Long Beach Real Estate-Long Beach Condos

Long Beach Condos Buyers Guide|Manifesto

Whether you are a first time buyer an experienced pro or investor buying a Long Beach condo or loft can be a confusing and often stressful process.  It's an emotional experience filled with many decisions, most with financial repercussions.  Finding the right condo or loft is difficult enough; knowing what to offer, what and when to negotiate and how to make the deal work best for you, the buyer, is another story altogether. 

As a professional who has sold many Long Beach condos and placed countless buyers in the Long Beach condos of their dreams, I feel it is my responsibility to tell you that there is a lot you need to know before jumping into your condo purchase. 

Your Needs and Desires...

It is important that you have a clear image of what you are looking for and that you transmit this clearly to your Realtor.  Make a list and explain your needs and your desires.  Understanding the difference between your needs and your desires will make your choices much easier to make.  Your needs must be met, your desires may be sacrificed if they are not practical within your price range.  Are you looking for a larger place for your growing family or are you looking for a larger place for entertaining?  Where do you need that extra square footage?  What will you sacrifice for it, if necessary?    Are you downsizing?  What are you willing to let go of?  Don't let emotions cloud your judgment.  Make certain that you get what you need from the new purchase; if some of your desires are fulfilled, all the better. 

 

Be clear with your Realtor when explaining what you are looking for.  What is most important to you? 

• Newly Remodeled
• View
• Square Footage
• Number of Bedrooms
• Number of Baths
• Condition
• Flooring
• Fireplace
• Parking Spaces/Garages/Guest Parking
  • Side by side
  • Tandem
• Pet Rules
• Pool
• Spa
• Community amenities
• Concierge Services
• Doorman
• Gated Security
• High Rise
  
• Elevator
• Location in the complex/top floor/corner unit/bottom floor
• Neighborhood
• Age of condo
• Proximity to
  • beaches
  • restaurants
  • galleries
  • parks
  • golf courses
  • shopping
  • freeways
• etc...

Often a condo purchase is more about buying into a neighborhood lifestyle (location).  If lifestyle is at the top of your needs list make certain that is clearly communicated to your Realtor.   Do you entertain much?  Make sure your complex has guest parking or there is ample parking in your new neighborhood. 

Are You Ready to Start Shopping?

 

Unless you are an all cash buyer (be prepared with proof of funds), you will need to be pre-approved, preferably by a direct lender.  If you have great credit and belong to a credit union you may be able to get a stellar interest rate from them, check it out.  When you find a condo that you want to make an offer on you will need to submit you're pre-approval with the offer.  It is foolish to begin to shop without a pre-approval; you might find your dream condo the first day out, like another of my recent buyer clients. You need to be in a position to write and submit your offer when you find the Long Beach condos that you want to purchase.  Bank statements will probably need to be submitted along with your offer as proof of sufficient funds to consummate the transaction, have them with you with the account number blacked out.

 

Consider Your Future...

Always consider the future resale value of your condo purchase.  I know, it's difficult when you find the perfect condo in a not so perfect location; or it has the 2 bedrooms and 2 baths that you wanted but only has 1 parking space in a parking impacted area.  Unless you live alone that missing 2^nd parking space is certain to become a real problem while you are living in your new dream condo and will probably become the reason you will want to move on rather quickly.  Will you be able to sell that condo easily without a 2^nd parking space, or in an area that isn't in such high demand?  Some areas appreciate quicker than others, if you can afford to purchase in an area with higher appreciation it would be a much smarter purchase. 

Are you buying the smallest or least desirable condo in a highly desirable complex?  When it is time to sell you may sit on the market for longer, sell for less, or not sell at all if other larger more desirable units are for sale at the same time.   Buying the smallest, least desirable condo in a highly desirable complex and neighborhood isn't always a bad decision.  If it provides you with the lifestyle that you are craving at a price that you can afford, the condo will fulfill your needs.  Just remain aware that it will take you longer to sell it when the time comes.  In the meantime have a grand time enjoying the lifestyle you craved. 

 

Remain Flexible and Alert...

Your Realtor should be familiar with the inventory available in the neighborhood of your choice.  They will most likely show you the best of what is available, based on your stated needs and desires, on your first and second trips out.  If you do not find what you want you should begin making adjustments in your search criteria quickly.  Continuing to search, in a specific area, after you have seen the best of what is available within your price range is usually a downward spiral; either adjust your needs, desires or price range; or wait for new inventory to enter the market.  Remember there are other buyers watching and waiting as well, you will have to move quickly. 

Loose Lips Sink Ships...

