Long Beach Real Estate

Distressed property sales hit upscale condos

2009-05-21T07:17:00.000-07:00

By Peter Y. Hong
May 18, 2009

More than 170 people crowded the ballroom of a Long Beach hotel for what amounted to an upscale fire sale.

The event was an auction. The products were 38 posh waterfront condominiums. And bidders like Mike Murphy came looking for bargains.

The Internet marketing worker snapped up a two-bedroom unit for $376,000, less than half the original price. In all, he and other eager buyers ponied up $14.9 million in less than 90 minutes.

The Internet marketing worker snapped up a two-bedroom unit for $376,000, less than half the original price. In all, he and other eager buyers ponied up $14.9 million in less than 90 minutes.

Home Sales Hot, Hot, Hot in Southern California

2009-05-21T07:15:00.000-07:00

By KELLY CURRAN
May 20, 2009

Southern California homes sold at a faster year-over-year pace in April, as first-time buyers and investors continued to target distressed inland properties, according to information from MDA DataQuick.

April’s jump in home sales marks the 10th consecutive month of increasing home sales in Southern California.

A total of 20,514 new and resale houses and condos closed in the six-county Southland in April. That’s up 5.2% from 19,506 in March and up 31.4% from 15,615 a year ago, according to the real estate information service.

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Los Angeles Harbor Freeway closures planned

2009-03-30T09:55:00.000-07:00

Various stretches of the Harbor (110) Freeway will be closed overnight in the coming week as part of a bridge repair project.

Each night from today through Friday, up to three lanes of the freeway in each direction will be closed between 10 p.m. and 6 a.m. in the area between Anaheim Street in Wilmington to Channel Street in San Pedro.

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Plane Makes Safe Emergency Landing At Long Beach Airport

2009-03-30T09:54:00.000-07:00

A twin-engine Cessna made an emergency landing at 6:45 a.m. this morning at the Long Beach Airport, due to collapsed front landing gear, according to Maricella De Rivera, public affairs assistant at Long Beach Airport.

The pilot was able to safely land the plane despite the malfunction. Two passengers in the small aircraft were uninjured.

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Stocks jump on bank plan, rise in home sales

2009-03-23T09:50:00.000-07:00

By TIM PARADIS, AP Business Writer NEW YORK – Wall Street is getting the good news it wants on the economy’s biggest problems: banks and housing. Investors reignited a two-week rally Monday after hearing the government’s plan to help banks remove as much as $1 trillion in bad assets from their books and home sales showed a surprise increase. Major stock indexes jumped as much as 4 percent, including the Dow Jones industrial average, which rose nearly 300 points. The Treasury Department said its plan would rely on the government’s $700 billion financial rescue fund, the Federal Reserve and the Federal Deposit Insurance Corp., as well as private investors.

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Find Long Beach Homes for sale from Orange County Realtor.

Sign of the times: Rental

2008-03-23T08:00:00.000-07:00

The ongoing slump in the housing market is changing the face of many of the metro area's mixed-use projects as developers alter their plans to include fewer for-sale homes or convert them to rentals instead.

For one, Long Beach CA Realtor Urban Pacific Group revised its plan for 725 for-sale units at the Enclave at Axis near the Church Ranch light-rail station in Westminster to include 235 rental units. The apartments and 54 condos will be developed in the project's first phase.

1838-O Half Dollar & Husak Large Cents Top Heritage’s Long Beach Auction

2008-03-18T21:14:00.000-07:00

Heritage conducted the official auction of the Long Beach Coin Expo on February 14–16. Prices realized from the Husak consignment exceeded $10.7 million, and $4.6 million came from the Southwest collection.

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Have fun in Long Beach with its coastal houses and bungalows.

Older Residents Fear loss of Modest Lakeside Homes

2008-03-16T23:37:00.000-07:00

When Ray Kavanagh met with a real estate agent in 1961, cottage homes were common in Long Beach and were selling for about the same price as homes in downtown Michigan City.

