Long Beach Real Estate-Long Beach Condos

Downtown Long Beach Homes For Sale

90802 - 90813

 

Homes in Downtown Long Beach have become very affordable once again.  Buyers who waited too long in the hot sellers market and were priced out of it have a very real opportunity here to finally realize their dream of home ownership.  Some of these homes can be purchased for the same price as a condo. 

First time buyers can actually afford to purchase homes now.  It is still possible to obtain home loans, FHA loans are flowing and assistance programs exist. 

Some of these homes are short sales.  Short Sales provide buyers with a great opportunity to purchase Long Beach homes for a really good price.  Short Sale purchases can take many months to be accepted by the banks, the banks are inundated and are very backed up so the process is often a long one and not always successful.  

Some of these homes are bank owned foreclosures or REO's.  Bank owned homes can close escrow quickly once an offer is accepted and are highly desirable. 

Buyers should know that short sale and bank owned or foreclosed homes are often not in the best of condition and usually require an infusion of after purchase cash for repairs and upgrades.  Foreclosed properties are purchased in "AS IS" condition, banks will do no repairs. 

Read:  Long Beach Homes-Issues for 1st Time Home Buyers

Some homes are conventional purchases, some are in Long Beach historic districts and a few have a rental unit. 

Available homes in Downtown Long Beach:

Direct feed from the Socal MLS - Always up to date

 

Read Also:

Downtown Long Beach Duplexes For Sale 90802 90813

Chasing the Market Down - Are You Guilty?

 

Contact us for further information on any of these homes.  It will be our priviledge to assist you in your next home purchase. 

 

 

 

Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803

(562) 212-5420

 

 

http://www.longbeachrealestatehome.com/0090B0

 

Whats going on in the Long Beach Luxury Homes Market?

 

Recently I've been asked just how the million dollar plus luxury homes in Long Beach have fared in our current market downturn, so I went back and tracked all $1,000,000 plus homes sales from 2000 through 2009 through the MLS.  These figures will account for most Long Beach luxury home sales in this price range.  While there are always a few that change hands privately this is a very good representation of the trends. 

 

1/1/2000 THROUGH 5/19/2009		# SOLD	AVG SOLD PRICE	PRICE SQ. FT.	DAYS ON MARKET
2009		10	$1,447,500	$412.51	97
2008		82	$1,568,406	$546.48	101
2007		144	$1,421,877	$512.94	81
2006		152	$1,515,896	$537.17	84
2005		191	$1,672,615	$592.29	63
2004		101	$ 1,389,806	$468.11	66
2003		66	$1,550,296	$463.19	73
2002		35	$1,320,650	$378.52	81
2001		18	$1,281,000	$360.44	80
2000		17	$1,648,529	$447.48	137

97 Luxury Homes in Long Beach over $1,000,000 are for sale: 

• Average Price:  $1,794,338
• Average Price per sq. ft.:  $548.70
• Average Days on Market:  114
• 1 has been on the market for 666 days, another 440 and another 437 days.  

8 Long Beach Luxury Homes are currently in escrow:  

 

2 are accepting back-up offers:

• Average Price:  $1,272,000
• Average Price per sq. ft:  $438.92
• Average Days on Market:  154

 

6 are pending:

• Average Price:  $2,080,650
• Average Price per sq. ft:  $725.98
• Average Days on Market:  181
  

 

Absorption Rate: 

• 105 Luxury homes for sale and/or in escrow.
• 6 Long Beach Luxury homes sold in April 2009.
• 105 Luxury homes divided by average sales of 6 per month = 17.5 months for the market to absorb the existing luxury inventory.
• Absorption rate does not account for new inventory entering the market. 
  

 

Many of these homes have been on the market for a long time, have reduced their prices (in many cases several times) yet remain on the market unsold. These sellers are reducing their prices too little, too late; this is called Chasing the Market Down. 

