Downtown Long Beach Homes For Sale 90802 90813

Downtown Long Beach Homes For Sale 90802 90813

Downtown Long Beach Homes For Sale

Downtown Long Beach Homes

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. 

 

 

Main Street Realtors Long Beach - Laurie Manny - Long Beach Realtor

 

Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803

(562) 212-5420

Search for Long Beach Homes and Condos For Sale Get My Homes Value
Featured Listings Contact Us

 


 



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Posted on June 23, 2009 20:00:00 by Laurie Manny
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Long Beach Luxury Homes Market Update - Long Beach Real Estate

Long Beach Luxury Homes Market Update - Long Beach Real Estate

 

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
6109 Costa Del Rey   4/3  2,400  1983  $1,100,000  $458.33  95.74%  95.74%  2/10/2009 
166 Nieto Ave   4/3  3,660  2006  $1,250,000  $341.53  92.66%  83.61%  1/28/2009  82 
169 Argonne   3/3  3,337  2003  $1,295,000  $388.07  92.83%  92.83%  4/27/2009  29 
5571 E The Toledo   4/3  3,300  2009  $1,410,000  $427.27  94.06%  88.18%  5/19/2009  202 
2401 E Ocean Blvd   6/5  5,000  2008  $2,050,000  $410.00  105.13%  52.90%  5/12/2009  269 
5743 E CORSO DI NAPOLI   2/1  2,736  1969  $1,900,000  $694.44  79.17%  61.29%  4/30/2009 
261 Granada Ave   3/1  2,312  1926  $1,225,000  $529.84  94.30%  74.26%  3/25/2009  200 
4501-3 E Broadway Ave   3/3  3,913  1925  $1,225,000  $313.06  94.23%  94.23%  4/30/2009  49 
295 Claremont   3/2  2,877  2006  $1,250,000  $434.48  92.59%  92.59%  4/15/2009  15 
10  3749 N Elm Ave   6/2  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

 

 

Main Street Realtors Long Beach - Laurie Manny - Long Beach Realtor


Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803

(562) 212-5420

Search for Long Beach Homes and Condos For Sale Get My Homes Value
Featured Listings Contact Us

 

 



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Posted on May 20, 2009 02:00:01 by Laurie Manny
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Spinnaker Bay Home Sales and Market Updates - Long Beach California Real Estate

Spinnaker Bay Home Sales and Market Updates - Long Beach California Real Estate

Spinnaker Bay Home Sales

Market Report 2009

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


January 1, 2009 - May 14, 2009

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
P678997  CONDO  5644 Azure Bay  3/2  1,610  1982  $989,000  65 
P681706  CONDO  5524 Azure Way   4/2  2,068  1982  $995,000  50 
P677310  CONDO  5538 Azure Way   3/2  1,748  1982  $1,125,000  77 
P655230  CONDO  5650 Azure Bay  3/2  1,748  1982  $1,200,000  251 
P673647  SFR  5540 Spinnaker Bay Dr   3/2  2,032  1989  $1,225,000  104 
P648808  SFR  314 Parsons Lndg   3/2  2,323  1990  $1,249,000  292 
P686966  SFR  311 Whites Lndg   3/2  2,265  1992  $1,279,000 
S568723  SFR  347 Empire Lndg   3/2  2,032  1989  $1,379,000  49 
P663283  SFR  346 Parsons Lndg   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
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.

 

Spinnaker Bay Luxury Waterfront Home with 40 foot boat slip

 

350 Spinnaker Bay Luxury Home-Long Beach Real Estate

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


Spinnaker Bay Luxury Waterfront Homes For Sale

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

(562) 212-5420



Relocating to Long Beach-Resource & City Guide


Long Beach Area Information:


Main Street Realtors Long Beach - Laurie Manny - Long Beach Realtor

 

Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803

(562) 212-5420

Search for Long Beach Homes and Condos For Sale Get My Homes Value
Featured Listings Contact Us

 




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Posted on May 14, 2009 14:33:00 by Laurie Manny
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FHA Loan Limits for Los Angeles County and Orange County - Long Beach Real Estate

FHA Loan Limits for Los Angeles County and Orange County - Long Beach Real Estate

Long Beach Real Estate News

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

 

 

 

Main Street Realtors Long Beach - Laurie Manny - Long Beach Realtor

Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803


(562) 212-5420


Search for Long Beach Homes and Condos For Sale    Get My Homes Value
     
Featured Listings   Contact Us


 



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Posted on March 04, 2009 18:00:00 by Laurie Manny
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1st Time Buyer Nightmare in Long Beach California-Long Beach Condos

1st Time Buyer Nightmare in Long Beach California-Long Beach Condos

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. 


1st Time Buyers - Long Beach CAToday 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

 

 

Main Street Realtors Long Beach

 

Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803

(562) 212-5420

Search for Long Beach Homes and Condos For Sale      Get My Homes Value
     
Featured Listings   Contact Us


 



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Posted on February 09, 2009 10:02:18 by Laurie Manny
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To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.