Now with a tax bill of more than $8,000 for his modest 1920s-era home three blocks from Lake Michigan, it's becoming more difficult for the 90-year-old Kavanagh to stay in his familiar neighborhood.

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Real Estate Owner Bets on Medical Office Space

2008-03-11T01:55:00.000-07:00

Newport Beach-based healthcare real estate investor Nationwide Health Properties Inc. has been big on senior housing and nursing homes. Now it’s following baby boomers to the doctor’s office.

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For your real estate needs in Long Beach, find the top Long Beach Realtor now.

Farmers & Merchants Bank of Long Beach Commences Tender Offer

2008-03-06T07:05:00.000-08:00

Farmers & Merchants Bank of Long Beach yesterday announced that it has commenced a tender offer in which it is offering to purchase up to 14,720 shares of its common stock at a price of $7,300 per share in cash. The offer is scheduled to expire at 12:00 midnight Eastern Time on April 1, 2008, unless the offer is extended.

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More about this city in California at Long Beach Real Estate.

RANCHO LOS CERRITOS TOURS

2008-03-03T02:18:00.000-08:00

Open from March 2, 2008 - October 5, 2008
4600 Virginia Road
Long Beach, California 90807

Rancho Los Cerritos Historic Site, is a public museum open for tours, programs and events. It is a living remembrance of the rich history of Long Beach California and the surrounding communities.

More Details

Southern California Golf Show - Feb 29 - Mar 2

2008-02-28T23:04:00.000-08:00

Test your skills at the Southern California Golf Show and win prizes at the Short Game Central, Long Drive Competition and 50-Foot Putting Challenge. Pros and experts will be on hand all weekend for FREE one-on-one lessons. The Demo Zone will have the latest clubs from top manufacturers like Callaway, Taylor Made, Nike, Cleveland, Adams, Fisher Touch Putters and more. Venue for the event is at the Long Beach Convention & Entertainment Center.

Discover other ongoing developments in Long Beach California from premier homebuilders at Long Beach Real Estate.

Long Beach News Sources

2008-02-26T09:54:00.000-08:00

Destinations Magazine - Provides compelling coverage of the premier destinations and events taking place in the greater Long Beach area
District Weekly - News, Arts & Entertainment for Long Beach
Gazette Newspapers - Long Beach's Favorite Communiyt Newspaper
LB Report - The city's most complete and accurate daily news outlet
Long Beach Business Journal
Long Beach Press Telegram
Long Beach Union
Viking - Long Beach City College Newspaper
Downtown Gazette
Beachcomber - News and Views of the East Long Beach Area

Long Beach - Riverlink Project; Connecting City to River

2008-01-16T13:51:00.000-08:00

Long Beach RiverLink: Connecting City to River is a broad project for the Long Beach Department of Parks, Recreation, and Marine to connect the neighborhoods of the Westside of Long Beach and greater Long Beach with the Los Angeles River. The Westside lacks sufficient parks and green open space and there is a disconnection between Westside neighborhoods and the attractions of down town Long Beach. According to the current plan, visitors will use a series of landscaped pathways connecting both sides of the river through a series of parks lining the river channel from the San Pedro Bay to uptown. Also, the Riverlink project is expected to dramatically enhance waterfront activity along the river by creating abundant dock space and slips. This project is expected to have an overall positive effect on the quality and value of Long Beach Real Estate.

Long Beach Schools

2008-01-16T13:36:00.000-08:00

Many potential buyers looking for Long Beach Real Estate are interested to know what kind of schools system their children will be in when they relocate to Long Beach.
The Long Beach Unified School District has a reputation as one of the best school systems in the nation. The school district was named the 2003-04 national winner of the $500,000 Broad Prize for Urban Education. This award is designated for America's best urban school system for increasing student achievement. LBUSD was a finalist for the Broad award again in 2007.
Facts:

Educates nearly 90,000 students in 93 public schools in the cities of Long Beach, Lakewood, Signal Hill, and Avalon on Catalina Island

The third largest school district in California

The district employs more than 8,000 people, making it the largest employer in Long Beach.