While you are shopping you may run into a seller at home.  As a buyer this may seem like a stellar opportunity to ask questions and garner information about the condo, the complex and the area.  Often without realizing it, your simple conversation with the seller could cost you money at the negotiating table.  Without realizing it you may be letting the seller, or the listing agent, know how badly you want the condo, or how much you love the condo or neighborhood.  Knowing how badly you want it may net you a different counter offer than you may have received had you not had that conversation.  Sellers face the same problem, conversations with buyers or their agents often cost them money by way of a lower offer and tougher negotiation than they would have received.  This is why Realtors always try to keep the buyer and seller apart until the deal is either closed or past any possible negotiation time frames; loan approval, removal of contingencies, appraisal, repair requests, etc...  It's in your best interest!  You should be confident that your Realtor is capable of negotiating your offer and will not reveal personal information that could adversely affect your negotiations. 

 

Future Planning?

Condo prices are so affordable right now many buyers are purchasing more condo than they need with a mindset towards their future growth and needs; marriage, children, home office, etc...  Do you have future needs?  Will they become an issue in the next 3 to 5 years?  Perhaps you are a better candidate for a single family residence to anticipate these needs?  Keep in mind that there is no guarantee that you will be able to sell at break even in 3 to 5 years.  When you do sell you will need to recoup your purchase price plus the cost of sale.  The cost of sale involves commission, your closing costs and any costs given to your buyer during negotiations; plan on approximately 9% appreciation to break even.  That could take some time in today's market. 

 

After Purchase Expenses...

Not all condos are in turnkey condition.  Condo fixer-uppers can become expensive and the upgrades are all 'after purchase' money and can add up quickly. 

• Kitchen
• Baths
• Appliances
• Flooring
• Heating
• Air Conditioning
• Water Heater
• Paint
  • Wallpaper Removal
  • Ceiling Scraping

 

Do you have the after purchase resources to accommodate these upgrades?  Are you willing to pay market value, or near market value, then make an additional investment into the property?  How long will it take you to recoup the additional investment?  How will that affect your future life plan? 

Many inexperienced investors are purchasing, doing a quick remodel, then attempting to sell (flip) to recover costs and make a profit.  Often these inexperienced investors find they spent too much on the remodel and become stuck renting the unit out.  Truly experienced investors have warehouses filled with cabinets, flooring, etc... which were purchased at wholesale, and have crews on salary trained to go in and do a professional, fast and inexpensive remodel, list the condo and still retain a decent profit margin.  Flipping condos is not for the inexperienced investor. 

 

Read Also:  Buying Fixer Upper Homes in Long Beach - This article was written to Home buyers, but has many relevant points for condo and loft buyers as well. 

 

Always Inspect...

Hire a professional inspector.  While most problems in a condo are fairly visible a professional inspection will set your mind at ease regarding those that are not, like air conditioning, heating, water heaters, which are/are not operable and may possibly, be nearing the end of their useful life. 

 

Don't Procrastinate...

When you locate the condo that you want to buy you should write your offer right away.  If it is new on the market and highly desirable you may find yourself in a multiple offer situation.  Make the best possible offer that you are willing to, decide if you are willing to negotiate further if you receive a multiple counter offer and go for it.  Some people don't want to write offers if they even think there is going to be a multiple offer situation.............you have to be in it to win it!  Go ahead and write your offer, the worst that can happen is that you are overbid.  Your Realtor will have called the listing agent (I hope) and may have some information that will help you decide how to present an offer. 

Going home to sleep on it or wanting to bring parents or friends to look at it before you make your decision to even write an offer will often put you out of the game.  Write the offer, show it to them if your offer is accepted...good properties move fast.  If they ixnay it you can always get out of the deal during your 17 day contingency time frame, no harm, no foul! 

If you find a condo that you like, but something just doesn't feel right, it's probably not the right purchase for you.  In this case, go home and think about it for a while.  Yes you might lose it, but that may be for the best if you had reservations in the first place.  There is plenty more inventory on the market, something else will turn up. 

 

Your Realtor is Your Advocate...

Thinking about shopping without a Realtor?  Think you will just write an offer through the listing agent?  Think this will help you get your lowball offer accepted?  It will, if you find a crooked listing agent!  Do you want to be represented by a crooked agent?  Oh wait a minute....they don't represent you...they represent the seller; they are just facilitating your deal.  It's called dual agency or double ending.  It's actually legal in California, but very few agents can or will handle it in a truly professional manner.  It's not the best position for the buyer to be in and let's face it if the agent is crooked are you going to get actual disclosure or are you going to find out you were duped by a neighbor after you move in?  Having your own representation is more valuable than you realize. 

 

Buying Bank Owned?

Banks are not subject to the same level of disclosure as actual home owners in a standard sale are.  The government, recognizing their unfamiliarity with the property, has relieved them of much disclosure.  You will have to do some extra investigating to discover the facts about your possible purchase.   A good agent familiar with condo purchases can make a huge difference.   

