Long Beach Real Estate-Downtown Long Beach Condos

Mortgage rates were stable this week.  ARM rates went up and the fixed rate mortgage rates are the same as they were Monday.  I mentioned that traders felt “stuck in the middle” of conflicting data.  Core inflation is rising but oil prices are falling like a rock off a cliff.  I’m as confused as the mortgage bond traders so I’m taking this opportunity to lock rates for loans closing within 30 days. Why?  I think the rising ARM rates suggest that traders believe, in their hearts, that the Fed will tighten before Thanksgiving.  I’m more about mitigating risk rather than pouncing on opportunity so when I’m confused, I lock mortgage rates.  Maybe the descent in oil prices will continue and mortgage rates decline further but “I ain’t seeing it” from my ivory tower. Long Beach Mortgage rates for August 15, 2008.  Loan amounts up to $417,000: 3/1 ARM              5.750% 5/1 ARM              5.750% 7/1 ARM              6.000% 10/1 ARM            6.250% 30 Yr Fixed          6.375% All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling (858)-777-9751. MORTGAGE RATE TREND:   Next 7 days:      Neutral  Next 30 days:     Neutral Next 3 months:   Neutral Long Beach mortgage rates report is offered courtesy of Brian Brady.  Contact Brian for more information about a home loan or apply online.

http://www.longbeachrealestatehome.com/004110

Downtown Long Beach Real Estate Sales-Market Report

 

Homes, Condos, Coops, OYOs, Income Properties

 

Updated 8/11/08

 

 

 

Downtown Long Beach Homes

There are 28 Downtown Long Beach Homes For Sale ranging in price from $184,900 to $1,300,000.

4 homes are for sale under $200,000

4 homes are for sale between $200,000 and $300,000

7 homes are for sale between $300,000 and $400,000

5 homes are for sale between $400,000 and $500,000

Average Price:  $432,110

Average Days on Market:  140

There are 2 Downtown Long Beach Homes pending in escrow

1 @ $219,000

1 @ $275,500

Average Price:  $247,250

Average Days on Market:  53

3 Downtown Long Beach Homes have closed escrow in 2008.

1 @ $184,000

1 @ $330,000

1 @$355,000

Average Price:  $289,666

Average Days on Market:  8

Downtown Long Beach Condos, Coops and OYOs

There are 182 Downtown Long Beach Condos For Sale ranging in price from $75,000 to $2,699,999.

Average Price:  $410,332

Average Days on Market:  99

There are 14 Downtown Long Beach Condos in escrow accepting Back-Up offers.

Average Price:  $288,750

Average Days on Market:  79

There are 24 Downtown Long Beach Condos Pending in escrow. 

Average Price:  $255,854

Average Days on Market:  95

84 Downtown Long Beach Condos have sold (closed escrow) in 2008.

Average Price:  $325,239

Average Days on Market:  88

Downtown Long Beach Lofts

There at 30 Downtown Long Beach Lofts For Sale ranging in price from $244,990 to $875,000.

Average Price:  $548,656

Average Days on Market:  168

There are no Downtown Long Beach Lofts in escrow at this time.

8 Downtown Long Beach Lofts have sold (closed escrow) in 2008. 

Average Price:  $559,812

Average Days on Market:  139

Downtown Long Beach Income Properties

There are 45 Downtown Long Beach Income Properties For Sale ranging in price from $225,000 (duplex) to $1,999,999 (18 units). 

Average Price:  $735,611

Average Days on Market:  119

5 Downtown Long Beach Income Properties are Pending in escrow.

Average Price:  $506,940

Average Days on Market:  62

15 Downtown Long Beach Income Properties have sold (closed escrow) in 2008.

Average Price:  $741,706

Average Days on Market:  111

 

 

Call Laurie to view Downtown Long Beach Properties

Laurie knows Downtown!

http://www.longbeachrealestatehome.com/0040C8

Are your Granite Countertops “HOT"?

Granite Countertops are one of the top selling points for homes and condos.  In a recent article “Words that Sell Homes”, it was disclosed that the word Granite was one of the 7 top words that help sell a home. When thinking about a Long Beach Home Kitchen Remodel, it is the Granite counter-top that is the finishing touch.  Will you go dark or light?  A lot of texture or more sedate? Domestic or Imported? Almost everybody loves granite countertops. 

 

Recently the NY Times published an article raising questions regarding harmful levels of radon gases being emited by the breadown of uranium in the many varieties of granite countertops.  Radon is a radioactive gas that can cause lung cancer.

 

Having read through many of the articles available on the internet most suggest that the countertops emitting the highest levels of radiation seem to be those imported from Brazil and Namibia.

