Long Beach Real Estate-Long Beach Condos

LONG BEACH LUXURY REAL ESTATE

Alamitos Beach Luxury Condos

The Ocean Boulevard Corridor Market Report 1/1/2007 - 9/29/2007

Alamitos Beach High Rise Condos along the Ocean Blvd. corridor possess the most incredible ocean views available for sale in the Long Beach area. 

These elegant and highly desirable buildings sit on the sand like sentinals overlooking the Long Beach Harbor.  This certainly is the most desirable real estate in all of the Long Beach communities for todays upscale buyers looking for that to die for ocean view and an upscale beach lifestyle. 

Protected by the Long Beach breakwater, beachside residents are treated to the sound of gently lapping waves on the sand.  Step out onto the sand and take a walk or a ride on the bike path, it passes right in front of most of the complexes.  Enjoy the most devastatingly beautiful sunsets from your balcony, living room or master retreat.  These buildings were well thought out and most have made the best use of the view when designed. 

Prices have been declining bringing these desirable condos back into the affordable range.  Follow the smart money, buy low - sell high.  Now is a great time to buy luxury property, prices are at their lowest in years and interest rates are still very reasonable.  Make your dream of owning one of these prestigious properties come true. 

Alamitos Beach Luxury Condos - 62 Luxury Condos For Sale as of 9/29/2007

DOM represents Days on Market

Alamitos Beach Luxury Condos - In Escrow as of 9/29/2007

• 3 Accepting Back Up Offers
• 3 Pending
• 1 On Hold

Alamitos Beach Luxury Condos - 48 Closed Sales as of 9/29/2007

• 35 Listings Cancelled their contracts.
• 52 Listing Contracts Expired.

Call Laurie today for an appointment to view any of these available luxury condos

Alamitos Beach - Long Beach - California

Relocating to Long Beach-Resource Guide

Laurie Manny Long Beach Realtor® (562) 212-5420 244 Redondo Avenue Belmont Heights Long Beach, California 90803 Buyers/Sellers/Investors Homes Condos Income Properties 1031 Exchanges

 

Many economists awaited the new home sales data, released 30 minutes ago.  It didn't look pretty.  Here's Joe Richter from Bloomberg:

Sept. 27 (Bloomberg) -- Sales of new homes in the U.S. dropped more than forecast in August and prices plunged by the most since 1970, pointing to a worsening housing recession that spells more cutbacks in construction.

Purchases declined 8.3 percent to an annual pace of 795,000, the lowest level in more than seven years, from a revised 867,000 rate in July, the Commerce Department said today in Washington. The median price dropped 7.5 percent from August 2006.

Let's find the silver lining in this report:  The median price dropped 7.5 percent from August 2006.

Why would I refer to that as the silver lining?   The builders are FINALLY realizing that price is to motivation of the buyer.  Incentives were offered by home builders as a way to protect their prices in a falling market.  Vegas trips, new cars, and decorating credits just weren't getting the job done.  Stubborn home builders are finally pricing their inventory to sell. 

Existing home sellers should take notice of this.  This will create downward pressure on prices. 

If you have a home listed, it's time to fish or cut bait.  Homeowners with listed properties should evaluate if they are priced properly to SELL.  If you are "fishing for a price", cut bait; it ain't gonna happen for awhile.  However, if you are selling a property because you bought a new home or are relocating, you have to adjust your expectations to be in line with the shifting market.  New homebuilders really do set the tone of the market.

Now, here's the golden lining in the cloudy report: pointing to a worsening housing recession that spells more cutbacks in construction

Home builders are reducing their production which will have a profound effect on inventories.  Less new housing stock means less competition for the home seller.  It may take 6-12 months to feel that affect but it could, I repeat, could be the first sign of the recovery.  Combine the reduced new inventory with the cancellation of overpriced listings and you have a tightening pool of available homes.  I realize that the situation today doesn't look like that.  The concept here is that a recovery doesn't look so distant now.