Featured on Good Morning America, NBCs Today Show, CBSs This Morning, CNN Headline News and other national news media

The first district to require any third grader reading below grade level to attend mandatory summer school

Long Beach schools consistently meet or exceed state targets for academic growth, with many posting significant gains in student achievement. With this in mind, any potential buyer in the Long Beach area should feel confident that his or her children will receive a quality public education.

Long Beach Real Estate - 5 Things to Do Before You Sell

2008-01-16T13:05:00.000-08:00

In order to sell your house in the shortest possible time with the minimum amount of complications, there are some specific things you should do to prepare. Long Beach Realtors will work closely with their sellers to make sure that these 5 key areas are addressed:

Identify items that need to be replaced or updated - worn carpeting, roof, painting - and get estimates

Have a termite inspection done to prove to buyers that the property is not infested - some lenders require this anyway.

Do a formal pre-sale home inspection with a licensed inspector so you’ll be able to make repairs before they become an issue.

Gather warranties and guarantees on the furnace, appliances, and other items that will remain with the house. These can be a valuable buyer incentive.

Fill out a disclosure form provided by your sales associate and list any issues, however minor, that might come up before or after sale.

Long Beach Real Estate - Market Snapshot

2008-01-16T12:31:00.000-08:00

Long Beach Homes have an average price of $300 thousand and can range up to over $3 million. The city offers a variety of housing options ranging from condominiums to single family homes. Currently, condominiums average around $300,000 while single-family homes can range from $400,000 $3,000,000.
Present Inventory:

2,325 homes listed on MLS with a median price of $450 thousand

1,570 homes listed in real estate classifieds

994 foreclosure properties

71 new homes

Due in large part to difficulties in the wholesale mortgage market, Long Beach Real Estate has decreased in value - from a median value of $561 thousand in January of 2007 down to a value of $532 thousand in January of 2008. However, this trend is largely stabile at present and is much less dramatic of a value decrease than in other California markets.

Housing Costs Loom Large in California

2006-10-02T13:49:00.000-07:00

New census data shows that even though the price of real estate is starting to go down, more people are spending more of their income on housing than ever before.

In particular, Southern California was noted as one of the places, along with New York and Texas, where the number of people paying a large percentage of their income into housing costs has skyrocketed. According to the census information, as many as 74 percent of Southern California residents pay at least 30 percent of their income into housing.

What does this mean for people looking to buy Long Beach real estate? For one thing, you should know that it could be worse. Fully 47 percent of those living in Boulder, Colorado, spend more than half of their income on housing.

I took a look at the statistics, which are part of the American Community Survey done last year when the real estate market, in Long Beach and elsewhere, was still booming.

The median home value then was $520,000, meaning half the homes were worth more and half less (this is in the Los Angeles-Long Beach-Santa Ana Metropolitan Statistical Area, so it covers Long Beach real estate and a lot more). The median monthly cost for a family with a mortgage came out to $1,983 a month (compared to $972 for those who rent).

About 39 percent of people who live in the Long Beach area and have mortgages spend 35 percent or more of their income on housing. That's compared to about 24 percent who spend less than 20 percent of their income on housing.

The point is there's still a pretty big spread when it comes to Long Beach real estate. It pays to find out how much money you can realistically spend on a mortgage before you go shopping. The general rule is that your housing costs--including mortgage, insurance and taxes--should not be more than 25 to 29 percent of your gross income.

Obviously more and more people are living beyond that, for whatever reason. Some people don't mind having huge amounts of debt, or they don't think about what might happen if the breadwinner of the family lost his or her job. Or they are determined to live somewhere with good schools, or somewhere close to their office, and they are willing to pay more to make that a reality.

No one can make the decision about how much you want to spend on you Long Beach new home for you. You really need to know what your priorities are and spell them out to a realtor who can help you find your dream home at a price you can live with.

