Long Beach Real Estate-Long Beach Condos

Long Beach Real Estate News

New FHA Loan Limits

 

Los Angeles County and Orange County FHA loan limits are rising January 1, 2009.  What does that mean to todays home buyers?  This means that Fannie Mae and Freddie Mac loans remain high through the end of 2008, buyers can qualify for higher loans on homes closing prior to the end of this year.  Once the New Year rolls around buyers will have less buying power due to the lower loan limits.  This is true for all residential loans, including; homes, condos and residential investment property under 4 units. 

 

Current FHA Loan Limits through 12/31/2008	Maximum Loan Amount
One Unit Limit	$729,750
Two Unit Limit	$934,200
Three Unit Limit	$1,129,250
Four Unit Limit	$1,403,400

Whats the big deal?  Lower maximums loan amounts means decreased buying power. 

FHA Loan Limits Effective 1/1/2009	Maximum Loan Amount
One Unit Limit	$625,500
Two Unit Limit	$800,775
Three Unit Limit	$967,950
Four Unit Limit	$1,202,925

 

Today is November 16, 2008.  It is still possible to find and close on a home or condo before the new lower loan limits take effect.  If you have been thinking about buying, were contemplating putting that purchase off until after the New Year and are in the price range that would be affected by the new lower FHA loan limits, you might want to consider getting out there right now while you can still take advantage of the higher FHA loan limits.  Remember, your escrow must close prior to 12/31/2008. 

 

Federal Housing Authority Home

Real estate is always a good purchase, now really is a very good time to consider purchasing a Long Beach Home, Condo or Income Property.  If you have been sitting on the fence call us today to discuss your needs and wants.  We are always here for you.  Call Laurie (562) 212-5420

 

Search the entire Southern California MLS

Get Your Long Beach Homes Value

Contact Us

 

http://www.longbeachrealestatehome.com/0062EE

Long Beach Home Loans - Understanding Your Credit Scores

 

Understanding how your credit score will affect the purchase of Long Beach homes.

We all know that a good credit score is not only helpful, but today it is necessary to get a mortgage to purchase Long Beach homes, or even buy a car.  Your credit score will also determine the interest rate you have to pay. 

Factors that go into figuring a credit score?

 

• Have you Established Credit?  Paying cash is often construed to be the act of a responsible consumer, by doing so you establish no history for a mortgage lender to examine.  One way to establish credit is to get credit cards and use them - you can, and should, pay them off every month and on time.  A credit score considers the number of creditors as well as payment history.  

 

Read Also:  How to establish credit

 

• Prompt Payment of Financial Obligations.  This is very important, but you should know that this accounts for only about a third of the total score.

• Amount of Available Credit.  Your credit score might be impacted by the number of credit cards you have, even if you never use them.  They indicate the amount of credit you have access to, thus opening up the chance of financial strain.

• Your Debt Ratio.  Lenders will consider your debt ratio when you apply for a Long Beach mortgage.  In spite of an excellent credit rating they will use this debt ratio to see if you can take on additional debt for a mortgage on your Long Beach home.

 

• Consolidation of Debt.  Although, this might make it easier to pay off debt and thus increase your credit score, the process of consolidation will have no effect on your credit score.
  

What do the Credit Score numbers mean?

Your FICO score is comprised of a compilation of your credit history from the three major credit reporting bureaus, Equifax, Transunion, and Experian. Basically your credit score is determined by a formula that is calculated that is proprietary information and owned by Fair Isaac.   Your credit score number will be between 300-900, and the higher the number the better off you are.  

Are you ready to start the process of applying for a Long Beach Mortgage now?   Before you approach a lending institution for a Long Beach home mortgage, know where you stand with your credit score.   Not sure where you stand, a good Mortgage professional will assist you with obtaining a copy of your report.  After obtaining a copy of it, they will review it with you and assist you to resolve any issues that are affecting your credit score negatively.

 

 

Guest author:  Colleen Kulikowski, Buffalo NY Realtor

 

 

http://www.longbeachrealestatehome.com/0062E6

Long Beach California is home to the West Coasts most affordable beach real estate.  Set in sunny Southern California we enjoy moderate temperatures year round, sweet ocean breezes and a resort atmosphere.  With our purchase prices so reasonable is it any wonder snowbirds are flocking here?  Palm Desert, 2 hours inland, is fantastic, but nothing compares to luxury oceanfront property and the beach is just more fun! 

