has enabled these homes to hold strong values throughout the changing real estate market. The Cliff May neighborhood in Long Beach still has only limited inventory and values are fairing far better than other areas. Whether it be a fixer or a property in pristine condition there is quite a following for these architecturally distinct homes.

If you want to have the opportunity to own a mid-century modern home use the Long Beach MLS to find the one that is right for you.

Is the worst they can say really "NO"?

In today's market there seems to be some "revenge" offers going on. Way back in the day (3 years ago), there were multiple offers on properties and the offers would soar above the list price, anywhere from 5,7, or maybe even more than 10% above the original list. Buyers would be truly thankful if they just had the opportunity to purchase a property.

Now, the dust has settled, and the shoe is on the other foot. So now it is time to get those seller's back and write an offer that is 20% less than the list price, right? I know many buyers are saying, "hey, it doesn't hurt to ask, I mean the worst they can say is no". As I represent buyers here in Long Beach I can certainly understand this perspective.

Although the worst that can happen is that they say "no" to your offer, let's consider some of the other implications.

1. Bank Owned Properties - These are often referred to as "REO's" and are controlled by just a few listing agents. If you offer an extreme low ball offer (read 20-50% below list price) they more than likely will tell you NO. They also may not consider your offers to be serious on any of their listings. As many of these agents control 200-300 listings across different cities you may have just put yourself in a bad position to get a "deal" on any of that listing agents properties.
2. You Miss Out - If you like the Long Beach home or condo you are writing an offer on, but you just want a better "deal" on it be careful. If they say "no" to your low ball offer they may then receive a better offer and take it, or just not accept your additional higher offers because they doubt your level of interest. Seller's often view low offers as someone just fishing for a deal and they just don't want to deal with it. So asking for that lower price may cause you to miss out on the home you had your heart set on.
3. Loans Change - In today's mortgage industry loans are changing weekly. If you spend too much time writing offers trying to get that "perfect" deal, then the loan program you had planned to use may disappear. Getting the property you want under contract can enable your lender to reserve funds and lock your rate so you can be prepared to close on the home you want with the loan you want.

Am I saying not to ask for a discount? Of course not!

If you are buying a home or condo for to live in as your personal residence then the decision is much more than a financial one. If you got the greatest deal on a property you didn't like it wouldn't make much sense, would it? So even though the market has changed and there are deals to be had, make sure you take into consideration why you really are deciding to make an offer on the property. Have your Long Beach real estate agent advise you on recent sales (and what is in escrow) so you can see what discounts are possible.

Have a great time shopping out there and if you want to see the latest Long Beach homes and condos available throughout the city please feel free to use our FREE Long Beach MLS.

3 Items you Need to know about today's Home Loans

Loan programs have been changing rapidly over the past few weeks. I don't think this is a cause for concern, as the banks are still lending money, just want to ensure they are lending to families and individuals that are truly ready for home ownership. In the banks case this means you will have to provide a bit more documentation that in years past :). As you know I am on the real estate side of the business, but in helping buyers find the Long Beach real estate that is right for them I am often required to review the loans that people are using. Here are some items you need to be aware of in today's climate to be insured you have a great loan in place.

1. Pre-Approval - Take the time to get pre-approved instead of just pre-qualified. Pre-approved means you submit your tax returns, pay stubs, bank statements, FICO scores etc. This helps the lender have a complete package that they can have an underwriter evaluate to ensure there is a good loan for you. The old days of having your credit checked and telling them your annual income is no longer a good idea to ensure you have a loan.
2. Money Down - I know it's crazy to think that 100% financing may be gone. Don't worry it is still available although the loan programs are different. Make sure you lender explains to you how they are putting together your 100% loan (hint it's not going to involve an 80/20 option anymore)
3. Reserves - You used to be able to purchase a property with $500 in your account. Now many lenders want 3-6 months of reserve (money you would have available to pay your mortgage). Never fear as they can use a % of your 401k to satisfy the requirement. Check with your lender.