Back in June of 2007 I published an article about "Chasing the Market Down", in February of 2008 I followed this up with another article "Chasing the Market Down - Are YOU Guilty?"  Both of these articles remain at the top of the search engines nationwide for the term Chasing the Market Down.  

If you are chasing the market down you will not sell.  There is no magic potion to net you a higher sale price.  Your home will sell for what the market will bear. 

What has actually sold this year?

Long Beach Luxury Homes - Closed Sales 1/1/2009 - 5/19/2009

#	Address	Bed	B t/f	Gar	SqFt	YBlt	Sold Price	SP/ SqFt	SP/LP	SP/OLP	Sold Date	DOM
1	6109 Costa Del Rey	3	4/3	2	2,400	1983	$1,100,000	$458.33	95.74%	95.74%	2/10/2009	4
2	166 Nieto Ave	4	4/3	2	3,660	2006	$1,250,000	$341.53	92.66%	83.61%	1/28/2009	82
3	169 Argonne	3	3/3	3	3,337	2003	$1,295,000	$388.07	92.83%	92.83%	4/27/2009	29
4	5571 E The Toledo	4	4/3	2	3,300	2009	$1,410,000	$427.27	94.06%	88.18%	5/19/2009	202
5	2401 E Ocean Blvd	6	6/5	4	5,000	2008	$2,050,000	$410.00	105.13%	52.90%	5/12/2009	269
6	5743 E CORSO DI NAPOLI	3	2/1	0	2,736	1969	$1,900,000	$694.44	79.17%	61.29%	4/30/2009	0
7	261 Granada Ave	4	3/1	2	2,312	1926	$1,225,000	$529.84	94.30%	74.26%	3/25/2009	200
8	4501-3 E Broadway Ave	5	3/3	4	3,913	1925	$1,225,000	$313.06	94.23%	94.23%	4/30/2009	49
9	295 Claremont	4	3/2	2	2,877	2006	$1,250,000	$434.48	92.59%	92.59%	4/15/2009	15
10	3749 N Elm Ave	4	6/2	3	5,550	2007	$1,770,000	$318.92	90.77%	90.77%	4/08/2009	19
Average		4		3	3,509		$1,447,500	$431.60	93.15%	82.64%		97
Number of Properties: 10
Average ( SalePrice / SqFt ) : ( 1447500 / 3509 ) = $ 412.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Beach Luxury Homes over $1,000,000 For Sale

Updated automatically from the MLS

 

 

Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803

(562) 212-5420

 

 

http://www.longbeachrealestatehome.com/009798

Spinnaker Bay Home Sales

Market Report 2009

Includes: Closed Home and Townhouse Sales Reports for 2007 and 2008

Spinnaker Bay - Long Beach California

Luxury Waterfront Homes and Townhome Sales

 

4 Spinnaker Coves Luxury Townhomes For Sale

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

1. Waterfront Townhome overlooking Azure Bay, original but beautiful condition, 40' boat slip, 3 bdrm, 3 bath, 1,610 sq ft, HOA $509 + $109, $989,000
2. Waterfront Townhome with 25' boat slip, 4 bdrm, 4 bath, 2,068 sq ft, HOA $575 + $106, $995,000
3. Waterfront Townhome with remodeled kitchen/granite, 40' boat slip, 3 bdrm, 3 bath, 1,748 sq ft, HOA $575 + $106, $1,125,000
4. Waterfront Townhome on open water with upgraded kitchen/granite, 3 bdrm, 3 bath, 1,748 sq ft, HOA $575 + $106, $1,200,000

 

 