Are You Ready to Buy?

2006-09-21T17:45:00.000-07:00

Given the wide variety of Long Beach real estate on the market right now, a lot of people are thinking about buying homes who might not have been considering it before.

This is a really great time to buy a Long Beach new home because there are a lot of choices available and you can potentially get a really good deal on a home if it's been on the market for a while and the seller is motivated.

But it's not as simple as just deciding you're ready to buy a Long Beach home and going out and finding an agent to help you look. You really need to know that you are financially prepared for home ownership before you even think about signing on the dotted line of some loan papers.

There are huge numbers of home owners who are having forclosures right now because they couldn't pay their mortgages. Many of these people had adjustable-rate mortgages and purchased their homes when the interest rate was really low. Now that rates are higher, they can't afford their payments.

An adjustable-rate mortgage is not the only option, of course, but if you're thinking about one for your Long Beach new home, make sure you think about what would happen if and when the interest rate goes up. Would you still be able to afford your payments?

A better course when considering Long Beach real estate is to go for a conventional mortgage with a fixed interest rate. That way there are no surprises down the road.

Freddie Mac has a lot of great advice to consider before trying to buy a home. They suggest that you make sure you have a reliable and stable source of income, good credit history, not a lot of debt and some money for a down payment before you go shopping for a home.

Before you start looking for your dream Long Beach home, talk to a mortgage broker and see how much home you can afford. Look at your credit score and how much money, if any, you have available for a down payment. This discussion can be a little sobering, but it means that you will go into your house-hunting with a firm idea of what you can spend.

Of course we all want nice, beautiful Long Beach real estate, but we can't all afford to live within sight of the beach. Knowing what you can realistically afford before buying is the best insurance that you'll be able to hold on to your home, even if the economy changes.

Looking to Sell Your Long Beach Home?

2006-09-05T17:08:00.000-07:00

Last time we talked about what a great time it is to buy a Long Beach home. That might lead you to believe that if you're trying to sell Long Beach real estate, you won't have such a good time.

It is true that the market is tough right now. Buyers are being very selective and they aren't always offering the high prices they were last year. But that doesn't mean that you shouldn't try to sell your Long Beach real estate.

There are still buyers out there, they're just taking a little bit more time to make a decision than they might have in the past. That makes sense, since there are more Long Beach homes available to choose from. That doesn't mean you won't be able to find someone to buy your home if you are looking to sell.

It does mean, however, that this is a great time to have a Long Beach Realtor on your side. Even when times are good, homes that are listed as for sale by owner are only sold about 10 percent of the time. That's not very good odds in the best of times. Now that buyers can afford to be choosy, you're probably even less likely to be able to sell your Long Beach home on your own.

Whether you're working alone or with a Long Beach Realtor, here are a few tips that might make it a little easier to get a prospective buyer to yes:

Keep your house clean and well organized. Make it look inviting and always be ready to show it, just in case.
Clear some of your clutter. Buyers want to imagine their stuff in your home. They can't do that when it's completely full of your stuff.
Do minor home improvement projects like painting or replacing cabinet hardware if you think they need to be done. Now's not the time to invest in a big home improvement project because you think it will help you sell your house. It takes time to recoup that investment in the resale price of your home.

For more help selling your Long Beach home, contact the Shannon Jones team today!

Attention Shoppers: Now's the Time to Buy

2006-08-24T20:06:00.000-07:00

If you're thinking about buying a new Long Beach home this year, now is the time to start looking. Nationwide, there are more homes on the market than ever before, and sellers are throwing in all kinds of incentives to try to entice buyers to take the plunge.

That means this is a wonderful time to buy if you're looking for Long Beach real estate. You'll have a lot of options to choose from, and you'll likely be able to buy a bigger house than you might have been able to just a year ago.

Many people are worried about the increase in interest rates, but they aren't so high that it should keep you from looking for a new Long Beach home. Because sellers are eager to find buyers, you'll still be getting a good deal.

