Long Beach Real Estate-Long Beach Condos

Long Beach Condos - Let The Buyer Beware

A must read before purchasing a Long Beach Condo

The condo market in this country is huge. Baby boomers are downsizing and professionals are buying condos and lofts near work.  It's an opportunity for renters to become first time buyers which they didn't think they would have again after the sellers market drove prices far above their reach. 

In my opinion the condo market in Long Beach, and nationwide, may be in for a few rather large shockers which could rattle more than a few cages.  We have already come across several HOA's in, or very near, serious financial jeopardy.  Many condo owners purchased using ARM's through 2006 prior to the sub prime implosion.  When those ARM's adjusted some of these homeowners found themselves unable to pay the increased loan amount and the HOA fees.  Rather than lose the condo (their home) some stopped paying the HOA fees in order to continue paying the mortgage.  At this point the HOA should step in and take the action dictated in the CC&R's but with so many homeowners in trouble and choosing this road they have had to examine their options as well.  The HOA is supposed to foreclose on those units per most CC&R's.  It is expensive to foreclose and when you are dealing with multiple owners in the same complex that cost can become exorbitant and unmanageable.  The available funds to move forward with the foreclosures often just don't exist because the reserve fund has been driving the operating account and is depleted. 

The effect of non-payment of monthly HOA Dues

Monthly HOA fees are designed to cover the monthly expenses of the complex.  When there is a shortage the HOA must put to a vote the decision to draw funds from the reserve account into the operating account in order to cover expenses.  Many HOA's have been depleting their reserves in this fashion for the last several years and are coming close to wiping out their reserves, or are there now. 

Lets compound the problem.  HOA's regularly must deal with major expenses, some expected, some not.  If the roof or plumbing begin to fail there is only so long that you can put band-aids on them until they actually fail and create widespread damage in units.  Even in a good market it is rare for any HOA to have ample funds to replace either of these or any other large repair without an assessment as these are high ticket items which require a vote of the HOA and the members.  Condo owners who are in trouble or are in default on their HOA's, have lost their jobs or are afraid they are about to lose them will not vote for any additional expenses.  Assessments and/or increases in the monthly HOA dues will also be needed to replace badly depleted reserve funds, these are also subject to a vote.   

Imagine this, or similar, scenarios across multiple HOA's over the course of the next 5 years.  Compound that with the fact that most new buyers in these condo complexes are coming out of rent as first time home buyers and are buying the absolute most they can afford.  There is no room in their budget for assessments, large or small, and in some cases a simple $100 increase in HOA would strangle them.

Eventually the work will have to be done.  Eventually the assessments will have to happen both for repairs and to replenish reserve funds.  The assessments that are coming down the pike in many condo complexes as the market turns around and tries to correct itself will be profound.  This downturn will have to be paid for. 

Several major Long Beach condo complexes are currently facing litigation for a variety of situations.  These litigation's have the potential to cause future assessments and/or HOA increases.  Read the minutes, if there is even a hint of litigation inquire and assess the details, speak to your financial advisor or attorney.  Will this litigation cause an assessment that you could not handle financially?  Do your due diligence, find out if a situation exists and how it will affect you as a future homeowner in the association. 

First time buyers likely will not have equity to borrow from to cover the cost of the assessments in the next 5 years, appreciation will come slowly when the market begins to turn.  Some of these condo purchases will fall to foreclosure.  5 years from now my prediction is that about 80% of the owners in these complexes will be first time buyers that purchased through this downturn.  This has the earmarks of a potential disaster. 

As these units fall to foreclosure some of the banks will pay the back HOA fees and perhaps the assessments. The banks, however, are in no way obligated to assume these expenses and there is no guarantee that they will do so moving into the future.  The HOA  expenses are technically the obligation of the foreclosed former owner.  While the same may be true for assessments, special assessments not yet due would be the responsibility of the bank.  But by then it won't be enough to fix the problems, many associations will be too far gone and the money will not arrive in a timely manner, if at all. 

Condo buyers are given a year of monthly HOA minutes, financials, CC&R's, budgets, rules and regulations while in escrow, some read them, some don't, some understand, some don't.  We explain things to them, they go ahead with the purchase bright eyed and hoping for the best because for them the real miracle is home ownership. 