My next article will tell you about the white knights who save every housing drop from a complete recession.  If my figures are correct, they're saddling up their horses and about to ride into Long Beach.

Laurie Manny Long Beach Realtor® (562) 212-5420 244 Redondo Avenue Belmont Heights Long Beach, California 90803 Buyers/Sellers/Investors Homes Condos Income Properties 1031 Exchanges

 

A client of mine owns a successful cabinet shop in southeast Idaho. Hes decided, in his 50s, to get significantly more aggressive in his pursuit of his retirement goals.

Hes putting a 7,000 square foot addition onto his companys plant. Just this one small addition will accomplish the following.

• Allow delivery trucks to back into the building & out of the winter weather
• Lower supply costs -- now has much more storage he can buy farther ahead
• Lower storage costs -- storage now will be on site without additional expense
• Added manufacturing space -- more product produced in the same time
• Significantly reduce time from contract to delivery for out of state customers
• Increase gross revenues from 50% to over 100% in the next 12 months
• Increase profit margin without increasing product prices

The addition is much simpler and cheaper to build, as its a steel building, and will be complete by the end of this year, even though it wont start for another couple weeks. As I observed in my conversation with him,

Laurie Manny Long Beach Realtor® (562) 212-5420 244 Redondo Avenue Belmont Heights Long Beach, California 90803 Buyers/Sellers/Investors Homes Condos Income Properties 1031 Exchanges

 

Anybody who knows me will know that I ask that question a lot when it comes to getting borrowers approved for loans.  The second C of underwriting, capacity, from the Three Cs of Underwriting, is fast overtaking the first C, credit, as the preeminent qualification for mortgage approvals.  Heres the reason why:

Stated Income loans, once a favorite of the self-employed and commissioned borrowers have been frightfully abused in the past 3-4 years.  It used to be that these loans required above average credit and a loan-to-value of no greater than 80% (meaning 20% downpayment).  Wall Street, in its infinite hunger for yield, started offering to securitize loans for high credit borrowers. 

Today, the questions from borrowers are, "Can I get approved" rather than "Can I afford it?"   I have taken the loan application process a bit farther with these borrowers by asking them, "OK, how are you really going to make the payment?"  Sometimes, they have a girlfriend/spouse/roomate who will be contributing but doesnt want to be on the loan.  That makes good sense.  Let me give you a good and bad example of this phenomenon:

BAD BORROWING PRACTICE:

1- Borrower in Colorado told me today that he wants to buy a home for $300,000 with no money down.  Hes self-employed but really hasnt been on his own for two years.  His company has been established for three years but he hasnt gone "full-time" until 6 months ago.  His payment was going to be $2,100 and he had another $1,000 in monthly bills.  To approve him, I said that he would have to make about $7,000/month.  He admitted that he had deposits to his business account of about $3,000 a month for the past 6 months.  he didnt have a miraculous "contract" coming.  He just wants a home.  This one doesnt make any sense.  He cant afford it.

GOOD BORROWING PRACTICE

2- Borrower in San Diego applied for a loan last week.  Virtualy the same scenario but her payment is going to be about twice the Coloradans; $6,000.  I advised her that she would need about $14,000/month.  Her deposits were about $5,000/month.  Shed be "upside down"!  Alas, her new husband, who suffered a bankruptcy a year ago, makes $10,000/month at a car dealership.  Hes had the job for 1 month now.  Here is a scenario that makes sense, they really can afford the monthly payment.

Desire is not the only qualification for a home. In this market, it makes sense to be prudent, not reckless by understanding your capacity to make the payment.

Feel free to call me at (800)-977-8923 Ext 2318 with questions.

Laurie Manny Long Beach Realtor® (562) 212-5420 244 Redondo Avenue Belmont Heights Long Beach, California 90803 Buyers/Sellers/Investors Homes Condos Income Properties 1031 Exchanges