5 Spinnaker Bay Luxury Homes For Sale

1. Water and sunset views from this 2,032 sq ft luxury home with 30' boat slip, 3 bdrm, 3 bath, HOA $165 + $135, $1,225,000
2. Luxury Spinnaker home on the greenbelt features paved yard with spa and remodeled kitchen/granite, 2,323 sq ft, 3 bdrm, 3 bath, HOA $140 + $0
3. Upgraded Luxury home in water oriented setting, 2,265 sq ft, 3 bdrm, 3 bath, HOA $165 + $135
4. Beautiful Waterfront Spinnaker Bay Luxury home, corner home, views from most rooms, great floorplan and stylish upgrades throughout, 2,032 sq ft, 3 bdrm, 3 bath, HOA $150 + $130
5. Luxury coveted corner location on water with 33' boat slip in front, 2,323 sq ft, 3 bdrm, 3 bath, HOA $165 + $135

 

 

Spinnaker Bay Luxury Homes and Townhomes Currently For Sale - 2009

#	MLS#	Type	Address	Bed	B t/f	St	Gar	SqFt	YBlt	List Price	DOM
1	P678997	CONDO	5644 Azure Bay	3	3/2	2	2	1,610	1982	$989,000	65
2	P681706	CONDO	5524 Azure Way	4	4/2	2	2	2,068	1982	$995,000	50
3	P677310	CONDO	5538 Azure Way	3	3/2	S	2	1,748	1982	$1,125,000	77
4	P655230	CONDO	5650 Azure Bay	3	3/2	3	2	1,748	1982	$1,200,000	251
5	P673647	SFR	5540 Spinnaker Bay Dr	3	3/2	2	2	2,032	1989	$1,225,000	104
6	P648808	SFR	314 Parsons Lndg	3	3/2	2	2	2,323	1990	$1,249,000	292
7	P686966	SFR	311 Whites Lndg	3	3/2	2	2	2,265	1992	$1,279,000	3
8	S568723	SFR	347 Empire Lndg	3	3/2	2	2	2,032	1989	$1,379,000	49
9	P663283	SFR	346 Parsons Lndg	3	3/2	3	2	2,323	1990	$1,575,000	192
Average				3			2	2,017		$1,224,000	120
Number of Properties: 9
Average ( ListPrice / SqFt ) : ( 1224000 / 2017 ) = $ 606.84

 

Spinnaker Bay Luxury Waterfront Homes - Closed Sales 2009

 

#	MLS#	Type	Address	Bed	B t/f	St	Gar	SqFt	YBlt	Sold Price	SP/ SqFt	SP/LP	SP/OLP	Sold Date	DOM
1	P654866	CONDO	5542 Azure Way	3	3/2	2	2	1,748	1982	$935,000	$534.90	85.08%	79.57%	5/1	178
Average				3			2	1,748		$935,000	$534.90	85.08%	79.57%		178
Number of Properties: 1
Average ( SalePrice / SqFt ) : ( 935000 / 1748 ) = $ 534.90

Spinnaker Bay Luxury Home with 40' Boat Slip	350 Salta Verde Pt.
Buyer Represented by	Offered at $2,225,000
Laurie Manny	Sale Price $1,755,000

Spinnaker Bay Luxury Homes and Townhomes - Sales 2008

10 Spinnaker Bay Homes and 2 Spinnaker Cove Townhomes 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

Spinnaker Bay Luxury Homes and Townhomes - Sales 2007

6 Spinnaker Bay Luxury Homes and 4 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 Luxury Dream Homes and Townhomes

(562) 212-5420

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Long Beach Real Estate News

New FHA Loan Limits

 

 

Los Angeles County and Orange County FHA loan limits decreased on January 1, 2009.  The FHA has now restored the higher limits in both Los Angeles and Orange Counties.  What does that mean to todays Long Beach home buyers?  This means that  buyers can qualify for higher loans on homes once again.  This is true for all residential loans, including; homes, condos and residential investment property under 4 units. 

 

Current FHA Loan Limits		Maximum Loan Amount
Single Family		$729,750
Duplex		$934,200
Tri-plex		$1,129,250
Four-plex		$1,403,400

 

 

FHA Loan Limits for other areas of California and other States can be found here. 