Every condo association is required to have a reserve study and to update it every other year because of changes in the Davis Sterling Act. 

The banks are still sitting on a large number of foreclosed properties, in many cases they have left the non-paying owners in them to deflect utility bills the bank would otherwise be required to pay.  Keeping the owners in them for the moment also keeps them from being broken into and damaged, another expense the banks would otherwise absorb.  Eventually these properties will become available for sale and another large group of renters will move up to home ownership. 
 

When the foreclosures are released many buyers who have waited for the last 2 or 3 years will be shocked to find they cannot compete with their FHA loans and their 3.5% down, they are already experiencing this.   I presume this will keep the amount of government backed loans down a bit.  

There are new FHA requirements:

• FHA now requires a minimum of 10% of the amount of the annual budget be available in reserves.
• FHA also now requires that no more than 15% of the homeowners are delinquent. 
• All FHA approved projects will have to re-certify every 2 years. 
• There are no more "spot" approvals possible. 
  

These requirements will make an already difficult condo search more difficult as less buildings qualify for FHA loans. 

Banks already want to see 10% to 20% in down payment and respectable credit scores, not so many first time buyers have that.  Conventional loans at 10% down are tough to get and usually become 15% before the loan closes.  Interest rates will probably go up by summer, right after the tax incentives expire, this will knock down buying power yet again. By summer a lot of buyers who waited will not be able to buy or will have to reduce the price range they are searching in. 

We are short inventory to sell.  When a nice property comes onto the market it is often buried in multiple offers. There are all cash and large down payment buyers out there scooping up most of the decent properties coming onto the market.  Few FHA buyers are buying because they either cannot compete or don't like what they can buy in their price range. 

All in all it is a difficult scenario.  Between the financial world and what is going on at street level in real estate, we have real potential for further financial disasters. 

Take care when you are purchasing condos &/or lofts (condos) both in Long Beach and nationwide.  Carefully review all of the documents presented to you before deciding to go forward.  Determine if the HOA is financially solvent enough for your comfort level, the responsibility is ultimately yours.  Review your personal financial situation.  If the monthly dues are increased or a substantial assessment becomes a reality will you be able to access the funds to satisfy it?  If you don't understand what you are reading have your financial advisor, accountant or attorney review the documents before you move forward. 

When you are ready to buy call your Long Beach expert.  Laurie Manny 562-212-5420.

Long Beach Home Owner Tax Credit Information:

• Home Buyer and Home Owner Tax Credit Bill Passed by House and Senate>>>
• $8000 Tax Credit for Long Beach First Time Home Buyers>>>
• Long Beach Home Owner Tax Credit For New Insulated Garage Doors>>>
• Long Beach Home Owners Can Deduct PMI>>>

Important Long Beach Home Buyer Tips

• Don't Make Any Major Purchases>>>
• Things to Avoid Before Purchasing Your Long Beach Home>>>
• Changing Jobs Affects Your Ability to Purchase Your Long Beach Home>>>
• Long Beach Homes - Issues for 1st Time Buyers>>>
• Long Beach Condos - Buyer Tips for a Smart Purchase>>>

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

 

LIGHTS CAMERA ACTION - EXTRA INCOME

Long Beach Homes Condos Lofts and Business Owners

With the economy in such turmoil many Long Beach homeowners are finding themselves short of cash when it comes time to pay the bills.  Are you interested in making a bit of extra cash?  Would you be willing to turn your Long Beach home or business over to a production company for filming to provide some extra cash flow?  Would you even know where to start to make that happen? 

As a Realtor in Long Beach I understand how important representation is when you are swimming in unknown waters.  It's no different when you are thinking about signing a contract with a production company.  When you list your Long Beach home for sale you depend on your Realtor to market it, negotiate on your behalf and act as your representative.  When you list your home for consideration as a location you need somebody to promote it, negotiate on your behalf and act as your representative.  Not so different huh? 

Wouldn't it be nice if your representative also watched over your home during the production, made certain that your home was insured, treated with respect and was put back together when returned to you?  Seriously, wouldn't you expect that? 

Beyond just having an opportunity to provide some extra cash flow, it's kinda cool to see your home in a commercial, TV show or feature film, isn't it? Do you think that the bragging rights might even make your home more desirable to a buyer when the time comes to sell?  I do!  Bragging rights get transferred! 

