Downtown Long Beach California - July 2008Downtown Long Beach California - July 2008Whats going on in Downtown Long Beach?
So many people are downsizing and looking for new diggs in a more urban environment. What I am hearing more often is "I want to be able to walk to stores, coffee shops and entertainment." Where better to live than our very own "Downtown Long Beach". With such a wide variety of choices there is housing available to quench almost any buyers thirst.
Downtown has its very own Historic District replete with early century Craftsman Homes, Victorian Homes, California bungalows and lovely Spanish style homes (Willmore City Historic District). Prefer a duplex, triplex or fourplex; perhaps a stock co-op or an own your own (OYO)? We have those as well, and in all price ranges; from the very affordable to the very pricey.
In Downtown Long Beach, condos both old and new, fantastic loft spaces (urban living at its finest), abound. Prefer a brand new luxury high rise condo on the waterfront or with an ocean view? We have those too! We even have a landmark historic high rise on the ocean that it just to die for gorgeous, have you seen the Villa Riviera lately?
Moving your business here as well? Downtown Long Beach has many commercial properties; office space is available.
Buyers who are thinking about "Relocating to Long Beach" usually ask for particulars about the area. Questions like "What is there to do in Downtown Long Beach"? This question always brings a smile to my face, because our little Downtown is a jumping mecca of entertainment for all types and ages, we have a lil sumptin to entertain just about everybody here.
If you are feeling like a slug, you can sit outside of one of our many coffee shops or restaurants and just people watch; bring your laptop and tap into the Downtown Wireless Hotzone network. Now that may sound pretty boring to some of you, but I assure you Downtown is anything but boring. While you are sitting there, you may hear some incredible jazz or blues and choose to follow those enticing sounds right on over to the Blue Cafe. Stay a while, enjoy the music, play a game of pool, chill out. If it happens to be a Tuesday afternoon, between 11 AM and 4 PM, you can walk across the street to the Farmers market and pick up some fresh fruit and veggies for dinner. Check out the local crafts on display here as well.
The East Village Arts District in Downtown Long Beach hosts the 2nd Saturday Artwalk every month 4 - 10 PM. Enjoy an evening of art, entertainment, food and wine. Hey make a day of it, walk over from the Blue Cafe, its a short walk.
Enjoy live music concerts monthly at:
Is the Theater more your bag? We have theater!Head on over to the Aquarium of the Pacific for Shark Lagoon Night from 6 - 9 PM, go ahead, reach out and touch one of over 150 sharks. Aw geez, I just never had the guts for this one, but my little niece and nephew shamed me by reaching in and stroking jaws! The Queen Mary is hosting several very interesting events this July.
Did you ask if we had Sports?Yes, Downtown Long Beach hosts sporting events on a regular basis. This month (July 2008) we have some exciting sporting events: http://www.longbeachrealestatehome.com/003DBC Posted on July 05, 2008 21:00:21 by Laurie.Manny
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Investment Properties Market Report-2 to 4 units For Sale-Long Beach Real EstateInvestment Properties Market Report-2 to 4 units For Sale-Long Beach Real Estate
Sales of Investment properties (2 -4 units), formerly a robust market here in Long Beach have slipped into the abyss along with homes and condos for the last few years. As with Long Beach homes and condos many owners of these investment properties have been facing difficulties meeting the financial responsibilities of ownership, some have already lost their properties to foreclosure. Bank owned investment properties are starting to come available which is beginning to bring back the dormant investment property market here in Long Beach. Investors are finding some great deals, several which will deliver an instant return on investment (ROI). The days of a 14 + gross rent multiplier are gone. We are beginning to see GRM's back in the healthy 10 range once again. Many of these available properties are short sales. Given the level of attention and interest the banks have been showing short sales these days, many of these are likely to be tomorrows REO properties. There are bank owned properties in the mix already and smart investors are scooping these up rather quickly. Several smart owners who would like to get out with thier shirt still attached to their backs have also priced thier investment properties to sell. Its a good time to be out shopping. Although we are part of Los Angeles County, we do not have rent control in Long Beach. This makes Long Beach an ideal place to own and operate investment properties. There are currently 195 duplexes for sale in Long Beach.Average Price:$558,084 Average Days on Market: 102 Lowest priced duplex for sale in Long Beach: $229,900 (2 one bedroom units in North Long Beach-no financials provided) Highest priced duplex for sale in Long Beach: $5,500,000 (Totally tricked out custom duplex on the sand with 360 views - no financials provided, lol...)
There are currently 77 triplexes for sale in Long Beach.
Average Price: $655,460 Average Days on Market: 132 Lowest priced triplex for sale in Long Beach: $300,000 (1 two bedroom, 1 one bedroom and 1 single, claims a gross scheduled income (GSI) of $42k and a GRM of 7.14, not a shabby return on your investment if the numbers are for real. Located in Long Beach above Downtown Long Beach and below Wrigley.) Highest priced triplex for sale in Long Beach: $1,899,000 (1 three bedroom, 1 two bedroom and 1 one bedroom (and mysterious other income of $500 per month), with a boat dock. Claiming a GSI of $73,200 and a GRM of 25.94. Yeah, it's a trophy property, but its got location, location, location - on the canal at Bayshore in Belmont Shore - and its really nice!) There are currently 121 Four Plexes for sale in Long Beach.