 

Long Beach has an endless array of entertainment to suit any lifestyle or age from water-sports to nightlife, theater and fine dining.  This is the perfect place to do everything, do nothing or to just go fly a kite!

Yes we have golf courses!  Long Beach is centrally located making access to all Southern California golf courses just a short drive. 

Long Beach is conveniently located just 20 minutes south of Los Angeles International Airport (LAX), 20 minutes north of John Wayne Airport (SNA) in Irvine, and home to our own Long Beach Airport - which we love.  We are also just a 20 minute drive into Downtown Los Angeles - in case you were thinking about catching a Lakers game; attending a concert at the fabulous Staples Center or a performance at our beautiful Music Center.  Fantabulous and incomparable, 8 time Grammy award winner, Tina Turner is performing at the Staples Center as I write this, had I known that ahead of time I would be there tonight singing along........What's love got to do with it?  La la la... Gotta love that woman! 

Did I say we were centrally located?  A 2 hour drive north will find you in beautiful Santa Barbara.  Head north just a little further and enjoy a day, or a romantic weekend, in wine country.  A leisurely drive south will take you into lovely San Diego.  Catch a Padres game or spend a day at the San Diego Zoo or perhaps SeaWorld with the family then head into the Downtown San Diego gaslight district for a delicious dinner and some relaxing down time. 

Surfer?  10 minutes to surf city - Huntington Beach, where you will catch some of the finest waves on the west coast. 

Long Beach is slated to become the new home of the largest movie studio in California.  A deal has been struck to take over the Boeing facility near the Long Beach airport. This will infuse new life into Long Beach and will certainly attract celebrities to our lovely waterfront homes and high rise condominiums.  How could they resist?  You never know who your new neighbor may be! 

Did you know that Hollywood got its start in Long Beach?  Long Beach was known as the motion picture capital of the world until post World War I when Hollywood developed around the glitz of the era.  With its perfect Southern California climate, Long Beach afforded the perfect setting for the industry.  There were eight film houses, two stock companies, roller-coasters and bath houses at the historic Pike, along the shore of Downtown Long Beach.  This was the home of the Balboa Amusement Production Company, the world's most prolific silent-film studio.  W. C. Fields and other stars lived in beautiful mansions in the Bluff Park neighborhood along Ocean Boulevard and First Street, many of which remain in the families to this day.

Speaking of historic districts, Long Beach has 17 of them, California Heights being the largest.  We love our historic homes here.  You can find out more about the history of Long Beach here as well. 

Redevelopment in Alamitos Beach and the bustling Downtown Long Beach communities has birthed fabulous luxury high rise condominiums with endless ocean views, Manhattan style lofts and many fabulous new dining opportunities. 

The luxury home market is generally a cash market.  Brian Brady's 2009 Real Estate Market outlook predicts that disappearing jobs and financing will likely drive the price of luxury properties down in our waterfront and higher end communities.  While that is tragic for the owners of these Long Beach properties it is an incredible opportunity to purchase the Long Beach home, condo or vacation property you have been waiting for.   

The Long Beach real estate market has gone through several tumultuous years, this winter is certain to be a difficult time for sellers of Long Beach luxury homes, condos and income properties.  FHA loan limits, currently capping at $729,750 for single family home purchases are slated to be decreased to around $625,000 on January 1, 2009.  Decreasing buyer purchasing power is certain to affect prices in the mid-market range of $700,000 to about $1,000,000.

What does this mean for sellers?  If you are planning on selling, you should plan on closing your escrow before the end of the year and should price it to do so. It would be our pleasure to provide a home value assessment. 

What does this mean for buyers?  This is an incredible opportunity to purchase your new home at an incredible price.

International buyers are flocking to the United States to purchase real estate at our current depressed prices, there is limited financing for foreign nationals, most are purchasing with all cash.  Long Beach prices have become very attractive to these buyers. You can start your search for Long Beach homes here.  VIP service is provided with the ability to set up custom searches with an automatic email alert system. 

If you are interested in purchasing a Long Beach luxury oceanfront home or a high rise luxury waterfront condominium, this winter is the time to make that purchase. It would be our pleasure to assist you.