LB Locations has 8 plus years experience negotiating with film productions.  They have a search-able database, not unlike the MLS, to meet the needs of location scouts when they are seeking the right location.  Shoots can last for 1/2 a day to several weeks.

Please don't think that your Long Beach home isn't good enough, they are always scouting a wide variety of different types of locations. All kinds of Long Beach homes, boats, businesses, etc... are needed for shoots, those in good and not so good condition, check out the location library and see for yourself. 

Check them out on Facebook too.  Their recent message on Facebook? 

"Happy because rumor has it, lots of commercials are on production companies' schedules in the upcoming months! NOW is a great time to get your awesome location listed with us!"

Some of LB Locations Production Credits: 

• "Donnie Darko"
• "American Pie 2 
• "Red Dragon" 
• "Not another Teen Movie"
• "Men vs. Women" Showtime
• "Joan of Arcadia"
• "Anger Management"
• "Coach Carter"
• "Medium"
• "Click" 
• "Thank You for Smoking"
• "The O.C."
• "Boston Legal"
• "House"
• "Fractured"
• "CSI Miami"
• "Criminal Minds"
• "Cane"
• "Chuck"
• "License to Wed" 
• "There Will Be Blood"
• "DayBreak"
• "Nip/Tuck"
• "Dexter"
• "Desperate Housewives"
• "PrisonBreak"
• "90210" 
• Commercials for:
• Volkswagon
• Wendy's
• Miller Lite
• Pizza Hut
• Safeway
• Marshall's
• Jack in the Box
• Verizon
• Sheer Cover
• Anna's Linens

Find out How To Be a Location.  Email lblocations@mac.com or call 562-951-0306, send some photos and your contact information, they will contact you and help you become a location. 

On a very serious note, becoming a location for a major film production could mean the difference between keeping your Long Beach home and going into foreclosure or short sale.  While this solution will not work for everybody, it is my sincere hope that it will save somebody.  If you are in trouble it just cant hurt to list your Long Beach home, condo or loft as a possible location and may provide you with the time needed to correct your situation. 

This is NOT a paid advertisement.  

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

 

Inexpensive Bathroom Makeover - Home Staging on a Budget

Are you are thinking about selling?  Need a little inexpensive staging?  Maybe you just want to spruce up your Long Beach home or condo?  There is nothing better than making a major change in appearance for just a few dollars. Lets face it remodeling is expensive and many sellers in Long Beach just cant afford it, many can't afford the cost of staging.  If you can spend a few dollars and make a major difference in appearance it could be the difference in whether you sell or not and in the price you net when you do sell. 

We show a lot of homes and condos to buyers in Long Beach and receive feedback from them.  So many comment on how the condos feel like they are 'just apartments' or the homes will require too much after purchase money to make livable.  Often the source of that concern is the kitchen and bath.  Today we are going to show you how to fix part of the problem very inexpensively by showing you how to transform your bath from an ordinary, hum drum, boring, apartment style bath to an extraordinary room, with appeal, that you will want to spend some time relaxing in, and so will your buyer. 

Are you familiar with the 'apartment style' bathroom mirror?  You know the one, it's the size of the vanity with polished edges and clips holding it onto the wall.  It screams apartment.  By adding a nice rich looking, but inexpensive, frame to that mirror, and a few inexpensive accessories, you can change the whole appeal of the room.  Remember you only have one chance to make a first impression.

Mirror Mate will custom make frames for your boring old bathroom mirror that will transform your bathroom for very reasonable prices. Take a trip to Pier 1 or Bed Bath and Beyond and add a few coordinated accessories, a fabulous shower curtain and throw rug, a few green plants and you have transformed your ordinary, boring bathroom into an inviting space that you or your buyer will want to spend time in relaxing.  Check out their website, look at some of the before and after photos, see the difference a makeover makes and imagine how your buyer will see your bathroom after a few inexpensive changes.  All Mirror Mate product are 100% Made in the USA!  (This is NOT a paid advertisement) 

Pottery Barn is running a Dream Room give away sweepstakes through February 15, 2010.  They are offering a chance to win a $5000 shopping spree, head on over and register, somebody is going to win it.  

