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.

Find your Long Beach Condo by HOA Name!

As you are driving around the city of Long Beach you will find that there are many different condos that are possible. The hard part when you find a few buildings that look nice, is going back to the Long Beach MLS to find those properties. Sometimes you have the address, sometimes you just have the name of the building. We wanted to make it a bit easier for everyone to locate the buildings that you are driving by.

We have put together some of the Long Beach Condos by both address and HOA Name. Some of the Long Beach condos that you will find are:

• International Towers - 700 E. Ocean - learn more about the famous "round building" in Downtown Long Beach.


• Stoney Brook Villas - This is a popular complex next to CSULB where many parents and students purchase for their time at the university. There are 1 and 2 bedroom plans available.
  
• Clark Terrace - This complex is known for having large pine trees and boulders providing a quiet environment. Located near the traffic circle it allows easy access to the freeways and great areas like Los Altos.
  
• Villa Riviera - 800 E. Ocean - This downtown condo with the green roof is a historic complex that complies with the Mills Act so you can save a bit on your taxes.


• Many more! - We are constantly adding to this page so you can have a great resource of information for condos available throughout Long Beach. Every area from Bixby Knolls to Downtown, to Belmont Heights is listed.

Finding the Long Beach condo complex that you have always wanted certainly can be easy. Using our Long Beach Condo by HOA page and the Long Beach MLS you can quickly locate complexes (and individual units) that meet your goals. Take time to read about each complex so you can find the right fit. If you want a short cut to get the help you need you can always call us directly at 562-989-7111 and one of our expert professionals can guide you to the condos that are the best for your needs and budget.

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.

5 Tips to Ensure a Successful Foreclosure Purchase

The news media is constantly reminding all of us that "foreclosures are up". Well it shouldn't be a surprise that foreclosures are up considering we had the hottest real estate market in the past 30 years with historically low foreclosures during that time period. Currently Long Beach foreclosures are less than 5% of the total real estate market. So although they are a small amount of the market, it is important to be aware (and prepared) of what you need to purchase a foreclosure property.

Here are 5 items you need to know to be prepared for the purchase of a foreclosure:

1. Offer Preparation - Each bank is different and may require different information, however it would be a safe bet to have the following: copy of a check, proof of funds to close, pre-approval letter, copy of FICO scores. Know that if you do not have this ready they listing agent will probably not even submit your offer to the bank because the bank only wants to look at complete offers.
2. Contracts - Understand your contract! Most banks will have you sign an "Addendum" to the traditional real estate purchase contract. This Addendum usually overrides aspects of the real estate purchase contract and can shorten important items like inspection periods.
3. Discounts - The banks aren't in the business of giving away their assets. So, even though you are just positive it is a "buyers market" the bank is unlikely to take 50 cents on the dollar. Have your real estate broker show you the active inventory and the closed sales so you can see how well it is priced.
4. Don't be late! - The banks want to sell their property and they don't care that you couldn't get your paystubs over to your lender in time :). The banks will usually charge $100+/day for every day you run late on your escrow so make sure you are prepared with all items dealing with your loan.
5. The leaky faucet isn't getting fixed - You are getting a deal so know that those annoying items that came up on your inspection report aren't getting fixed. The bank complies with items like water heater strapping and smoke detectors (usually), but don't think they are changing the carpet for you.

Keeping these items in mind will help you to have a successful process. Foreclosures are out there, you just have to hunt, use the Free Long Beach MLS and pour through the inventory to see what is there, or contact your local Long Beach real estate agent so they can set you up a customized search.

New Construction in Long Beach Offers Surprises

Looking through the Long Beach MLS is a great way to get a good understanding of what is available. Often though there are properties that are not listed in the MLS that your local Long Beach real estate agent can help you to discover.

One of the best surprises of late has been the willingness of builders to work with customers. Often new builder inventory is not listed in the MLS. Understanding which builders do have inventory available and what incentives they are offering is key to helping you make your decision on which Long Beach property is right for you. As we have been around the city quite a bit this week (and in particular tracking some of the new developments) I thought it would be helpful to mention some of what is being offered out there:

• Temple Lofts - The Temple Lofts, located at 835 Locust Ave, are down to their final 9 units. With just 9 left they have been giving buyers $50,000 to use anyway they would like. This can entail reduction in price, closing cost credit, or even paying your HOA in advance. We have helped a number of clients move in here recently and they have just loved the building.
  
• Pacifica - This building, built by Lennar once had just a small sales office to sell out of. Looking at the 3D renderings of models was tough, but now they have the real deal available! They have staged units to look at and they are paying 2 years HOA (along with they have had a great price reduction from their initial offerings).
  