It can also be a good time to buy a Long Beach home as an investment. Buying a second home as an investment makes good sense when there are lots of homes on the market to choose from. You'll probably get a very good deal.

For more on real estate investing, check out the resources on our Long Beach Real Estate investment site.

New Homes and Transit Options

2006-08-14T10:23:00.000-07:00

A story out of Sacramento has got me thinking about public transportation. A new development in the Swantson neighborhood of north Sacramento is planned as a transit village centered around the light rail station.

The development will have homes and stores, and the hope is it will serve to renovate an old neighborhood full of warehouses and dilapidated apartments.

If you're looking for a Long Beach home, access to public transportation may be a consideration for you, what with the high price of gasoline (now averaging around $3.24 a gallon in Long Beach) and the other benefits of using public transportation when available.

The Long Beach Transit Authority serves the public transportation needs of Long Beach area residents, including those in Signal Hill and Lakewood. Thirty-eight regular routes take riders just about anywhere they want to go. Most of the routes run seven days a week, are wheelchair accessible and allow surfboards of up to six feet, so you don't even have to drive to the beach!

The Long Beach system easily connects with other area rail systems, so getting to Los Angeles, Compton, El Segundo, Seal Beach and many other area locations is a breeze (which you certainly can't always say for driving). There are also bike racks on the buses, so if your Long Beach home isn't within walking distance of the bus station, you can still ride there and take your bike with you to your destination.

The public transportation system is just one more reason to look to Long Beach for your new home.

If you're ready to see all that Long Beach has to offer, contact a Long Beach realtor today!

Myths About Home Inspection

2006-08-01T09:55:00.000-07:00

If you're looking for Long Beach real estate, you've probably given some thought to the home inspection process. But it's one part of the home buying process that's shrouded in mystery for many home buyers.

The California Real Estate Inspectors Association wants you and all buyers of Long Beach real estate to know the truth about home inspections. It has been putting out a series of articles about the myths and facts behind home inspection, which you can read in full on the association's website.

For those who'd like a quicker run-down of the facts about home inspection, read on.

Myth No. 1:

Your general contractor can do your inspection. In reality, a professional home inspector has the training and skills needed to find all potential problems with your new Long Beach home.

Myth No. 2:

All I need is a termite inspection. In California, you must have your termite inspection done by a certified Structural Pest Control Operator, who probably doesn't have the training of a home inspector.

Myth No. 3:

A home sold "as is" doesn't need an inspection. Really you should get an inspection done anyway so you know what you are buying. Sure, the seller won't fix any problems you find but (and this is another myth) the inspection report isn't meant to be just a repair list, it's to let you know what you're really getting from the Long Beach home you're planning to buy. It gives you a chance to see what is wrong and give the seller a chance to fix things if the buyer requests it and the seller agrees.

Myth No. 5:

New construction doesn't need an inspection. If you're buying a Long Beach new home, you probably want to trust your contractor, but you should still get the home inspected to make sure everything has been built up to code and specifications.

Myth No. 6:

I don't need an inspection if the property has been appraised. An appraiser may point out any major problems with the home, such as a cracking foundation, but they usually don't have the training of a home inspector and don't do as thorough a job. They don't usually get on the roof, for instance. You need to know the information a home inspector can tell you before you buy.

Of course before you can get to the home inspection stage you need to find the perfect Long Beach home for you and your family. Contact the Shannon Jones team today.

Affordability the Key for Long Beach Real Estate

2006-07-23T14:53:00.000-07:00

The Long Beach newspaper, the Press-Telegram, runs a little feature each week about how much Long Beach real estate is selling for (you can see the latest installment here). This is really interesting for Long Beach Realtors and those looking to buy homes in Long Beach, because it gives you a really up-to-the-minute idea of what homes are selling for in the area.

This week in Long Beach real estate, a duplex sold for $985,000, while a three-bedroom home went for more than a million. With prices like that, it's no wonder people looking for new homes in Long Beach wonder if they'll be able to afford them.