 

The Marble Institute of America has said such claims are “ludicrous” because although granite is known to contain uranium and other radioactive materials like thorium and potassium, the amounts in countertops are not enough to pose a health threat.

 

If you have granite countertops and are concerned whether radon or radiation is a problem you can:

 

1. Contact the American Association of Radon Scientists and Technologists (aarst.org). Testing costs between $100 and $300.
2. Find a certified technician at the Environmental Protection Agency’s Web site at epa.gov/radon, as well as from state or regional indoor air environment offices, which can be found at epa.gov/iaq/whereyoulive.html.
3. Radon test kits are available from the National Safety Council  (or call 1-800-SOS-RADON).  Some home improvement stores sell test kits.  To find a qualified testing or mitigation contractor, contact your state radon office or either of the national private radon programs.

 

Articles on the subject you might be interested in reading: 

 

• What’s Lurking in Your Countertop? - NY Times
  
• Granite Countertops A Health Threat? - CBS News
  
• Radon in Granite
• Could your granite countertops be leaking radon gas?
• Granite Countertops & Radon Gas

 

http://www.longbeachrealestatehome.com/0040C1

 

Long Beach Mortgage Rates for August 11, 2008.

Loan amounts up to $417,000:

3/1 ARM 5.500% 5/1 ARM 5.750% 7/1 ARM 5.875% 10/1 ARM 6.250% 30 Yr Fixed 6.375%

MORTGAGE RATE TREND: Next 7 days: Slightly Higher Next 30 days: Neutral Next 3 months: Neutral

All rates offered to the borrower with 1 point cost. Rate quotes assume a Purchase transaction with a 20% down payment, 720 credit score, and full income Qualification. Rates are subject to fluctuation. Custom rate quotes and rate Lock advice are available by calling (858)-777-9751.

 

Remember the song “Stuck in the Middle With You” by Stealer’s Wheel? It was background music for a particularly Gruesome scene in the Quentin Tarantino movie, Reservoir Dogs.

Well, I don’t know why I came here tonight. I got a feelin’ that something Ain’t right. I’m so scared in case I fall off my chair. And I’m wonderin’ How I’ll get down those stairs. Clowns to left of me, jokers to the Right. Here am I stuck in the middle with you…

Wall Street bond traders are singing that tune and it’s bouncing mortgage rates all over the place. They’re scared because they feel that “somethin’ ain’t right” with the underlying loans held by Fannie and Freddie. Still, the US Treasury Secretary has pretty much guaranteed that the government will back Fannie Mae and Freddie Mac should the dung hit the blades.

 

Wall Street bond traders are singing that tune and it’s bouncing mortgage rates all over the place. They’re scared because they feel that “somethin’ ain’t right” with the underlying loans held by Fannie and Freddie. Still, the US Treasury Secretary has pretty much guaranteed that the government will back Fannie Mae and Freddie Mac should the dung hit the blades.

While the treasury securities market has been somewhat stable these past few weeks, mortgage-backed securities are bouncing all over. Some days ,they act like treasuries and the spread narrows. Other days, they act like junk bonds and the spread widens. If you listened to my “dog on a leash” analogy, imagine a rabid animal running away from a scared owner one day and a docile pet running and cuddling with him the next.

Like the song, says, we’re “stuck in the middle” which means, in my mind, we’ll see mortgage rates rise a bit, to the 6.5% level, then drop to the 6.0% level. We still haven’t seen the full effect of the Russian invasion to Georgia. The American response will be much more than a Bush and Putin exchange at the Olympics. Georgia is a SERIOUS U.S. ally with a major oil pipeline running through it. The Russian attack was clearly unprovoked and part of a concerted effort to weaken the US dispute with Iran.

We’re locking loans that are closing within 10 days with an eye towards locking late August closings some time next week (when mortgage rates come back down).

 

Long Beach mortgage rates report is offered courtesy of Brian Brady.  Contact Brian for more information about a home loan or apply online.

http://www.longbeachrealestatehome.com/00405E

Bluff Park Historic District Home - Just Sold

Long Beach Real Estate

 

Today on 8/8/08 Bluff Park Historic District Home located at 2609 East 2nd St Closed Escrow.   8/8/08 is considered by the Chinese to be a very lucky day. The number 8 is coveted for addresses, phone numbers and bank accounts. A single 8 on a piece of property lends a sense of high status among the Chinese, as they know top dollars were paid just to obtain that number.   Lucky 8 is so lucky, that the Beijing Olympics are due to open today on 8/8/08 at exactly 8:08:08 PM.