• AQUA - List prices can be tricky :). Although the builder is down to their remaining 34 units the prices seem a bit on wishful side. Don't let that stop you though. Going with your real estate agent has it's advantages. The sales staff is more than willing to work out a deal - everythign from a price reduction to upgrades. Ask to see what you can get!

Understanding the inventory from the traditional resales to the new construction in Long Beach will help you to find the right home. Financing options are many and the builders may even help lower your interest rate with a buy down. Have fun shopping using the Long Beach MLS and your Long Beach Realtor

Where are the home sales occuring in Long Beach?

Despite the fact that the media is overly negative on the housing market, there is still some wonderful activity here in the Long Beach market. With currently just 1,795 available homes and condos throughout the city we don't have as much inventory available as even a few months ago. With 112 sales occuring in February properties are moving, but which ones?

I won't paint a rosy picture as sales have slowed, but I thought it would be appropriate to mention what activity is occuring in the market place.

• Open Houses Near the Beach - Homes in Belmont Shore and Belmont Heights are still getting attention. With limited inventory under $1,000,000 (just 35 homes in Belmont Heights) buyers have been looking to find that right home. In 1 open house on Mira Mar this past weekend there were over 130 buyers through in a 2 day period (6 hours total of having the house open), now that is some activity!
• Entry Level Condos - Condos for the first time buyer that are in good condition are still not easy to get your hands on. In one instance in the past week a buyer actually lost on 3 different condos due to the fact there were multiple offers. This occurs particularly on condos under $300,000. There are still choices available in Downtown Long Beach, Bixby Knolls and more, but if you don't want to wait for a short sale your options will be smaller in number.
• Foreclosures - Although the media paints a picture of abundant foreclosures we aren't seeing them in every area. In particular neighborhoods like the Westside and North Long Beach we generally have more available than in areas like the Plaza. Foreclosures have provided for some great opportunities but act quickly as they are generally priced aggressively and don't last long. Right now they account for just about 5-7% of the total market.

With aggressive interest rates and some pricing pressure you can certainlly find the deal for you using the Long Beach MLS or contacting your Long Beach real estate agent. Have fun finding the property for you!

Truth Behind Foreclosures in Long Beach

Although the amount of Foreclosures in Long Beach is much smaller than the media would have you believe, they are still available. People think of traditional foreclosures as "great deals" and of purchasing them at the court house for just pennies on the dollar.

Now as a matter of practicality you can purchase them at the foreclosure sales, but you better bring your cashiers check! For those who don't have a few hundred thousand in the bank ready to spend on a property you can still get a deal using a traditional search in the Long Beach MLS.

Here are some items to watch for to understand your purchase of a foreclosure in Long Beach.

• Each bank can have a different purchase contract. This can be an addendum to the traditional purchase contract or replace it entirely. Read the contract so you know what they require as many put in penalties for closing late.
• They are usually priced below "retail" inventory. They can be priced 10% below most inventory, but don't expect to get it at 50 cents on the dollar
• They are sold "as-is". The bank has already lost quite a bit of money on the deal so don't expect them to fix anything
• Make sure your offer is complete with FICO scores, proof of down payment, and a pre-approval letter. They want to see that an escrow will succeed like any seller.

Looking through the Long Beach MLS you can find a few foreclosures. Knowing the prices in an area will help you to spot the deals. Remember there are other people looking too so act quickly when you find that deal.

Find "the deal" on your Long Beach real estate

As you are searching through the Long Beach MLS there are values to be found on Long Beach real estate, but how do you determine what is a good value and what isn't? If you are still early on in your research you may not want to contact a Long Beach realtor yet and that's ok, but you still want to understand what is a "good deal". Here are some tips so you can recognize the good deals!

• Use a Free Long Beach MLS


• Monitor a specific area ( i.e. Alamitos Beach)


• Monitor a specific configuration (i.e. 1 bedroom and 1 bathroom)


• Monitor a specific price range (i.e. under $275,000)


• Write a checklist of what is important to you (garage, sq footage over 580 sq ft, etc)

Once you have these items complete you will be able to track properties that have such specific criteria you will be able to determine what is a good deal and what is an average deal. If most of the properties in Alamitos Beach are $250,000-$275,000, having 1 bedroom and rarely a garage, then you know that is the average. Then when a property comes out that is 1 bedroom, 1 bathroom, with a garage for $227,000 you know it is a good deal!!

Keeping track of the traditional inventory will help you to spot the deal on your own and then you can contact a realtor at your convenience. If you did this today in Alamitos Beach, you would find there is just 1 condo at $227,000 with a garage :). Happy hunting!