Knowing what type of loan you will have (in addition to your payments and rate) is essential to a good home buying experience. It is the practice of myself and my team to not even take a buyer out until they know what their loan is. That way there isn't any confusion on anyone's part. Even if you are sure that you can "afford it" take the time to speak with a lender so you can know the type of loan you are getting.

Race into Long Beach by the Ocean

Have you heard that there is a race in Long Beach this weekend? If you haven't heard the famous Long Beach Grand Prix is in town this weekend and this is truly an event that you can't miss out on. So what kind of long beach real estate will you be able to see as you go to the races? The beauty of this race is not only is it fun but you get to see some of the finest real estate in Long Beach.

The race is held in downtown Long Beach and is viewable from buildings such as the International Towers, Harbor Place Towers, Villa Rivera, and Aqua. These builds have units that can see most of the entire race course which takes place on shoreline drive and is adjacent to the long beach acquarium and pine st. This event is truly a must see.

You can check out all of the details abou the Long Beach Grand Prix at the official website http://www.gplb.com/.

Do I need a buyer's agent for new construction?

Ahh, new construction! The smell of new paint, gleamig counter tops, and knowing you are the first to live there. What a feeling! And since everything is new, and you are going directly to the builder, you don't need a real estate agent, right? Maybe but could a Long Beach real estate agent actually help you with the builder? Let's see.

Here are some of the common ideas that I have heard of why you would not use a buyer's agent because you are purchasing from the builder:

1. Since I am dealing with the builder directly they can just reduce the price because I don't have an agent
2. I don't have to worry about anything because it's all new so what would the real estate agent do anyway
3. Isn't the sales rep at the builder going to watch out for me anyway?

I definitely feel all of those are valid as I have personally spoken to buyers who have said them. Let's take each one so you can see if you really do need a buyer's agent to help you.

1. The builders now have factored in the buyer agent commission into their pricing and if they don't have to pay a buyer's agent then they get to keep a little extra money for themselves, but they don't reduce the price. Large builders like Lennar and Olson Company have great standards in place and recognize that the real estate agents bring great buyers and they don't like to "step on their toes" by telling people "if you just didn't have an agent we could save you 3%" because then agents wouldn't want to bring buyers by. Smaller builders (like those who do condo conversions) might reduce the price if you don't have an agent so you could save there, but be warry :)
2. Even those it's all new you might want an extra pair of eyes to look at the property you are purchasing so you can get flaws corrected. A buyer's agent can also help you determine which floor plan is best and might have the best re-sale based off of location in the building. It may not always be the most expensive unit that is the best as usually if you walk through some units you can find some great values by checking out some of the different floor plans. A buyer's agent can give you the experience of walking through thousands of properties to help you choose the one that is the best fit for you and long term value.
3. There are some wonderful builder sales representatives out there who do a great job helping buyers at their developments. They are though contracted by the builder so their primary duty belongs to the builder, not to the prospective buyer. In fact their contracts often state that the buyer does not have a representative so the buyer is reponsible for their own due diligence.

So you don't really have to have a buyer's agent, but they can help you over come some hurdles. I just recently helped a buyer purchase in a new development here in Long Beach and I corrected 3 mistakes on the builder contract prior to him signing.

Whatever you decide make sure you get the help you need as purchasing a new property isn't free of challenges, but rest assured you will be the first one who gets to live there!

Stalemate in Long Beach Real Estate?

With 358 sales year to date for the first quarter of Long Beach you may wonder what is going on here in the 5th Largest city in California. The reality is that properties are still moving (although volume is obviously less) but why is the volume different? There seems to be a sort of stalemate out there occuring and it seems that often it doesn't really have to happen!

After speaking with many real estate agents throughout the city and speaking with many different buyers I thought it would be helpful if I provided some of the feedback from all sides involved (buyers, sellers, and agents).