Average Price: $745,425 Average Days on Market: 130 Lowest priced four plex for sale in Long Beach: $425,000 (there are 3 for sale at this price) 1) No clear details - the 2 units appear to have been combined, claims huge lot, able to build more. No financial details avaiable. Might be a short sale. 2) 1 three bedroom, 2 two bedrooms and 1 one bedrrom. Claims GSI of $48,900 and a GRM of 8.69. At this price its no wonder! 3) A mixed use property. This means you will need a commercial loan and an exceptionally large down payment - 40% or higher. Comprised of 1 storefront and 3 residential units; 2 two bedrooms and a single. Claims a GSI of $46,260 and a GRM of 9.19. Again, at this price its no wonder! Note: You do understand that there is very little chance of the bank accepting an offer anywhere near this price for the 2 short sales - don't you?
Highest priced four plex for sale in Long Beach: $1,695,000 ( 1 two story, 3 bedroom upgraded owners unit, 1 two bedroom and 2 one bedrooms. Claims a GSI of $81,240 and a GRM of 20.86. Located in the heart of Belmont Heights, this one is new on the market, clean and attractive. Contact Laurie for more information, available property lists, or to purchase investment properties in Long Beach (562) 212-5420
Laurie Manny Long Beach Realtor® Prudential California RealtyBixby Knolls/California Heights Office 3728 Atlantic Avenue Long Beach, CA 90807 (562) 212-5420
http://www.longbeachrealestatehome.com/003CB7 Posted on June 28, 2008 13:05:32 by Laurie.Manny
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Eminent Domain Issues in Long Beach California-Proposition 99Eminent Domain Issues in Long Beach California-Proposition 99Eminent Domain
PROPOSITION 99 PASSED
How does that affect your Long Beach Homes? IT PREVENTS THE GOVERNMENT FROM TAKING YOUR OWNER OCCUPIED LONG BEACH HOMES ONLY! (If they have been occupied for 1 year)
When the City of Long Beach, the County of Los Angeles, the State of California or the Federal Government is allowed to take private property and in turn sell or lease that land to a developer then the premis of land ownership in this country is over as we now know it!
I happen to know quite a bit about eminent domain and have witnessed attempts at using 'the threat of it' to attempt to fleece business owners, landlords and home owners in Long Beach of their homes and businesses for less than the appropriate market value.
You really have to think about this for a minute. IF a City has a specific area they want to take under eminent domain to sell or lease to a developer it would be years in the planning. What would stop them from purchasing some similar land around the planned development (PD) area and selling it for a song and a dance just to depreciate the value of the land to be taken under eminent domain when it is appraised for fair market value? That would decrease the amount paid to the home or business owners for their properties. Then they could easily turn around re-zone the land, increase it's value and sell or long term lease it to developers for full value. Remember they also control the zoning laws!
http://www.longbeachrealestatehome.com/003985 Posted on June 06, 2008 19:16:25 by Laurie.Manny
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Long Beach Own Your Owns-OYO-OYOs-Condo Conversions-Income Properties in Long BeachLong Beach Own Your Owns-OYOs-Condo Conversions-Income Properties in Long BeachLong Beach Own Your Owns - OYOsWhat the Heck is an OYO?
Why would I want to own one?
Long Beach has been home to many Own Your Owns over the years. They can be found throughout Downtown Long Beach, Alamitos Beach, Bluff Park and into Belmont Heights; older, usually 2 or 3 story buildings tucked between newer and sometimes taller buildings. Recent Condo Conversions have trimmed the numbers of available OYOs
considerably. OYOs used to be a really good investment, selling for considerably less than Long Beach Condos, they proved to be a very desirable purchase. When they successfully converted to condominiums owners realized large profits. Often condo conversion was the motivation for purchasing an Own Your Own.
Many buyers ask about OYOs. They want to know if they are the same as a condo, or more like a stock cooperative.
OYOs are similar in ownership to condos in that they are both fee simple ownership with individual tax bills and deeds. OYOs are a pre-condominium form of ownership, mostly built in the 50s. They generally sell for less than condos and are occasionally candidates for condo conversion, if they qualify, at which time they increase in value dramatically. Often OYOs will not have sufficient parking to qualify for condo conversion. http://www.longbeachrealestatehome.com/003252 Posted on May 05, 2008 17:18:26 by Laurie.Manny
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Long Beach California Real Estate SalesLong Beach Real Estate Sales
Long Beach California Real Estate Sales UpdateJanuary - April 2008
The real estate market in Long Beach has begun to shift. We have witnessed a steady rise in homes and condos for sale in Long Beach since the beginning of the year, as is witnessed by the chart provided. Buyers who have been waiting out the real estate market hoping to get that incredible deal are now buying those Long Beach homes and condos they have been wanting.
Interest rates are still great, although lenders are tightening up on lending standards. It is getting more difficult to procure a home loan unless your income and credit scores are high, your credit history is good and your debt ratio is low. As we progress into the summer months lending standards will become even more stringent.
Real Estate Sales in Long Beach California - 2008 - Year to Date
http://www.longbeachrealestatehome.com/0031E2 Posted on May 03, 2008 17:37:51 by Laurie.Manny
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To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.