 

Found My Condo...Now What?

When you find a condo and are considering writing an offer your agent should prepare a Comparative Market Analysis of like properties in the area and present it to you along with the actual Comparable Sales.  Together with your Realtor you will decide on the price and terms of your offer.  Remember when you submit an offer the bank or seller will be looking at their net proceeds.  So if you offer a solid price but ask for a lot of closing costs and other extras you could easily lose the deal to a better NET offer, even one that is less in price than yours.  It's all about the NET!

If your Realtor is really sharp they will find out what the sellers motivation is.  A motivated seller is more likely to negotiate than an unmotivated seller.  In a down market it isn't really wise to sell unless you have to, so most sellers are motivated on one level or another, some more than most.

Reasons for selling that will create a very highly motivated seller:

• Job Loss
• Job Transfer/Relocation
• Lifestyle Change
  • Marriage
  • Children
  • Home Business

 

Condos that have been sitting on the market for a long time, perhaps expired a few times and/or have reduced their price, sometimes several times, often have a worn down seller who is finally ready to negotiate.   Vacant condos are expensive for owners to maintain.  There is only so long anybody can/or is willing to carry the mortgage, HOA fees, taxes and insurance without the rental income to offset the expense. 

 

Home Owner Associations...HOA...

Many Condo Associations are in financial difficulty.  Once your offer is accepted the escrow company must order a fresh copy of the CC&R's, financials, budget and minutes and deliver them directly to the buyer within the contingency period indicated on the purchase contract; usually 17 days, unless that time frame has been reduced.  Buyers should go over these documents in fine detail and determine the financial stability of the association and whether is it prudent to move forward. 

• How much are the monthly expenses?
• How much is in the reserve account?
• Is the insurance current?
• Is there an increase in the HOA dues scheduled?
• Is there mention of any upcoming assessments?
• What do the minutes say?
  • Are there upcoming repairs scheduled?
  • Is there enough money to cover the repairs or will there be an assessment?
• Are the pet rules satisfactory?
• Have you read the Rules and Regulations?

 

Read the documents and ask questions until you are satisfied.  If the documents are unsatisfactory the buyer should cancel the escrow immediately.  Not all HOA's are in trouble, just beware of the one's that are.

 

Read Also:  Long Beach Condo Buyers Beware - Don't let this article frighten you, let it educate you. 

 

More Long Beach Condo Buyer Tips:  Long Beach Condos - Buyer Tips for a Smart Purchase

Are you overwhelmed yet? 

Sounds like a real handful doesn't it?  It is!  That is why you need top notch representation.  I can make this easy and a lot less stressful for you.  Call me if you are thinking about buying or selling a Long Beach Condo (562) 212-5420 Laurie Manny, Your Long Beach Realtor. 

 

 

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

 

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Spinnaker Bay Homes & Townhouses

Market Report and Update 2010

Spinnaker Bay - Long Beach California

Luxury Waterfront Homes and Townhouse Sales

Surrounded by water Spinnaker Bay and Spinnaker Cove are the perfect environment to enjoy waterfront resort style living at it's finest.  Elegantly appointed, mediterranean style waterfront homes and lavish townhouses offer assorted sized boat slips, there is even a cay for boats of 50 feet.  Larger boat slips are at a premium here in Long Beach, at Spinnaker you can step out of your home and onto your boat for a day of enjoyment cruising the lovely Naples Canals, for a day out on the Ocean deep sea fishing or take a trip over to Catalina Island, 25 miles off of our shore.  Prefer a longer voyage? Cruise down to Newport for dinner, San Diego or Santa Barbara for the weekend!  Easy and unobstructed access from your dock to open water.  Looking for a great spot to purchase a vacation home?  Spinnaker Bay is perfect!

 

Just 24 miles south of LAX and 19 miles north of John Wayne airport, Spinnaker Bay is conveniently located to accommodate your travel needs.  We even have our own airport!  Long Beach Airport is just minutes away with regularly scheduled flights to and from New York and many other locations for your convenience, we are home to Jet Blue airlines.  Freeways are easily accessible, but far enough away not to be a nuisance. 

 

Shopping, theaters and restaurants are close by, some providing boat slips for easy access.  It's a waterfront lifestyle at Spinnaker Bay and Spinnaker Cove. 

 

What are you waiting for?

View Larger Map

5 Spinnaker Cove Luxury Townhouses For Sale

Spinnaker Coves Community includes:  Community Pool and Spa, Tennis Courts and Clubhouse nestled in a beautiful garden setting. 