Buyers are saying:

• The prices will continue to come down


• I will wait until they do another price reduction


• There are foreclosures selling at 50 cents on the dollar

Reality

• Maybe prices will come down, maybe they won't, it all depends on the level of motivation of the seller. Inventory levels aren't as high as the early 1990's so I wouldn't hold your breath


• Why not write the price you want for the Long Beach home or condo you have your eye on? If you wait for a price reduction someone else might get it :)


• Really? Look at the stats. Foreclosures are generally listed at about 10% below retail and if the area is super popular they often get multiple offers. Also, they acount for less than 5% of total inventory.

Sellers are saying:

• I won't lower my price
• Do more marketing to bring the buyers to my property
• Let's wait and see

Reality

• If you don't price your home or condo at the last sale (or below) you probably won't see activity. "Testing the waters" these days to see if you can get your price is a waste of time. If you want to sell price it in the top 1% of your area.
• The fanciest flyers, websites, or blog, can't sell an overpriced home. I mean, would you pay $250,000 for a Toyota Camry? Of course not, so just because you put granite on your counter tops doesn't mean cool pictures of it will make the buyers will over pay for your home.
• If you want to "wait and see" if the market gets better you might be in for the long haul. The market is now a much more "normal" market so you better be prepared to price your home well and make sure it is in excellent condition IF you actually want to sell.

Long Beach Agents are saying:

• There aren't any qualified buyers out there
• "No one" is buying
• My seller is unreasonable

Reality

• Ok, so the loan programs have changed. There are still great loan programs where buyers can get closing costs and purchase a property for as little as 1% out of their own pocket, they are out there, you just have to find them.
• People are buying! Everyday people relocate or decide it's their time for their first purchase. Help them with information and confidence.
• Really? Maybe your seller doesn't have the information they need to make an informed decision. Give them the stats so they can see if they want to sell it's possible, they just can't get 9 offers if their home is overpriced.

So, long and short, if you want a property and it seems overpriced, write the price you want a see what happens! Be prepared for rejection or going through many counters offers, that's ok, it's part of the game. There are some great choices of real estate throughout Long Beach if you take the time to look. Have fun and happy hunting!

Finding information on Long Beach real estate can sometimes be challenging. With Long Beach being the 5th Largest city in the state of California there is alot to learn about the many different neighborhoods that are available. In fact SoCal MLS (the MLS system that covers Long Beach) being the 2nd largest MLS in the country stated that Long Beach has the most neighborhood definitions! So where do you find information on the different neigborhoods?

The website of Lovely Long Beach Homes has been re-designed and more neighborhood content has been added to help everyone find the area in Long Beach that is right for them. From historic craftsman homes in Belmont Heights to the Virginia Country Club we have documented the city so you can your new home. We have also upgraded the property search feature so you can search the Long Beach MLS without having to sign in!

Here are some of the information you can find:

• Belmont Heights - From learning about the craftsman homes in the area, to finding out where the historic district is located you can get the information you need to find the place in Belmont Heights that is right for you.
• Bixby Knolls - Many people don't know there are 9 neighborhoods within Bixby Knolls. Take the time to learn about Virginia Country Club, Bixby Highlands and more.
• Free Long Beach MLS - If you are tired of websites that mandate you sign-in in order to search for homes in Long Beach, you have come to the right place. Search the properties that are available from every real estate broker and you can even save your search if you want to be updated on the latest inventory!

Have fun learning more about Long Beach or just dig right in to search for that home you have been wanting!

Long Beach Real Estate "Deals" Still Selling

The well priced Long Beach real estate is still moving quickly. Sounds very different than the main stream media but it certainly is happening in real life. Now, this is not to say that there aren't properties that are sitting on the market for 80,90, or 100+ days, because they certainly are, but the properties that are in great condition and priced lower than their competition are receiving multiple offers and staying on the market less than 14 days.

So what does this mean to you?