Great Single Family Homes in nice areas under $500,000?

Affordable Homes in Great areas of Long Beach and Lakewood are now available. Just 4 months ago it would be difficult to find a home in Lakewood or in areas of Long Beach like the Plaza, Los Altos, or Rancho are under $500,000, but now there are options! If you search the Long Beach MLS for homes in Lakewood and Long Beach here is what you will find as of 10/19/2007:

• Lakewood Single Family Homes - 161


• In the popular Crest Gardens Mayfair area there are 25 homes, with the most affordable being under $400,000!


• Long Beach Homes (Plaza, Rancho, and Los Altos) - 16

Having any houses in Long Beach or Lakewood under $500,000 that were on great streets was previously hard to find. Take advantage of a climate now that is allowing a buyer to get a great home while interest rates are still historically low. These homes qualify for great first time buyer programs as well where you may even get a FREE down payment and a 40 year loan. Check the MLS for Lakewood and Long Beach today so you can see which one may meet your needs.

Soft Loft vs. Adaptive Re-use - which is right for you?

The Long Beach Loft market still has some excellent inventory available on the Long Beach MLS. Whether you are considering a Soft Loft or an Adaptive Re-use , there are lofts available. Rarely are there properties in each of the developments, but currently you can find a loft in almost every development (none currently at the Ebell Theater).

As you are evaluating your options, take time to consider the benefits and drawbacks of each style of Loft so you can not only enjoy the prime location, but you can also take advantage of the unique differences between Soft Lofts and Adaptive Re-use projects. Search the Long Beach MLS so you can find the Loft that is right for you.

Banks Look to Unload Inventory - You Save Money!

As the 4th quarter is well upon us Banks are now looking at the properties they have under on their books as opportunities to start 2008 fresh. Banks clearing their books means savings for you!


Now, this is not referring to "short sales" as banks are still facing some challenges making quick decisions on those, this is referring to bank owned property. Bank owned property may often be referred to as foreclosure or REO. As the bank now owns homes, they need to clear these properties off of their books so they can maintain their business of lending money!

Real life example:

• A 1 bedroom condo in the Eastside area of Long Beach was listed at $264,900 for quite some time (over 100 days). Now that the 4th quarter is here, the bank dropped the price to $224,900, where it quickly received an offer. That's over a 10% break!

More examples like these will be prevalent over the next 45 days as banks drop prices to attempt to close prior to years end. Remember, that you will need to close before the end of the year to get some of the best deals and the properties are sold "as-is" so the bank won't be fixing anything, but you will be saving on that purchase price! Use the Long Beach MLS or contact your local realtor so you can get the deal on a foreclosure that you have been waiting for.

How many properties are actually available?

As many consumers monitor the market activity for the past month with under 200 properties being sold for the month of September, it could be easy to say that there are plenty of Long Beach homes and condos available and one should wait there time for the prices to fall as there are plenty of choices out there. On the other hand, it could be more useful to look at what properties are actually available....

• If you are looking in Belmont Heights for a home under $700,000, then you have just 13 options


• If you are looking for a 1 bedroom, 1 bathroom condo in a nice area of the Eastside, under $240,000, then you have just 6 choices


• If you would like a home in North Long Beach under $500,000 then you have 321 options

As you are looking through the inventory of available properties, keep an eye out for the property that best meets your needs and your budget. With ALL of the choices available throughout the Long Beach MLS, realize that in most cases, you can purchase just 1 so pick the one that meets your needs and remember, there may not be as many as you think that you actually like :)

3 Tips to Get the Property You want for the Price You want!

As some buyers are in the wait and see mode, we thought it would be helpful to give a couple of tips to get the deal that you want on the property you want. As interest rates are at historically low levels this is a rare occurence where there are proeprties to choose from and good rates to borrow money.

So...if you see the property you want but are hesitant because you feel the prices might drop here are 3 tips to get the price that is right for you.

1. Write the offer for the price you want! - That's right if you feel there is going to be a drop, write below the asking price so that you feel comfortable with what you are offering. Keep in mind you won't be picking up Long Beach condos or homes for 50 cents on the dollar but you may be able to get 7-10% off of the list price depending on how competitively priced it is.
2. Be Prepared - Ensure that you include your FICO scores, proof of funds, copy of check, and pre-approval with your offer. Whether you are offering on a REO (foreclosure), short sale) or a traditional seller this will help you get a strong discount.
3. Understand the Market - Review the listings provided by your local Long Beach realtor or use the FREE Long Beach MLS to see what is out there so you can recognize a good deal from a great deal! If a property comes up that is rarely available in an area (maybe like a condo in Alamitos Beach with parking) and it is priced under what the other ones usually go for, don't wait! Go and get the deal you want by putting out an offer. By reviewing the listings on the MLS system you will know what is a good deal and will not have to wait for someone to tell you it is a good deal.