#	Type	Address	Bed	B t/f	St	Gar	SqFt	YBlt	List Price	DOM
1	CONDO	5416 Heron Bay 20	3	3/3	2	2	1,748	1982	$669,950	10
2	CONDO	5415 Heron Bay	3	3/2	3	2	1,532	1982	$749,000	77
3	CONDO	5650 Azure Bay	3	3/2	3	2	1,748	1982	$925,000	633
4	CONDO	5654 Azure Way	3	3/2	2	2	1,769	1982	$1,100,000	32
5	CONDO	5530 Azure Way	4	4/3	3	2	2,068	1982	$1,395,000	77
Average			3			2	1,773		$967,790	166
Number of Properties: 5
Average ( ListPrice / SqFt ) : ( 967790 / 1773 ) = $ 545.85

*DOM=Days on Market

4 Spinnaker Bay Luxury Homes For Sale

#	Type	Address	Bed	B t/f	St	Gar	SqFt	YBlt	List Price	DOM
1	SFR	320 Salta Verde Pt	3	4/3	2	2	2,841	1998	$1,200,000	360
2	SFR	5872 Spinnaker Bay Dr	3	3/2	2	2	2,700	1991	$1,565,000	46
3	SFR	5769 Spinnaker Bay Dr	4	3/2	2	2	2,540	1990	$1,695,000	166
4	SFR	6025 Prince Is	3	4/3	2	2	2,693	1998	$1,795,000	105
Average			3			2	2,694		$1,563,750	169
Number of Properties: 4
Average ( ListPrice / SqFt ) : ( 1563750 / 2694 ) = $ 580.46

*DOM=Days on Market

 

View Spinnaker Bay Homes and Spinnaker Cove Townhouses For Sale

Updated regularly.  Contingent status is in escrow accepting back up offers. 

 

 

Search Long Beach Homes and Condos now:

 

Spinnaker Bay Luxury Home with 40' Boat Slip	350 Salta Verde Pt.
Buyer Represented by
Laurie Manny	Sale Price $1,755,000

Spinnaker Bay Luxury Homes and Townhouses - Sales 2009

 

6  Spinnaker Bay Homes and 2 Spinnaker Cove Townhouses Sold -Closed Escrow - in 2009

 

• Average Sale Price: $1,044,750
• Average Days on Market: 198

 

#	Type	Address	Bed	B t/f	St	Gar	SqFt	YBlt	Sold Price	Sold Date	DOM
1	CONDO	5404 Heron Bay	3	3/2	2	2	1,748	1982	$760,000	11/20/2009	88
2	CONDO	5628 Azure Way	2	3/2	3	2	1,532	1982	$872,500	11/12/2009	104
3	CONDO	5542 Azure Way	3	3/2	2	2	1,748	1982	$935,000	5/01/2009	241
4	SFR	311 Whites Lndg	3	3/2	2	2	2,265	1992	$1,075,000	11/24/2009	197
5	SFR	5540 Spinnaker Bay Dr	3	3/2	2	2	2,032	1989	$1,123,000	9/23/2009	209
6	SFR	346 Parsons Lndg	3	3/2	3	2	2,323	1990	$1,305,000	10/16/2009	347
Average			3			2	1,941		$1,011,750		198
Number of Properties: 6
Average ( SalePrice / SqFt ) : ( 1011750 / 1941 ) = $ 521.25

*DOM=Days on Market

Spinnaker Bay Luxury Homes and Townhouses - Sales 2008

10 Spinnaker Bay Homes and 2 Spinnaker Cove Townhouses closed escrow in 2008

 

• Average Sale Price: $1,314,358
• Average Days on Market: 171

 

#	Type	Address	Bed	B t/f	St	Gar	SqFt	YBlt	Sold Price	Sold Date	DOM
1	CONDO	5400 Heron Bay	3	3/2	3	2	1,769	1982	$735,000	8/01/2008	170
2	CONDO	5405 Heron Bay	3	3/3	2	2	2,202	1982	$780,000	8/29/2008	131
3	SFR	310 Blue Cavern Pl	3	3/2	S	2	2,307	1989	$900,000	8/13/2008	162
4	SFR	310 Casino Pt	3	3/2	2	2	2,265	1997	$1,285,000	4/17/2008	5
5	SFR	5580 Spinnaker Bay Dr	3	3/2	2	2	2,032	1989	$1,302,000	10/12/2008	57
6	SFR	5960 Spinnaker Bay Dr	3	2.5/	2	2	2,560	1998	$1,323,000	1/05/2008	240
7	SFR	319 Empire Lndg	3	3/1	2	2	2,429	1989	$1,400,000	6/21/2008	54
8	SFR	343 Blue Cavern Pt	3	3/2	2	2	2,032	1989	$1,493,500	6/17/2008	284
9	SFR	343 Whites Lndg	3	3/2	2	2	2,265	1993	$1,600,000	11/12/2008	74
10	SFR	335 Salta Verde Pt	3	4/3	2	2	2,693	1998	$1,573,800	6/18/2008	403
11	SFR	5549 Toyon Bay	3	3/2	2	2	2,429	1989	$1,625,000	12/02/2008	136
12	SFR	350 Salta Verde Pt	3	3/2	2	2	2,560	1998	$1,755,000	6/06/2008	333
Average			3			2	2,295		$1,314,358		171
Number of Properties: 12
Average ( SalePrice / SqFt ) : ( 1314358 / 2295 ) = $ 572.71