Long Beach California City and Relocation Resource Guide

 

http://www.longbeachrealestatehome.com/006061

Long Beach Real Estate Sales-Market Update: October 5, 2008

Through September 30 2008

The Long Beach real estate market closes sales for the month of September with the average purchase price down 16% from year end 2007.  The average sold price of residential real estate in Long Beach for year end 2007 was $543,770, end September finds the average sale price of residential at $454,208 with a small increase in the number of days on market; that is a decrease in average sale price of $89,562, which is substantial. The volume of Long Beach home and condo sales has dropped this month after steady growth throughout the year. 

 

1/1/2008 thru 9/30/2008

• 1745 Residential Long Beach Properties sold; homes, condos, coops, lofts, OYOs
• 2008 Average Long Beach Residential Sale Price $454,208
• 2008 Average Residential Days on Market:  79
  

 

1/1/2007 thru 12/31/2007

• 2614 Residential Long Beach Properties sold; homes, condos, coops, lofts, OYOs
  
• 2007 Average Residential Sale Price $543,770
• 2007 Average Days on Market:  66

 

The government bailout, meant to stimulate the economy and real estate market, seems to have had an opposite effect across most of our nation. Prices are down to a very affordable level, interest rates have remained low, loans are still available and there is plenty of inventory to choose from.  100% financing and most government assisted down payment plans have dried up, stated loans are toast as well, the FHA is offering loans with 3.5% down payment at very reasonable interest rates (if you qualify), which is very reasonable - its really not a bad time to buy.  Ask the wealthy why they are out buying 2nd, 3rd and 4th homes; vacation homes are selling- they are a good investment right now.  They are buying because it is smart to buy low and sell high. 

 

Today I spent time reading on one of my favorite national real estate social networks.  Fellow Atlanta Realtor, Jim Crawford asked the question "Has your market slowed to a crawl or died?"  Realtors from across the nation have steadily been reporting in with the skinny from their real estate markets.  In a nutshell, the impending bailout, the actual bailout and the impending election seem to have buyers frozen in place for the last several weeks.  Fear seems to be ruling the day. 

Waterfront and ocean close homes and condos in Long Beach are experiencing average sale price of about $635,000, 88 DOM, for 2008 thru end of September, with approximately 350 closed sales.  Compared to 2007's average sale price of $665,155, 74 DOM, about 650 closed sales for the year.  While these highly desirable Long Beach homes and condos are selling well above the average for our city, they are down, although prices are holding near the beach a lot better than they are further inland. 

We try to keep our Long Beach neighborhood real estate market reports updated monthly or bi-monthly, as time will allow.  These are a great resource for buyers and sellers of Long Beach properties, and contain valuable statistics to better assist in your real estate decisions.  We know those decisions are important ones and want you to have the most current information at your fingertips.  If the information you require cannot be found here, please do not hesitate to ask. 

• Downtown Long Beach Real Estate Sales-Market Update
• Alamitos Beach Homes Market Update-2008
• Alamitos Beach Condos Market Update-2008
• Bluff Park Historic District Neighborhood Market Report
• Belmont Heights Neighborhood Market Report
• Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica
• California Heights Historic District Homes 2008 Market Report
• More Long Beach Real Estate Market Reports>>>>>>>>>>.

 

 

Potential buyers are shopping and are looking for a great deal.  Today's buyer wants to see a lot of properties before making a final decision.  Often the very deal they are seeking will come across early in their search.  Reluctant to write an offer until they assure themselves that they have acquired the very best deal available on the market, they are hesitating too often and losing that deal only to find there isn't another on par with it available.  Many Long Beach buyers give up their home search disillusioned at what their dollar will actually purchase. 

 

Personally I blame the media and the bubble bloggers.  Many buyers have an unrealistic idea of what their money will actually buy.  $300,000 will not buy a home that is worth $500,000, it never did.  What is available in the $300,000 range are mostly bank foreclosures and the homes mostly need work.  It is unrealistic to expect to find a completely remodeled, turnkey home available in that price range foreclosure or otherwise.  Does it happen?  Yes, rarely.  So 100 buyers sitting on the sidelines waiting for that 1 home to come available and when it does they don't want to offer more than the asking price, they are usually working with a 3.5% FHA down payment and in sweeps an investor with all cash who closes the deal in 10 days.  Most of today's buyers are unequipped financially to handle the upgrades and repairs necessary on foreclosed homes, which can be substantial; that is why the bank is selling them in AS IS condition.  Lets keep in mind that $300,00 for homes in Long Beach is really a great price when they are available. 