As you are looking for properties using the Long Beach MLS or your local real estate agent be aware of the properties that are the"deals". The deals in any market certainly don't last long and with interest rates at still record lows buyers are hungry for the best deals possible. Searching through the inventory will help you to understand what is possible so you can identify the deal along with your agent.

Sounds good, but is it really happening?

If I didn't look through 100's of properties every day online every day I might be skeptical of this post, so let me provide a couple of examples.

• Signal Hill Condo on 20th St - This property is over 1,500 sq ft and was listed as a foreclosure for $299,000. It stayed on the market less than 11 days before it went into escrow.


• Belmont Heights 3 Bedroom Home - This home was just 2.5 blocks from Ocean blvd and priced at $650,000. Within it's first 14 days on the market it received 2 offers and went into escrow.

Whatever area within Long Beach you are focusing on, make sure to understand the inventory that is available. Have your Long Beach real estate agent set you up to view the listings so you can determine what is available and then you can see when that "deal" pops up. Remember don't hesitate too long as the deals certainly are flying off the shelves.

Temple Lofts Blow Out for the final 9!

The Masonic Temple in Long Beach has been selling Lofts for 3 years. 3 years to sell 84 units. Now, in their defense, they only recently participated with the real estate community and since then sales have been brisk.

The Temple Lofts is a truly striking adaptive re-use project. Their attention to detail to keep the history of the Temple and compliment that with two new towers to the North and South is truly an achievement. Now, there are Just 9 Lofts left. So what is special about these remaining Lofts? Here are some highlights:

• 2 Penthouse units that used to be priced over $900,000 are now both below $600,000


• $50,000 incentive on many of the remaining units can be used anyway you would like from reduction in price to rate buy down


• Only 3 units left total between the towers. One in the North Tower has a great city view

If you were waiting for the right price, now is your time. The builder is happily working away to be done with their project so these prices are close to phase 1 pricing!

5 Questions to Ask your Long Beach Real Estate Agent

Finding a Long Beach real estate agent by doing online research is a great way to find someone who can help you with your goals. People who sell their homes usually interview 2-3 listing agents, however most people looking to purchase a property interview just 1. Interviewing 1 may be ok, if you find the right one, but we thought we would share some questions you might want to ask to ensure you have the right Long Beach Realtor working hard for you.

1. How many people do you help each year to purchase property? - This is better than asking how long someone has been in the business because many agents are in the business a long time but don't have the experience of helping that many people. The average agent helps 6 people a year.
2. Do you specialize in buyers? - Most agents help both buyers and sellers. Some agents specialize in just helping buyers and that can mean they are more up to date on their inventory and they can be more aggressive on offers because they aren't looking for sellers.
3. How long have you operated in the area that we are looking? - Closely related to question 1, but a bit different. Many agents help people across many different cities. If you want an expert in Long Beach, make sure the majority of their business is in Long Beach so you can get specialized attention.
4. Do you do a buyer's consultation? - This is a great question if you are on the phone. If an agent just asks you the number of bedrooms, number of bathrooms, and price then you might want to move-on. Experienced agents will take the time to meet with you and understand as much as they can about your goals before taking you to see a single property.
5. How will I be updated on properties that meet my needs? - Here you want to look for a process that the agent has defined. Do they call you weekly? Do they customize a website for you that is updated constantly?

We hope these help you to choose the right Long Beach real estate agent for you. Besides the questions here, find someone that you like to work with, it should be a fun process!