Real estate is almost always a good purchase.  Now is a very good time to consider purchasing a Long Beach Home, Condo or Income Property. Interest rates are very low and loans are available, both through FHA and conventional means. Conventional loans are becoming more expensive to attain.  Recently lenders have begun to demand 10% down payments forcing more buyers into FHA loans.  As the year moves on do not be surprised if the lenders increase that 10% to a higher number. 

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

 

 

Long Beach Home Buyer Tips

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

• Long Beach Homes - Issues for 1st Time Buyers
• 1st Time Buyer Tips - Hire a Buyers Specialist When Buying Long Beach Homes and Condos
• Buying Fixer Upper Homes in Long Beach
• Long Beach Home Loans - Understanding Your Credit Scores

 

 

 

Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803

(562) 212-5420

 

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

Real estate has been crazy this week.  I haven't seen this many buyers out shopping since the height of the sellers market a few years ago.  Whoda thunk that a 2 bedroom condo in Long Beach, could be purchased in the $225,000 range?  But it can be!  The prices right now are just incredible.  Renters who had begun to think they would never be able to own are buying condos and future planning. Of course these sales are a result of the misfortune of others. 

Today I would like to tell you all a true story about a Long Beach condo owner in trouble.  Nice young man, lets call him Dave called me a few days ago.  Dave wanted to put his newly purchased Long Beach condo on the market, his company is transferring him elsewhere.  Dave purchased his 680 square foot, 2 bedroom, 2 bath, condo conversion with 2 parking spaces, in November 2008 for $360,000 with 10% down ($36,000), yes - just 4 months ago. He needs to sell quickly to facilitate a purchase in his new location. 

 

I was already holding my breathe when I heard this much.  Not exactly beach close, I began to gnaw at my nails awaiting the rest of the story.  This was not going to be a good conversation.

 

Research turned up some interesting information. 

• The complex has 8 units, 7 of which are recorded in tax and title records as sold, but are not recorded in the MLS. 
• The units were sold between October 2007 and November 2008. 
• Every unit sold for either $350,000 or $360,000, over the course of over a year.  The same year that Long Beach suffered an about 40% decline in value. Sale dates and prices were discovered through public records (tax and title records).
• Several of the units in the building were listed on the MLS between April and November 2008 at under $250,000 prior to having been cancelled on the MLS. 
  
• The unit in question was listed on the MLS between May 2007 and June 2007 for $289,900 with a price reduction to $264,900, prior to cancelling the listing. 
  
• The unit in question shows on the MLS as having been sold in April 2007 for $279,000.  That information is not supported by tax and title records. 
  
• The building is not beach close - couldn't get that price even if it were.
• The unit is tiny!
• The Real Estate Agent who represented Dave also handled the loan for him.  Dave said papers were shoved in front of him and he was told to sign - had no idea what he signed and wasn't provided with copies of anything. Didn't even know who his loan was through.  (None of this absolves the buyer from his responsibility for what he signed and agreed to.)
  
• The agent did not present the buyer with comparable sales.  (The buyer didn't ask - he trusted his agent!)
  
• The lender hired the appraiser. While this is normal, it supposes that the agent and lender are honest. 
  
• The property appraised.  (I want to know how the hell that happened!)
  

 

In case you haven't recognized what is hokey on this deal.  I had the displeasure of informing this young man that his condo may be able to be sold at between $200,000 and $225,000 at this time (just 4 months after his purchase at $360,000 with 10% down). Understand that the 10% down was this young mans life savings, it is gone!  This is based on comparable sales in the same area. 

 

I referred the owner to a very good local real estate attorney. 

 

Lesson:  Hire a well known and reputable agent.  Check your comparable's.  Be pro-active in your purchase.  Keep your eyes open, if something doesn't look or feel right, question it. If your real estate agent is attempting to handle your loan, say no.  For your own protection your lender and your agent really should not be the same person. 

 

 

Call Laurie today to begin your search for homes and condos in Long Beach (562) 212-5420

 

 

 

Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803

(562) 212-5420

 

http://www.longbeachrealestatehome.com/009459