 

Read Also: 

• Long Beach Homes-Issues for 1st Time Home Buyers
  
• Buying Fixer Upper Homes in Long Beach

 

 

Long Beach Real Estate - Closed Sales

January - September - 2008

2008	Homes	Condos	Lofts*	Co-ops	OYOs	2-4 Units	5+ Units	TOTAL
JAN	72	40	2	1	0	9	6	130
FEB	94	32	2	1	1	17	6	153
MAR	107	48	2	1	0	17	4	179
1/4 ttl	273	120	6	3	1	43	16	462
APR	137	56	1	3	0	21	6	224
MAY	164	59	1	4	0	28	7	269
JUN	160	60	1	2	4	24	8	259
2/4 ttl	461	175	3	9	4	73	21	746
YTD Subttl	734	295	9	12	5	116	37	1208
JUL	183	67	1	0	1	31	8	291
AUG	181	74	0	1	4	26	3	289
SEPT	139	63	0	1	0	22	4	229
3/4 ttl	503	204	1	2	5	79	15	809
YTD Subttl	1237	499	10	14	10	195	52	2017
OCT
NOV
DEC
YTD TOTAL

* Lofts include Loft Live and Work spaces

For a little perspective, here is a comparison of the last 4 years for the same time period.

 

Long Beach Real Estate - Closed Sales

January - September - 2005 - 2008

YEAR	HOMES	CONDOS	LOFTS*	CO-OPS	OYOs	2-4 UNITS	5+ UNITS	TOTAL
2008	1237	499	10	14	10	195	52	2017
2007	1380	714	18	12	17	258	68	2467
2006	1795	924	15	15	56	464	84	3353
2005	2304	1184	9	19	120	664	239	4539

* Lofts include Loft Live and Work spaces

 

Disclaimer: Statistics are as represented in the SoCalMLS and are not the representations of the author. The numbers represented above are only as good as the information input into the SoCalMLS by the listing agents. If (in my opinion, may be the case) some listings of lofts, co-ops and OYOs were input as condos, then they are reflected as condo sales here. Often listing agents will represent these as condos in the MLS in order to stimulate traffic as many buyers agents will not look at the other categories. As crazy as this sounds it is true and sales have occurred as a result of utilizing this tactic. Therefore the information in these categories is very likely not a true representation of the actual sales, but the grand total of these and the condo category would correctly reflect the total of all - as represented by the SoCalMLS.

 

 

Contact Laurie to begin the search for Your Long Beach Home.

 

 

Long Beach Homes For Sale

 

• Long Beach Homes For Sale $300000 to $400000
• Long Beach Homes For Sale $400000 to $500000
• Long Beach Homes For Sale $500000 to $700000
• Long Beach Homes For Sale $700000 to $900000
• Long Beach Homes For Sale $900000 to $1200000
• Long Beach Luxury Homes For Sale $1200000 to $2500000
• Luxury Homes For Sale in Long Beach California $2.5 Million and up

 

 

Long Beach Condos For Sale

 

• Long Beach Condos For Sale $1,500,000 and higher
• Long Beach Condos For Sale $1,000,000 to $1,500,000
• Long Beach Condos For Sale $900,000 to $1,000,000
• Long Beach Condos For Sale $800,000 to $900,000
• Long Beach Condos For Sale $700,000 to $800,000
• Long Beach Condos For Sale $600,000 to $700,000
• Long Beach Condos For Sale $500,000 to $600,000
• Long Beach Condos For Sale $400,000 to $500,000
• Long Beach Condos For Sale $300,000 to $400,000
• Long Beach Condos For Sale Under $300,000

 

Long Beach Income Properties For Sale

 

• Income Property For Sale in Long Beach California-5+ Units
• 2 to 4 Units For Sale in Long Beach California
• Triplexes For Sale in Long Beach California
• Duplexes For Sale in Long Beach California

 

http://www.longbeachrealestatehome.com/00605B

Belmont Heights Condo For Sale

 

Long Beach California Real Estate

PEEK-A-BOO OCEAN VIEWS

 

 

Enjoy beach living at the "Pacific Ocean Condos" in the Belmont Heights neighborhood of Long Beach California, just adjacent to Belmont Shore. 