2007 Long Beach Real Estate Market...what did happen?

2007 was an event filled year with the Long Beach real estate market changing dramatically from previous years (as well as real estate markets throughout the country). Realistically it turned to a more "normal" real estate market but due to the difference from the previous strong years it was a shock to many. Here are some of the realities that occured in the past 12 months:

• Homes, condos, multi-units, and land still DID sell! - Sounds crazy but if you listened to the media you would think that inventory just sat around. Buyer and sellers were still active throughout many different cities.
• Home Loans are still available - Although the sub-prime market withered away a great deal, there are still loans that can help individuals and families purchase. Long standing programs like FHA and CalHFA have continued to support 100% loan programs and down payment assistance programs.
• No Crystal Ball - No matter what month we are in, or what year we are in, not the media or your local real estate broker can tell you exactly what will happen. Take the time to be informed and if you purchase get a loan that has a payment that is fixed for 5, 10 years, or more so you can be protected no matter what the changes occur.
• Foreclosures exist...but.. - Foreclosures are available, but not in the record numbers the media portrays. I have yet to see panoramic ocean view properties for 50 cents on the dollar.
• Limited Properties - Yes I did say limited properties available. What I mean is that there are limited properties that have appeal to buyers. Although we have a little over 2,000 available properties listed throughout the city, many are over priced, in poor condition, or not in the areas that many able buyers today desire. Finding just that 1 property (as most people are purchasing just 1 at a time) is a fun process but means focusing on requirements to find it.

2008 looks to be a year that buyers will continue to be able to have choices and sellers will need to have patience. We look forward to keeping you up to date on the latest Long Beach real estate information throughout the coming year!

Long Beach Real Estate Forecast....Fact or Opinion?

In my mind 2008 is officially here. A few minutes ago I was laying in bed going over all the things I had to do and wondering how in the world I was going to get them all done in time. Then I asked myself...In time for what? Will our industry survive the doom and gloom that everyone is preaching out there? After eleven years of working in this wonderful industry and area, will I be one of the ones still standing in 2009? Of course!

It's so easy to get caught up in all the negative clatter around us. We enjoy a wonderful and beautiful area here in Long Beach and for that reason (as well as location) we should bounce quickly from the short pause we experienced in the last quarter of 2007. When will the bottom arrive you ask? I ask you in return...why do you care? You can take a look at any ten year span here in the Long Beach and see that every single time property values increase. That's any ten year span. So, for example, if you looked at 1990 to 2000 or 1956 to 1966, your property value would have increased.

The days of turning and burning are going to be gone for a bit, however for future homeowners, move up buyers and the like it's a great time to buy or sell. Why? Interest rates are still at historical lows and we've shifted into a buyers market. I believe Long Beach will enjoy a great real estate market this year. Not only for the reasons listed above, but also because of location. People are always moving west and unless you have gills, we live as far west as you can go. That's a huge factor in this type of market when you're looking at it from a 10,000 foot perspective nationally.

So, whether you're a real estate professional like myself or a consumer looking to buy or sell. Get ready for 2008 and brush off all the negative chatter around you. As my father always told me growing up..."Don't worry about what others are saying or doing, just pull your little red wagon down the road and do your own thing!" Cheers to you and yours and whatever side of the fence you're on...Happy Hunting out there!

7 Ways Sellers Can Compete in Today's New Market

Ever wonder what it really takes to compete against the other homes that are available? I hope so as that is what this post is all about. Not so long ago it didn't take much to sell a home as there weren't that many sellers were competing against. Now as sellers face greater and greater competition it takes a little bit more to sell the home. These 7 Tips have helped clients and others sell their homes within the average time a home stays on the market in Long Beach, which is just under 70 days before an offer is received.

1. Stage the home - Professional staging is great (expect to pay about 1% of the price of your home) but if you can't afford it get advice from your real estate professional and use it. take the time to repaint rooms, remove clutter, and remove personal items.
2. Work on your curb appeal - first impressions are everything right? You want people to drive by and want to walk in your door. Make sure the grass is green and fresh flowers or bark is in the front planters.
3. Make sure it smells nice - have a trusted friend tell you if your home smells like the family pet. Make sure that it is pleasant to be in for all.
4. Make it easy to show - nothing is worse for an agent who has a motivated client and then he or she has to schedule around the seller. Make sure you and your agent agree to use a lock box that allows real estate professionals access.
5. Make sure your friends know - Your friends may not buy your home but they may know someone who will. Craft an e-mail with your real estate professionals information in it and a few pieces of information about your home and send it out to your friends. Ask your friends to e-mail it out to their friends. You never know who is going to read that.
6. Entertain all offers - Instruct your agent to make sure they tell anyone interested to write an offer. Don't reject anything until you see it in writing. You want to start a dialogue with a buyer and not turn them away too quickly.
7. Price it below your competition - Homes sell for more the quicker they sell. Create urgency by pricing your home at least 5% below the homes that are available in your area. This may sound drastic but homes that are "under priced" are still receiving multiple offers even in today's market. Make sure you are pricing your home against active properties and not properties that sold 6 months ago.