*DOM=Days on Market

 

Spinnaker Bay Luxury Homes and Townhouses - Sales 2007

 

6 Spinnaker Bay Luxury Homes and 4 Spinnaker Cove Luxury Townhouses - Sold - Closed Escrow - in 2007

RES	Type	Address	Zip	Bd	Bth	Sty	Gar	SqFt	Yr Blt	Price	DOM
1	CONDO	5409 Heron Bay	90803	3	3	2	2 A	2,202	1982	$825,000	60
2	CONDO	5418 Heron Bay	90803	3	3	S	2 A	1,748	1982	$950,000	34
3	CONDO	5403 Heron Bay	90803	3	3	2	2	2,202	1982	$1,050,000	37
4	CONDO	5532 Azure Way	90803	3	3.5	2	2 A	2,068	1982	$1,347,500	10
5	SFR	5564 Spinnaker Bay Dr	90803	3	2.5	2	2 A	2,032	1989	$1,350,000	132
6	SFR	330 Whites Landing	90803	3	2.5	2	2	2,003	1995	$1,560,000	89
7	SFR	5757 Spinnaker Bay Dr	90803	3	3	2	2 A	2,429	1990	$1,550,250	28
8	SFR	323 Blue Cavern Pt.	90803	3	3	2	2 A	2,032	1989	$1,575,000	161
9	SFR	351 Whites Landing	90803	4	2.75	2	2 A	2,531	1993	$1,920,000	334
10	SFR	6085 Prince Island	90803	3	2.5	2	2 A	2,430	1998	$2,150,000	324

 

• A - For Sale
• P - Pending in Escrow
• B - In Escrow, accepting Back-up offers
• S - Sold - Closed Escrow
• DOM - Days on Market
• TGNO - Thomas Guide Map Number

 

Call Laurie today for your appointment to view beautiful Spinnaker Bay and Spinnaker Cove Luxury Dream Homes and Townhouses

(562) 212-5420

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Long Beach Condos - 2010 Sales Update

State of the Market

Updated May 26, 2010

Despite assorted claims that prices are going up, actual sales statistics do not support these claims  Below find 2010 Long Beach Condo sales indicating what is currently available and what has actually sold (closed escrow) in specific categories.  In each case recent average closed sale prices are below average active sale prices. 

Have you ever wondered what the value of an additional bath or an additional parking space is? Have you pondered how important this is to buyers?  Do you doubt that an additional bath or parking space may be the catalyst that actually sells your Long Beach Condo? 

The number of bedrooms, bathrooms and assigned or deeded parking spaces makes a difference in the value and desirability of Long Beach Condos for sale; there is considerable value attributed to additional bathrooms and parking spaces.  Today's buyer is searching for the most their money will purchase.  While most buyers want a master and a guest bath for their convenience, they are also considering future resale value; they are buying today anticipating the future sale of the condo. Condos with 2 baths and parking spaces command higher prices on resale.   While condo sellers usually cannot cure the lack of an additional bath or parking space they can price their condos appropriately to entice a buyer to purchase. Staged condos increase desirability and command higher prices.  Overpricing your Long Beach Condo will cause you to chase the market down. 

 

Many Long Beach condos that are remodeled, staged and priced to sell are receiving multiple offers as fast as they are placed onto the market.  Multiple offers are great for the seller, they are able to choose a strong offer and have the best chance of closing escrow.  Multiple offers are very stressful for buyers who must carefully consider their offer in order to compete with the many offers.  Many sellers, including banks, are utilizing pricing strategies at this time; pricing low to incite multiple offers and drive the price up to as close to market value as possible.  They do not want to sit on the market and have their listing become stale, they want it sold quickly.  Smart buyers are recognizing these strategies and are writing their offers accordingly for acceptance. 

Some Long Beach condos are currently experiencing financial difficulties.  Buyers will learn about HOA finances and how they can seriously affect your financial future in this article:  Long Beach Condo Buyers Beware

Here we have broken down 2010 Condo sales in Long Beach to specifically show what the consumer is buying - what is important to them.  We hope you find this information helpful when thinking of buying or selling your Long Beach Condos. 