Additional Home Improvement Tips: 

• Space saving solutions for your Long Beach Homes
• Small living space solutions for your Long Beach Homes
• Curb Appeal on a Budget

When you are ready to sell, or need advice as you are getting ready to sell, give us a call.  Ask about our aggressive internet marketing plan to place your home in front of buyers shopping online. 

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

 

Ebell Lofts in Alamitos Beach located at 1100 East 3rd Street

The Ebell Theatre of Long Beach CA was built in 1924.  It was converted to 11 unique residential Long Beach Lofts in 2005 in sizes ranging from 1,200 to 2,277 square feet. The original exterior was preserved in the process, it is recognized by the city as a Historical Landmark for it's unique architecture and community history.

The Ebell Lofts is a truly stunning conversion exuding the sophistication and elegance of a bygone era. Just a short walk to the beach or to the East Village in Downtown Long Beach.

The Ebell Club and Theatre was built in 1924 by Clark Philip/ CT McGrew. No expense was spared during its construction. It is an example of Churrigueresque architecture. Its lavish, sculpted facade style date back to Spanish architect Jose Churriguera (1650-1723) who developed the style that is characterized by play of light and shade through lush cement ornamentation. It was heavily damaged in the 1933 Long Beach earthquake, but was quickly repaired. In 2003 the Club was restored to its former elegance and served as a popular location for wedding receptions.

The Ebell Theatre was constructed as a 1000 plus seat theatre with both stage and screen. It was used commercially as a movie theater from the 1930's to the 1950's. It changed hands several times and was also known as "Holt's Ebell" and the "Metro Ebell". Construction to re-purpose the building to eleven new residential loft units began in 2003 and was completed in 2005 by JR Van Dijs. Each unit has a unique floor plan and units that range  in size from 1,200 to 2,277 square feet. Each unit has exterior space including balconies and roof decks with incredible views from the upper floor units. 

• High Ceilings
• Polished Concrete Floors
• Granite Counter Tops
• Bosch Dishwashers and Ranges
• Secured Parking
• Central Air  
• Community Gym
  
• Security Cameras
  

Ebell Lofts are rarely available for sale.  At this time there is currently 1 Ebell Loft/Condo pending in escrow, it is a short sale awaiting lender approval; 1,220 square feet, listing price $299,000, 64 days on market. 

Have you been looking for a condo in Long Beach?  Not finding anything that suits you?  Really wanting something a bit different?  Looking for something a little more upscale and a little less apartmenty?  There may be a loft in your future! Long Beach has lofts of all types; High Rise, Low Rise, Historic or Sleek and Modern...there is a loft in Long Beach to suit your taste! 

The Lofts of Long Beach

• Temple Lofts 835 Locust Avenue Downtown Long Beach
• Kress Lofts 100 W 5th Street Downtown Long Beach
• Walker Building 115 W 4th Street Downtown Long Beach
• The Insurance Exchange 207 E Broadway Downtown Long Beach (on the Promenade)
• Courtyard Lofts 849 Pine Avenue
• Ebell Lofts 1100 E 3rd Street Alamitos Beach Long Beach CA
• BLU Condos-Townhouses-Lofts-350 Long Beach Blvd Downtown Long Beach

Long Beach Lofts Market Update and Recent Sales

Call Laurie today to view available lofts in Long Beach (562) 212-5420

Long Beach Home Buyer Tips 

• Home Buyer Tips - Don't Make Any Major Purchases
• Home Buyers Tips - Changing Jobs Affects Your Ability to Purchase a Home
• Home Buyer Tips - Things to Avoid Before Purchasing a Home

Long Beach Area Information

• About Long Beach California
• Long Beach California Beach Communities
  
• Belmont Shore and Naples Island California
• Romantic Gondola Cruise - Naples Canals
• Downtown Long Beach California
• Alamitos Beach-Long Beach California

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

 

Downtown Long Beach Loft Living

Its a Lifestyle

Long Beach Loft Lifestyle

Living close to the beach, or in large urban cities we become accustomed to smaller square footage.  For those with a need to move into a more urban environment or to be beach close, sacrificing that square footage can be a very difficult experience. Long Beach Lofts provide the opportunities of city life; proximity to Downtown nightlife, culture and employment, while providing far more space than the average condo. Long Beach lofts are also walking distance to Pine Avenue, the beach, Rainbow Harbor and the marina.   