Remember that in today's market you want to work together with your real estate professional to make sure that your home gets the best chance to sell for the best price possible. We recommend speaking with your real estate professional once a week for an update and have a discussion about the price of your home every 14 days to make sure you are where you need to be.

3 Realities of the Long Beach Real Estate Market you haven't heard

"If it bleeds, it leads" is the famous saying of the newspaper/media industry. It's no surprise then that some of the events in the Long Beach real estate market are not getting attention. Here are some occurences that you may not have heard of from the mainstream media.

1. Multiple Offers - A memory for many in the "hot" market. Multiple offer still occur on well priced properties. On one property that was dropped 20% in 1 day to elicit offers, it ended up fetching 5 offers! This was small condo in Downtown Long Beach.
2. Back-Up Offers - When a property goes into a status of "back-up" that means the property is in escrow, but the buyer has not removed their contingencies. In the hot market, no one looked at these, but now with limited inventory of prime choices, many buyers and agents are visiting these properties and submitting back-up offers in the hopes that the buyer can't qualify.
3. Foreclosures - Although they exist, they are less than 3% of the Long Beach real estate market. There are more "short sales" than foreclosures at this point.

Whether you decide to purchase or sell is up to the consumer, but it is important to arm yourself with information!

Long Beach Real Estate Results for November 2007

November has come and gone and Thanksgiving dinner is well behind us. There is still time to report on what happened in Long Beach real estate for November.


So let's take a look at what happened this past month.

• Number of Active properties at the end of the month: 1998
• Number of Expired Properties: 242
• Number of properties that sold: 141
• Number of new listings: 381

So what does all of this mean?

Well the number of properties that are being sold within a month continue to decline. It is the time of year where less properties are being sold overall as some buyers do not want to move during the holidays. However some of the most motivated buyers are around this time of year and that is an important thing to keep in mind.

Our overall inventory declined. This is a good thing. Sellers who were not completely motivated removed their property from the market.

The number of new listings was also down meaning that the number of properties that were newly listed declined from October. This also is a great sign that only sellers who are motivated to work with buyers want to list their homes for sale.

Even though the pace of buying has stopped it still appears that with interest rates staying low and motivated sellers it is a great time to be a buyer.

Most Expensive Home in Park Estates?

Luxury homes in Long Beach have held their value fairly well even with the pricing pressure that has faced the entire market. Long Beach has not be known to have the same pricing as places like Manhattan Beach or Palos Verdes, but a new home listing here in the coveted Park Estates tract is setting a new benchmark for pricing in Long Beach that doesn't face the Ocean.

This Long Beach home on Bryant Road, listed at $8,400,000, is a must see for that unique buyer looking to have a quiet estate here in Long Beach. Here are some of the highlights of this estate:

• 6 bedrooms, 9 bathrooms


• 34,000 sq ft lot


• 10,000 sq ft Home


• 8 car garage


• Guest quarters


• Tennis court


• Pool and spa

For those not familiar with Park Estates it is a quiet area by CSULB with large tree lined streets. As you are looking for estates in Long Beach, you will want to put this one on your list(you can view more details using the Long Beach MLS). If you do wander by this property we would love to hear your thoughts, and hey, if you have the $8,400,000 to spend would this be on your list?