Try these tips so you can get the property you want in the area you want! Have fun shopping as it is a rare time to have such great choices available.

Fed Rate Cut has little effect on Long Beach Condos

As everyone eyes the Long Beach real estate market in the "wait and see" mode, the rate cut should help with consumer confidence. The rate cut did help the stock market to soar, but it's effects may be little felt here locally, but that may not be a bad thing.

For those interested in purchasing property for the first time the pricing on interest rates continues to be good with little effect from actions by the Federal reserve. Many Long Beach Condos and homes can use buyer programs like CalHFA, ACORN (Bank of America), and FHA loans to acquire their properties for less. These programs have been around for quite some time but require the lender to do a bit more work and they are limited to what they can make. These programs really thrive in markets where buyers have the leverage.

Contact your local direct lender at Bank of America or Wells Fargo to learn more about how these programs can help. If you want to see what properties might meet the guidelines, use the Long Beach MLS and search away so you can see the opportunity!

Are there really many Long Beach Homes and Condos available?

It's a question we get asked daily and if you listen to the media there seem to be many choices on every block, but it may not necessarily be the case.

As buyers are looking through the Long Beach MLS, there may be 100's of properties available in any given area, but very few that are garnering their attention.

In fact if you look for specific requirements, then you may not find many properties to look at so you may really have to "jump" on that home or condo you have been wanting. Here are a few examples of the limited inventory.

• Alamitos Beach - If you are looking for a 1 bedroom, 1 bathroom condo, that HAS parking and under $300,000. - Condos Available: 1
• California Heights - If you are looking for at least a 2 bedroom, 1 bathroom Craftsman or Bungalow, and under $650,000 - Homes Available: 1
• Belmont Shore and Naples - If you are looking for 2 bedroom, 2 bathroom condo up to $550,000 - Condos Available: 3 (Finally some options!)

If you want to find a Long Beach home or condo that you will enjoy for the long haul, you will want to take the time to be specific. Ensure that you take some time speaking with a Long Beach realtor that understands your goals and can help you to learn about what is possible. Monitoring the inventory you will be able to see if you have many choices, or just a few!

West Ocean LB - Resales Already on the Market!

The long awaited delivery of West Ocean LB is now quickly approaching. This prime location on Ocean Blvd will make it stand out as another prime high rise.

The sales by the developer went well, and now we are starting to see resales before delivery is taken. Currently 10 units are listed for resale prior to individuals even taking possession. This could be a sign that this is the last bit of speculation from the previous hot market. Will this influx of resales prior to all units being delivered put pricing pressure on the Downtown Long Beach Real Estate market?

Luxury Condos Hit

Luxury condos have taken a bit of a hit from their previous highs of a year ago. Adding more inventory now in the luxury market may put additional pressure on pricing. The entry level units (under $600,000) will probably see less pressure, but with a high HOA the more expensive units may see some price reductions. Watch the inventory using the Long Beach MLS so you can see which model is right for you!

Not all Long Beach Condo Conversions are created Equal!

Condo conversions in Long Beach have been all over the Long Beach MLS, but many buyers have concerns about purchasing one. Let's first address, what is a condo conversion?

What is a Condo Conversion?

A condo conversion is the process of taking a former apartment building and updating the title to convert it to saleable condos. Each city (See Long Beach Guidelines) can have specific guidelines on what must be done to take an income property and covert it to condos. The builder's also have quite a bit of lattitude on what they MUST do to create these new condos.

Not All are Created the Same!

Some builders that create these condo conversions really take the extra effort to create a product that buyers can be happy with while other developers do mere lipstick jobs. The developer behind the project Casa Del Sol(pictured right), took the extra effort to replace plumbing, electrical, and put in new dry wall. They did this in addition to upgrading all of the units! Wow!

So how do you spot a prime Condo Conversion project from an average one? Here are a few questions to ask the developer or the listing agent so you can find out more about your new Condo.

• Besides the upgrades that I see, what was done to the property (plumbing, electrical, etc)?
• Were any common areas upgraded (roofing, parking areas, etc.)?
• How many condo conversions has this developer completed?
• Has this developer set up any relationships with banks to ensure available financing?

Asking these questions will help you to learn more about the condo conversion that you are considering. There are truly some wonderful condo conversions throughout the city, just have a careful eye so you can pick the one that is right for you!