3935 E. Livingston Drive

Belmont Heights

Long Beach California  90803

 

Light and airy Belmont Heights Condo is a front corner upper unit with a nice open floor plan, hardwood floors and a wide expanse of windows to enjoy peek-a-boo ocean views and sultry ocean breezes. 

Located within a short walk of Belmont Shore shops and restaurants this lovely Long Beach condo is just 2 short blocks to the sand and the Belmont Pier.  Walk over to the Belmont Brewing Company for a great sunset dinner or to La Palapa for dinner and light entertainment.  Head into the very trendy Belmont Shore for shopping, entertainment and the many great restaurants on Second Street or walk up to Broadway for a fantabulous java fix at the Library Café, it's all just a short walk from home.  Not in the mood to go out?  Swing by the nearby newly renovated Vons supermarket and pick up fixings to barbeque on the patio for a nice quiet dinner at home. 

• 2 Bedrooms (Front Bedroom has Peek-A-Boo Ocean Views)
  
• 1 Bath
• 969 Sq Ft
• Built 1952
• HOA $173
• Living Room (has Peek-A-Boo Ocean Views)
• Dining Room (Peek-A-Boo Ocean Views)
  
• Large Kitchen with lots of Windows (Peek-A-Boo Ocean Views)
• Hardwood Floors
• Crown Molding
• Central Heating
• Air Conditioning in Living Room
• Newer Triple Pane Windows
• Kitchen features corian countertops
• Ceiling fans
• Private garage
• Window Coverings

This great Belmont Heights Condo has 2 large common area patios, one in the private interior of the complex and another adjacent to this unit.  Catch some rays, barbeque, read a book or enjoy the fireworks and ringside seats to Ocean Blvd parades, marathons and other events without leaving home.  None of the other owners use the large upper deck adjacent to this condo at this time, so it is like having your own. 

Just a couple of short blocks to the beach; walk down to enjoy one of our beautiful sunsets, take a walk on the beach, or bike into Downtown Long Beach on the bike path. 

This complex is comprised of 8 condominium units, built in the 1950's retro style, these units are very appealing.  Most have separate entrances and are quite private from each other. 

Many homes and condos close to the ocean, here in Long Beach, do not have air conditioning; we just don't need it most of the time.  This condo does have a wall unit air conditioner in the living room, which the seller plans to leave for the new owner.   The seller will also be leaving all window coverings. 

Have you been dreaming about moving down to the beach?  Are you craving clean ocean air?  Looking for a walk-able neighborhood?  Long Beach offers some of the friendliest, desirable and most affordable beach living in all of Southern California. 

Long Beach waterfront neighborhoods surrounding the bay:  

• Downtown Long Beach
• Alamitos Beach
• Bluff Park
• Belmont Heights
• Belmont Shore
• Naples Island
• The Peninsula
• Spinnaker Bay
• Marina Pacifica

If you are thinking about Relocating to the Long Beach area you will find this Relocation and City Resource Guide very helpful. 

This lovely condominium is being offered at $409,000. 

This is NOT a short sale and it is NOT bank owned, it is a conventional sale and is priced to sell.  It is the lowest priced 2 bedroom condo, with any kind of ocean view, currently on the market in the Belmont Heights and Belmont Shore neighborhoods. 

 

 

 

Co-listed with Wendy Rich-Soto

Call Laurie (562) 212-5420 or Wendy (562) 606-4040 today to view this lovely Belmont Heights Condo. 

 

View Larger Map

 

 

Home Buyer Information:

• Home Buyer Information
• Long Beach Home Search-Where do I start?
• Home Buyer Tips - Don't Make Any Major Purchases 
• Home Buyers Tips - Changing Jobs Affects Your Ability to Purchase a Home 
• Long Beach Home Buyer Tips - Things to Avoid Before Purchasing a Home
  

 

 

Related Posts:

• Belmont Heights Neighborhood of Long Beach California Resource Guide
• Belmont Heights Neighborhood Market Report-Long Beach California Real Estate
• Long Beach - Best Neighborhood for Walking
• Space Saving Ideas for your Long Beach Homes
• Selling YOUR Long Beach California Homes and Condos
• Long Beach California Beach Communities - Area Information
• About Long Beach California
• Relocating to Long Beach California-Resource Guide
• Belmont Pier - Long Beach California

 

http://www.longbeachrealestatehome.com/0056AA