As more people transition to working from home our housing needs have changed as well.  We have different spacial requirements in our homes, home work/office space has become critical.  Lofts provide for our more modern needs. 

For those who crave living in big open space loft lifestyle is a great choice.  Lofts provide open space allowing freedom of movement which is not possible with the constriction of walls.  Many lofts were once industrial or commercial buildings with high ceilings, large windows and sweeping space.  Once gutted they were raw spaces which a person with a flair for design could easily make their own, not unlike a tear down home.   Both New York and Chicago are famous for converting useless and abandoned industrial space into artists' lofts.  These lofts were large cavernous spaces with wonderful light, high ceilings and often had large, interesting windows which could easily be integrated into the design; they were perfect. In my opinion it is a natural transition for these types of buildings to eventually have become viable living spaces. 

Long Beach lofts are generally not raw space they are usually live/work space with high ceilings, open floor plans and plenty of light.  Most of the lofts in Long Beach are historic or landmark buildings which have been converted into residential lofts.  Builders have defined basic living space by installing kitchens, baths, bedroom/s, closet/s and storage space in most of the newly converted lofts in Long Beach. Doing this eliminated the after purchase expense of build out for the buyer and problems attaining financing.  Lenders do not like to lend on raw space and most will not finance without an existing kitchen and bath. 

Lofts do tend to be a bit noisier than the average home.  Area rugs, window and wall coverings and defined spaces will cut down on the noise.  With the exception of kitchens and baths, loft living spaces can be highly functional, spaces can be easily moved around to accommodate your needs and can be defined in many attractive and unique ways.   While defining spaces it is possible to leave them easily adaptable, for instance decorative screens can create an additional bedroom area for guests, or specific areas can be moved around to accomodate larger scale entertaining. 

Lofts are usually more attractive to those with a more eclectic flair. With endless decorating possibilities lofts are a great opportunity to mix the old with the new.  Perhaps unique windows were restored and can be left uncovered or an old wood floor may be left in place lending grace to the condo/loft, once sanded and polished to a new gleam.  Plop a brand new plush Italian leather couch onto the area rug in that living room and your loft is already warming up.  Go modern, go historic, go anywhere your taste and purse allow you to go.  A loft is a unique space that is uniquely yours!  The design possibilities in wide open spaces are only limited by your imagination. Go ahead and get your swank on!

Upgrade your Long Beach Homes Condos or Lofts with a Designer Fireplace

Call Laurie to see available Long Beach Lofts (562) 212-5420

The Lofts of Long Beach

• Temple Lofts 835 Locust Avenue Downtown Long Beach
• Kress Lofts 100 W 5th Street Downtown Long Beach
• Walker Building 115 W 4th Street Downtown Long Beach
• The Insurance Exchange 207 E Broadway Downtown Long Beach (on the Promenade)
• Courtyard Lofts 849 Pine Avenue
• Ebell Lofts 1100 E 3rd Street Alamitos Beach Long Beach CA
• BLU Condos-Townhouses-Lofts-350 Long Beach Blvd Downtown Long Beach

• Temple Lofts Penthouse For Sale-835 Locust Ave 611-Downtown Long Beach-90813

• Long Beach Lofts Market Update and Recent Sales

Long Beach Home Owner Tax Credit Information:

• Home Buyer and Home Owner Tax Credit Bill Passed by House and Senate>>>
• $8000 Tax Credit for Long Beach First Time Home Buyers>>>
• Long Beach Home Owner Tax Credit For New Insulated Garage Doors>>>
• Long Beach Home Owners Can Deduct PMI>>>

Long Beach Home Buyer Tips 

• Home Buyer Tips - Don't Make Any Major Purchases
• Home Buyers Tips - Changing Jobs Affects Your Ability to Purchase a Home
• Home Buyer Tips - Things to Avoid Before Purchasing a Home

Long Beach Area Information

• About Long Beach California
• Long Beach California Beach Communities - Area Information
• Belmont Shore and Naples Island California
• Romantic Gondola Cruise - Naples Canals

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