Long Beach Condos - 3 Bedrooms 3 baths 2 parking spaces

Currently Active on Market:  27

Average Price:  $728,649

Average Days on Market:  80

Average ( ListPrice / SqFt ) : ( 728649 / 1836 ) = $ 396.87

13 CLOSED SALES:

Average Price:  $475,307

Average Days on Market:  68

Average ( SalePrice / SqFt ) : ( 475307 / 1748 ) = $ 271.91

Long Beach Condos - 3 Bedrooms 2 baths 2 parking spaces

Currently Active on Market:  14

Average Price:  $576,992

Average Days on Market:  108

Average ( ListPrice / SqFt ) : ( 576992 / 1417 ) = $ 407.19

13 CLOSED SALES:

Average Price:  $481,961

Average Days on Market:  104

Average ( SalePrice / SqFt ) : ( 481961 / 1330 ) = $ 362.38

Long Beach Condos - 3 Bedrooms 2 baths 1 parking space

Currently Active on Market:  4

Average Price:  $290,500

Average Days on Market: 63

Average ( ListPrice / SqFt ) : ( 290500 / 1206 ) = $ 240.88

4 CLOSED SALES:

Average Price:  $377,250

Average Days on Market: 47

Average ( SalePrice / SqFt ) : ( 377250 / 1273 ) = $ 296.35

Long Beach Condos - 2 Bedrooms 2 baths 2 parking spaces

Currently Active on Market:  72

Average Price:  $338,703

Average Days on Market: 97

Average ( ListPrice / SqFt ) : ( 338703 / 1138 ) = $ 297.63

79 CLOSED SALES:

Average Price:  $293,403

Average Days on Market:  107

Average ( SalePrice / SqFt ) : ( 293403 / 1116 ) = $ 262.91

Long Beach Condos - 2 Bedrooms 2 baths 1 parking space

Currently Active on Market:  58

Average Price:  $281,643

Average Days on Market: 85

Average ( ListPrice / SqFt ) : ( 281643 / 993 ) = $ 283.63

129 CLOSED SALES:  

Average Price:  $265,719

Average Days on Market:  93

Average ( SalePrice / SqFt ) : ( 265719 / 1046 ) = $ 254.03

Long Beach Condos - 2 Bedrooms 1 bath 2 parking spaces

Currently Active on Market:  5

Average Price:  $160,640

Average Days on Market: 39

Average ( ListPrice / SqFt ) : ( 160640 / 894 ) = $ 179.69

4 CLOSED SALES:  

Average Price:  $145,225

Average Days on Market: 45

Average ( SalePrice / SqFt ) : ( 145225 / 847 ) = $ 171.46

Long Beach Condos - 2 Bedrooms 1 bath 1 parking space

Currently Active on Market:  12

Average Price:  $197,691

Average Days on Market: 84

Average ( ListPrice / SqFt ) : ( 197691 / 898 ) = $ 220.15

15 CLOSED SALES:  

Average Price: $139,866

Average Days on Market: 71

Average ( SalePrice / SqFt ) : ( 139866 / 838 ) = $ 166.90

Long Beach Condos - 1 Bedroom 1 bath 1 parking space

Currently Active on Market:  57

Average Price:  $203,661

Average Days on Market:  95

Average ( ListPrice / SqFt ) : ( 203661 / 690 ) = $ 295.16

58 CLOSED SALES: 

Average Price:  $194,981

Average Days on Market:  98

Average ( SalePrice / SqFt ) : ( 194981 / 740 ) = $ 263.49

Long Beach Loft Sales - All

Currently Active on Market:  8

Average Price:  $414,250

Average Days on Market: 123

Average ( ListPrice / SqFt ) : ( 414250 / 1713 ) = $ 241.83

10 CLOSED SALES:

Average Price: $297,300

Average Days on Market: 168

Average ( SalePrice / SqFt ) : ( 297300 / 1187 ) = $ 250.46

When you are ready to buy or sell your Long Beach Condo call Laurie (562) 212-5420 to begin your search. 

 

We have put together important information for first time Long Beach home buyers:

 

• Don't Make Any Major Purchases
• Things to Avoid Before Purchasing a Long Beach Homee
• Changing Jobs Affects Your Ability to Purchase a Long Beach Home
• Long Beach Homes - Issues for 1st Time Buyers
• Long Beach home owners can deduct PMI
• Long Beach Condo Buyers Beware
• Long Beach Condos - Buyer Tips for a Smart Purchase

 

Custom Search's for Foreclosed-REO-Bank Owned Homes-Condos-Income Properties by area:

• Long Beach

• Bemont Shore, Naples Island, Belmont Heights, Bluff Park, Bluff Heights, Rose Park
• Downtown Long Beach, Alamitos Beach
• Long Beach, Signal Hill, Los Alamitos, Rossmoor, Cypress, Lakewood, San Pedro
• North Long Beach

• Lakewood
• Huntington Beach
• Newport Beach - Newport Coast

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

 

http://www.longbeachrealestatehome.com/00AB7D

Time is running out! 