 

 

Just Sold

 

 

Bluff Park Historic District Closed Sale 8/8/08

2609 East 2nd Street Long Beach, CA 90803 2 Short Blocks to the Beach Craftsman Home 2 Story 2 Bedroom 2 Bath 1,848 Square Feet 4,785 Sq Ft Lot 2 Car Garage + Driveway Beautifully Landscaped Great Floorplan Formal Entry Hardwood Floors Plantation Shutters French Doors to Rear Deck Private Back Yard Formal Dining Room Office (3rd Bdrm?) Den (4th Bdrm?) Front Porch Large Wood Burning Fireplace High Coved Ceilings with Detail Basement Lots of Storage

Buyer Represented by Laurie Manny (562) 212-5420

Offered at: $679,000 Sold at: $682,000

 

 

Bluff Park Historic District Neighborhood Market Report 2008 Home, Condo and Income Property Sales

 

 

Tale of the Sale

My buyers were relocating to Long Beach from out of town, in for the weekend they were hoping to find the home of their dreams immediately. They wanted a beach house or a home as close to the beach as possible, loved the California bungalow style and the Craftman homes. We spent the weekend looking at many Long Beach homes. There were 2 they fell into deep like with.

We spent over an hour in a very nice Alamitos Beach California bungalow while I listened to the buyers discussing moving walls, changing a room into a closet, rearranging the yard space and more. I looked at them and said, “Lets keep looking, this is not the right home for you". They were still interested in the home so many calls went back and forth with the agent. The comparable sales just didn’t justify the price. I called in a favor from an appraiser friend of mine, the home was overpriced by about $100,000, the seller was not going to be able to wrap themselves around that, it would send them into a short sale. Next…

Another home also located in Alamitos Beach, was represented by beautiful pictures of the interior, we were hopeful. As I pulled up to the home the buyers cracked up laughing and said forget it, we don’t even want to go in, lets just go to the next home on the list. Somebody had changed the front on this California bungalow, it looked like a mobile home with a very strange fence and front yard. It was really bad! Next…

The next day we visited another California bungalow, in the Belmont Heights historic district, which was a great looking home, but just didn’t fit right. It didn’t help that the listing agent no showed for the appointment and finally sent his assistant to show the home 45 minutes late. The bedrooms were too small, the buyers were deciding which wall would have to go to expand a bedroom. While the house had hardwood floors throughout, every room had different flooring, it was odd and needed to be replaced to be cohesive, the kitchen needed to be replaced and it was also just too overpriced. Ready to write an offer on the house I again advised them to wait, the perfect home would come along. Next…

Tuesday my clients were going home (out of state), dejected at not having found a house, as the perfect home entered the market. A large 2 story Craftsman on 2nd Street, in the Bluff Park Historic District, just 2 short blocks from the beach, it was beautiful, it was everything they wanted - and more, and it was priced to sell - immediately. I knew this home would have multiple offers on it by the next day. There were many pictures of the house which really showed the character and details of this majestic and beautiful home, kudos to the listing agent for that! I just knew this was the right home.

I called the listing agent and wrote the offer that night, site unseen, faxed it to the buyers who signed and returned it to me immediately. They had seen the pictures and were in love. The offer was emailed to the agent in the middle of the night, the first day on the market. The buyer flew back the next day to view the home and fell in love with it. By the end of the day the agent had several offers and my clients were starting to sweat.

 

We wrote a strong offer, the financing wasn’t exactly the strongest, but it was solid and it was real, we had a lock in letter and a loan commitment to stregnthen the offer. The agent indicated they were nervous about the loan. The lender called and assured the agent and seller that this loan was secure; he left such an impression on the listing agent that they went ahead and accepted our offer. The offer was accepted because it came in first, the financing was secure and my reputation was known to the listing agent. Geez, now that felt good.

Today I had the pleasure of turning the keys over to my buyers. This is one of the best parts of what I do. Looking at these smiling faces and knowing that they really did find their dream home. You see, my buyers knew what they wanted in a house, but this home, in this neighborhood exceeded even their expections.

 

I take my hat off to the listing agent Jennifer Davis and her transaction coordinator Leon Freeman. Thank you for a wonderful transaction. It is really great to work with true professionals.

 

Thank you to Michelle Rios, my transaction coordinator who kept this organized on my end.

 

Thank you to Brian Brady, loan officer, for once again stirring the magic cauldron and pulling the proverbial rabbit out of the hat.

 

It takes a team to close a deal. This deal had a top notch team! Thank you all for a job well done. The buyers are tickled pink today!

 

Call Laurie to find YOUR dream home today

 

http://www.longbeachrealestatehome.com/004029