A new survey by the National Association of Realtors found that even more than high interest rates, home buyers are worried about high property taxes. Average property taxes went up around 14 percent between 2003 and 2004, while the average house payment went up 11.5 percent in the last year. Couple that with high energy costs (the price of electricity has gone up around 12 percent) and the idea of affordable housing takes on a whole new meaning.

The Shannon Jones team of Long Beach Realtors can help you find the home of your dreams that is within your budget. We feature a range of homes in all price ranges.

There are more financing options available now than ever before, from jumbo loans to adjustable rate mortgages, even no money down loans are available to make your dream of owning a Long Beach home a reality. Of course if you have good credit and some money to put down on your home, that will make it that much easier to find a home you love with payments that you can afford.

We have a collected a wealth of mortgage information at our mortgage information page to help make the process of financing your dream home a little easier for you.

Using the Web to Find a Real Estate Agent

2006-07-14T11:50:00.000-07:00

Buying a home is one of the most personal decisions you'll make in your life. It's right up there with choosing the person you marry--a long-term, if not life-long, commitment.

Because of that, you really need to choose your real estate agent carefully. If you're looking for a Long Beach Realtor, Shannon Jones has some great tips.

First, look for a certified Realtor. Not everyone who sells Long Beach real estate is a Realtor. Only those who are members of the National Association of Realtors and who agree to abide by their code of ethics are allowed to use the term Realtor.

Doing a web search for Realtors will help you narrow down your list of potential real estate agents. You'll also want to look for a full-time Long Beach real estate agent. People who work full-time as Realtors are going to know more about what's going on in the Long Beach real estate market than those who just work part time. You wouldn't want to hire a part-time brain surgeon, so why hire a real estate agent who isn't out there working in the business every day?

Once you've found a few real estate websites, you can choose the ones you want to talk to and move on to the next step: screening. Other things you need to think about when choosing a Long Beach Realtor include:

Someone with good communication skills
Someone who listens to you and your concerns
Someone who answers your questions in a way that you can understand
Someone you like
Someone who has experience dealing with the real estate issues you have
Someone with experience in the area, again, preferably a full-time Realtor
Someone with good references
Someone who has a good plan for selling your home or finding you the perfect home to buy
Someone who returns phone calls quickly

If you need help finding your dream piece of Long Beach real estate, contact the Shannon Jones team today!

2006-06-13T10:31:00.000-07:00

Long Beach, California, real estate is very expensive. There's no denying it. The average home starts at around $400,000 and you can easily spend more than a million dollars for a luxurious home in Long Beach.

Because the homes are so costly, most people who buy Long Beach real estate need a special kind of mortgage loan known as a jumbo mortgage loan. These loans exceed the limits for home mortgages set by Fannie Mae and thus are put together a little differently than conventional home loans.

In 2006, the limit for what is known as a "conforming" mortgage loan is $417,000. If you need to borrow more money than that for your Long Beach mortgage, you will have a nonconforming or jumbo mortgage.

Because jumbo loans are not part of the federal program run by Fannie Mae, they can have higher interest rates and different down payment options, depending on the mortgage lender you go with. You can also choose to go with a fixed rate or adjustable rate mortgage. Adjustable rate mortgages tend to have lower interest rates to start with, but when the rate changes it can alter your mortgage payment considerably.

Why is the conforming rate so low when real estate in so many parts of the country is much more expensive than that? The rate is determined by looking at the average price of a home nationwide. In 2005, Fannie Mae found the average home loan for a single-family home was $172,000. So obviously there are some places that are a lot less expensive than others!

Jumbo is a relative term, and in places like Long Beach where real estate prices are high, it is not a big deal to have a jumbo loan. Just make sure you consult with a mortgage broker or financial planner before signing loan papers so you know you will be able to afford your mortgage payments. Having a big loan is a small price to pay to live in such a beautiful part of the country!

If you're ready to buy a new home in Long Beach or relocate to Long Beach, contact a Long Beach Real Estate expert.