Only 18 Days left to get under contract!

 

April 30, 2010 is the cutoff for first time buyers to be under contract in order to take advantage of the $8,000 Federal first time buyers tax credit.  Long Beach First Time home buyers who don't already have a home under contract are running out of time.

 

When this bill was signed into law it extended the existing $8,000 first time home owners tax credit (click for more details) through April 30, 2010 for First Time Home buyers and includes a 60 day extension if a binding contract is already in place prior to the deadline.   The credit can be utilized for up to 10% of the home purchase price to a maximum of $8,000.  A first time home owner is defined as someone who has not owned a residence in the last 3 years. Homes purchased in 2010 may claim this tax credit on their 2009 tax returns.  More information on this bill can be found here.

 

Existing homeowners will now receive a tax credit of $6,500 if they have lived in their current homes for 5 years.  This tax credit is available for the purchase of 'principle residences' only, purchased for $800,000 or less.  Home owners will be able to utilize 10% of the purchase price up to a maximum of $6,500 .

This bill increased qualifying income limits for the tax credits as follows:

• Taxpayers filing as single:  Increased to $125,000
• Taxpayers filing jointly:  Increased to $225,000

 

If a home buyer utilizes this tax credit and does not reside in the home for a minimum of 36 months the tax credit must be repaid.  This means the home buyer must use this home as their principle residence for no less than 3 years to retain this tax credit. Active duty military personnel are exempt from this requirement under military order. These tax credits can not be claimed by anyone under 18 years of age.

 

This article should not be construed as tax advice, you should always consult with your tax advisor before making a purchase to decide on what course of action is best for you individually. 

In the last few months I have received many calls from first time home buyers interested in utilizing the $8,000 tax credit who were seeking advice. Many of these buyers were barely able to scrape together the 3 1/2% required for the down payment required to qualify for an FHA loan.  I asked these buyers how they will facilitate necessary and/or emergency repairs to the home once purchased, buyers should ask themselves this question before beginning their search.  There are many things to consider when you are purchasing your first home. One of the most overlooked details when purchasing a first home is after purchase expenses, which can be considerable. 

 

When you purchase your first home be aware of the age of the existing components of the home:

• Age and condition of roof
• Age and composition of plumbing
• Age of electrical components and existing upgrades
  
• Condition of foundation
• Age and condition of windows
• Age and condition of kitchen
• Age and condition of bathroom
• Age and condition of existing flooring
  

These items are all costly repairs and upgrades.  If you do not have the available cash to facilitate these repairs or upgrades how will you handle it when the need arises?  Buying a home is a large responsibility, first time buyers should educate themselves and think to the future before deciding to buy today.  An $8,000 credit today will not help you if you have to spend $40,000 to replace a roof 12 months later and the funds are not available. 

 

We have put together important information for first time Long Beach home buyers:

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

 

This article addresses issues that many first time home buyers do not consider, that being the remaining life of the existing systems currently in the home and the cost of future replacement. 

• Buying Fixer Upper Homes in Long Beach

We don't just sell homes.  We educate our clients on a consultative basis.  When you are buying your first home your agent should be able to provide you with more than a list of available homes.  Choose your agent carefully, find somebody that you trust is working with your best interests in mind.   

 

http://www.longbeachrealestatehome.com/00A033

Belmont Heights 2010 Market Report

Homes, Condos and Income Properties

Long Beach California Real Estate Sales

1/1/2010 - 4/6/2010

 

Belmont Heights is bounded by:

 

• Ocean Blvd and Livingston Drive on the South
• Redondo Avenue on the West
• 4th Street to the North
• Nieto Avenue to the East

 

The Belmont Heights neighborhood of Long Beach California is a lovely, ecclectic mix of early century homes, low rise condos, smaller apartment buildings (including some fabulous spanish duplexes), restaurants, coffee shops, funky stores, galleries and a nice mix of neighborhood friendly small business. Just blocks from the bluffs, overlooking the harbor, the beach, and a short walk into Belmont Shore, Belmont Heights is a tree lined Long Beach Community developed in the early 20th Century, and a great place to call home. Many of the neighborhood homes were originally built as summer cottages mostly between 1905 and 1939, later becoming year round residences. More bungalow style homes can be found here than in any other community of Long Beach.

