Long Beach Real Estate Sales - Market Report - Statistics - 2008Long Beach Real Estate Sales - Market Statistics - 2008Long Beach Real Estate News
Long Beach California Real Estate Sales Update
The Long Beach Real Estate Market has been shifting a bit this year. After a very slow start in January, Long Beach home sales are up by over 100% on a monthly basis as of August. Long Beach Condo sales, still very weak, have been increasing on a monthly basis, almost doubling by August. Downtown Long Beach is home to a great many condominium complexes; clearly 25% of all Long Beach condo sales this year have been in the Downtown area. This makes sense, Downtown is still very affordable and affordable sells in this market. The redevelopment in Downtown Long Beach has made living there very desirable.
While residential real estate sales in Long Beach are down a bit from the same time in 2007; sales of income properties are down substantially. The Long Beach income property sector has been extremely hard hit with large decreases in annual sales 2006 through 2007. 2008 has not offered a reprieve for owners of these investment properties. Prospective buyers of income properties are learning that large down payments are now necessary to purchase units whether they are owner occupied or not. The banks, hard pressed to cover these loans, have raised the bar on qualifying. It is not unusual for a bank to demand a 40% down payment and excellent credit before even considering a loan for apartments. Still, some sellers need to sell and there have been a few very sweet deals that have closed this year, some all cash, the rest with large down payments or seller financing.
Long Beach stock co-ops and Own Your Owns-OYOs remain difficult to purchase with little financing available and large down payments required.
Prices seem to be stabilizing in some Long Beach neighborhoods, while others are still facing further declines. Neighborhoods plagued by foreclosures and short sales are feeling the drag down effect on prices as more of these continue to come onto the market.
Buyers shopping foreclosed homes and condos are finding them to be a highly desirable but difficult purchase. With prices so attractive the competition for better properties has become fierce with serious investors winning many of these properties with all cash offers. Seller concessions are decreasing as the market begins to stabilize a bit. If a buyer needs closing costs they are often building all or part of that into their loan to make the purchase where several months ago it was a given that the seller would be making that concession. While it is still possible to attain seller concessions it is not necessarily the order of the day any longer, which may be a telltale sign of either the homes being priced right or a flattening in the market. Time will tell.
Most Realtors® and buyers have given up trying to purchase short sales unless they already have bank approval. The banks have made the process near impossible, nobody wants their time wasted.
And yet, people are buying homes and condos in Long Beach and are getting some killer deals. Great deals are out there right now. Why do you think the investors are waving around so much money? If you were waiting for the bottom of the market it is time to get out there now. While this might not be the bottom in all areas its close enough to the bottom in most.
Long Beach Homes and Condos that went onto the market in the spring will be expiring very soon which means some of them will re-enter the market with price reductions, some large. Over the next couple of months some lucky buyers are going to get homes they only could have dreamed of several years ago. Don't you want to be one of those buyers?
Long Beach Real Estate - Closed SalesJanuary - August - 2008
* Lofts include Loft Live and Work spaces For a little perspective, here is a comparison of the last 7 years for the same time period.
Long Beach Real Estate - Closed SalesJanuary - August - 2002 - 2008
* Lofts include Loft Live and Work spaces
Contact Laurie to begin the search for Your Long Beach Home.
Long Beach Homes For Sale
Long Beach Condos For Sale
Long Beach Income Properties For Sale
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Posted on September 05, 2008 15:32:24 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.