 

 

Read Also:

• Belmont Heights Neighborhood of Long Beach California Resource Guide
• Bluff Park Historic District Neighborhood Market Report
• Long Beach California Beach Communities
• History of Long Beach California
• Long Beach CA Historic Homes and Districts
• THE MILLS ACT

 

 

 

Belmont Heights Homes - Sales 2010

 

There are currently 52 Homes for sale in Belmont Heights and Alamitos Heights, ranging in price from $330,000 to $2,799,999.  

• Average Price: $902,953
  
• Average Days on Market: 110
  

 

12 Belmont Heights Homes are in escrow, accepting Back-Up offers.

• Average Price: $777,491
• Average Days on Market: 91 
  

 

10 Belmont Heights Homes are Pending in escrow:

• Average Price: $684,480
• Average Days on Market: 97
  

 

107 Homes in Belmont Heights closed escrow year to date.

• Average Price: $665,360
• Average Days on Market: 87

 

Search Belmont Heights Homes For Sale

• Belmont Heights Homes For Sale $800000 and less
• Belmont Heights Homes For Sale $800000 to $1200000
• Belmont Heights Homes For Sale $1200000 and higher

View all available Belmont Heights Homes For Sale, this feed is Live from the MLS and is updated on a regular basis

 

 

Belmont Heights Condos-Coops-OYOs - Sales 2010

Belmont Heights Own Your Own and Coop Sales 2010

 

No Coop's or OYOs sold in Belmont Heights in 2008.  No Coop's sold in Belmont Heights in 2009. Lagging sales in the OYO and Coop sector were and still are a direct result of the difficulty in obtaining financing for OYO's and Condos.  Most sales in this sector are all cash. 

 

Long Beach Own Your Owns-OYO-OYOs-in Long Beach - The OYO-Own Your Own form of ownership is a constant source of confusion for many buyers of Long Beach real estate, here you will find a simple explanation.

Long Beach Stock Cooperatives - Stock coops are another misunderstood form of ownership, here you will find a simple explanation.

 

No Stock Co-op sales in 2010

 

1 Belmont Heights OYO is in escrow, accepting Back-Up offers.

• Listing Price: $108,000
• Days on Market:  98
  

1 OYO in Belmont Heights closed escrow year to date.

• Average Price: $75,000
• Average Days on Market: 38
  

 

Belmont Heights and Alamitos Heights Condo Sales 2010

There are 52 Belmont Heights Condos For Sale ranging in price from $89,900 to $825,000.  

• Average Price: $332,602
• Average Days on Market: 76
  

 

12 Belmont Heights Condos are accepting Back-up Offers

• Average Price: $280,566
• Average Days on Market: 116
  

 

11 Belmont Heights Condos are Pending in Escrow

• Average Price: $314,690
• Average Days on Market: 51
  

23 Belmont Heights Condos have closed escrow year to date. 

• Average Price: $327,391
• Average Days on Market: 84
  

 

Search Belmont Heights Condos For Sale

• Belmont Heights Condos For Sale $300000 to $400000
• Belmont Heights Condos For Sale $400000 to $500000
• Belmont Heights Condos For Sale $500000 to $600000
• Belmont Heights Condos For Sale $600000 to $800000

View all available Belmont Heights Condos For Sale, this feed is Live from the MLS and is updated on a regular basis

 

Belmont Heights Income Properties - Sales 2010

 

There are 21 Belmont Heights income properties for sale, ranging in price from $469,000 (duplex-306 DOM) to $16,900,000 (74 units-279 DOM ).

• Average Price: $1,799,752
• Average Days on Market: 177
  

 

1 Belmont Heights Income Property is currently accepting Back Up Offers. 

• Average Price:  $299,000
• Average Days on Market:  112

 

7 Belmont Heights Income Properties are Pending in escrow. 

• Average Price: $823,614
• Average Days on Market:  97
  

 

6 Belmont Heights Income Properties Sold year to date. 

• Average Price: $723,770
• Average Days on Market: 46
  

 

 

Search Belmont Heights Income Properties For Sale

View all available Belmont Heights Income Properties For Sale, this feed is Live from the MLS and is updated on a regular basis

 

 

 

Beach Real Estate searches along the Long Beach Waterfront:

 

• Belmont Shore and Naples Condos For Sale
• Belmont Shore CA Homes for sale under $1000000
• Belmont Shore-Naples Homes For Sale $1000000 to $2000000
• Belmont Shore Naples Homes For Sale $2000000 and up
• Marina Pacifica Condos for Sale Long Beach CA
• Bay Harbour Homes For Sale Long Beach California
• Luxury Homes For Sale in Long Beach California
• Long Beach CA Ocean Blvd Condos For Sale

More Long Beach Neighborhood Market Reports

Call Laurie to view Belmont Heights Homes,

Condos and income properties for sale in Long Beach California

(562) 212-5420

 

 

http://www.longbeachrealestatehome.com/009337