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Long Beach, CA Real Estate News

By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca.  Every since the middle of last year, I have had countless brokers calling me trying to either off REO bulk packages or attempting to buy them.  I would like to know if anyone of us 70000+ members have had any closings in regard to this market trend.  I don't know about the rest of the Country but in my office, out of the last 15 sales, half have been either short sales or REO properties!!See attached letter from a personal friend, I would like any comments or observations, thanks, ktmHi Kirk: Good Morning! Okay, we are finally ready to go with the REO's/notes and are working directly through a contact who has lead us to a trader with Bear Stearns for note product. It is a tremendous connection. I am currently awaiting the step by step process they want us to follow and ...
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Long Beach, Ca.  The United States Senate just voted in favor of passing an amended version of H.R. 5140, a $150 billion bill to jumpstart a sluggish economy through giving temporary tax breaks and raising the loan limits on conventional loans from $417,000.00 to $730,000.00.  The bill also increases the size of the loans the Federal Housing Administration could insure. Recently we wrote an article, How will higher loan limits acutally change California's real estae market?, that discussed what the effects would be if this bill passed.  The question remains, "How will it affect the rest of America?"  Recently, I was in discussions with a tech friend who casually mentioned to me that the real estate market along with all of its related services only represent less then 4% of the GNP.  If...
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By Shannon Jones, Long Beach CA Real Estate
(The Shannon Jones Team)
If you're looking for a charming neighborhood with tree-lined streets and historic homes, this is it! Located in Long Beach, CA and convenient to freeways and transportation, the California Heights Neighborhood was written up several years ago in Sunset magazine as being one of the top 10 neighborhoods in the western U.S.Originally part of the Bixby Ranch, the neighborhood's development began in the 1920s. Many of the area's early homes feature classic Spanish architecture. There are also some examples of Craftsman and Tudor architecture and later traditional styles.The California Heights has a very active neighborhood association. Information about it can be found at: www.CalHeights.org. The site also features historic design guidelines and information about the neighborhood's annual h...
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By Shannon Jones, Long Beach CA Real Estate
(The Shannon Jones Team)
If you live in the Rose Park Neighborhood or are interested in exploring the area and meeting people up there, don't miss this opportunity to mix and mingle -- and eat FREE food: Rose Park Neighborhood Mixer  When:6:30-8 p.m.,Thursday, February 21, 2008  Where:at Rivera's Mexican Restaurant(2901 E. 7th Street / 7th at Gladys Avenue)  Join us for a night of free food and fun! Meet your neighbors Meet the RPNA Board Free Mexican food (provided by Rivera's Mexican Restaurant) No-host bar (beer/wine) Raffle prizes "State of the Neighborhood" presentation Become a member of the RPNA! Please RSVP by February 14, 2008 by e-mailing rsvp@rpna.org or calling (562) 368-4877. 
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By Shannon Jones, Long Beach CA Real Estate
(The Shannon Jones Team)
Homebuyers looking for affordable homes with architectural charm not too far from the ocean should consider the Rose Park Neighborhood of Long Beach, CA. Most of the homes were built in the 1920s but there are also some earlier examples of Spanish and Craftsman architecture as well as later homes. Walking distance to shops, restaurants and the beach, the Rose Park Neighborhood gets its name for a circular park that sits at the intersection of 8th Street and Orizaba. There are two historic districts contained within the neighborhood, one that lies north of 7th Street and one south of it.For more information about the area, the neighborhood organization's website is www.rpna.org, although as of this writing, the site is under reconstruction and has temporarily been moved to www.csulb.edu/...
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By Shannon Jones, Long Beach CA Real Estate
(The Shannon Jones Team)
Often, potential homebuyers ask us about the quality of schools in a particular Long Beach neighborhood. They want to know which elementary, middle school or high school serves a particular area. They wonder what the student to teacher ratio is, how the test scores compare to other schools, or what the socioeconomic makeup may be ar a particular school.All that information is just a few clicks away at the Long Beach Unified School District's website: http://www.lbusd.k12.ca.us/The site has a great feature, called "Schoolfinder" which allows the user to type in an address and find out which school attendance boundary it falls within. Simply go to: http://www.lbusd.k12.ca.us/Schools/school_finder.cfmOnce you know which school you're seeking information on, enter it and you'll be directed ...
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By Shannon Jones, Long Beach CA Real Estate
(The Shannon Jones Team)
Most people are aware that property values have been declining throughout the state and Los Angeles County. In many parts of Long Beach, Lakewood and Signal Hill, the decline has been relatively dramatic. That decline may mean a reduction in property taxes, however.Proposition 8, a constitutional amendment passed in California in 1978 allows a temporary reduction in assessed value (which is what your taxes are based on) when a property suffers a "decline-in-value." That decline-in-value occrs when the market value of the property is less than the assessed value as of January 1st. Property values peaked in 2005. If you bought a home after 2003, it may qualify for the "Decline-In-Value Reassessment" with the Losangeles County Assessor's office. The assessor's office has stated that it wil...
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By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca.  Finally we sport fans have something "interesting to look forward to" regarding sport franchising and stadium building in Downtown Long Beach.  After too many years, Long Beach has finally been offered up to the boards of both USC and NFL.  Jeff Klein who just bought a 65 acre lease of the property next to the Queen Mary has made a daring and timely presentation to both of the aforementioned sports syndicates.  Being that I'm a proud grad of USC myself, I can tell you that this idea is profound.  First of all, apparently, I'm like one of the only Trojan fans that actually likes to go to the Los Angeles Coliseum.  I love the graceful old facility there.  It reminds me of younger days when I was a student there and everything was possible!  It is fun to go back to that sm...
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By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca.  The big debate in Congress right now is not whether to raise loan limits for fannie mae/freddie mac but how much to raise them.  You see if the new bill passes, the new loan limit will be for 125% of the median sales price in a community.  For example, In Orange County, California, the average sales price is $565,000.00; therefore, the new conforming loan limit would be $706,250.001).  Home-buyers will be able to get better interest rates for purchases and refinances.  This is because the current jumbo interest rate (for loans above $417,000.00) is between .5 and 1% above the conforming loan rate and that can make a big difference on a $400 to $500 a month.2).  Most property owners that currently have jumbo loans(more then $417,000) will attempt to refinance to lower th...
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By Julia Huntsman, BPOR, CDPE, e-PRO, SFR, Broker
(Huntsman Properties)
The Big Red "Fun Bus" is a free ride on Thursdays from 6 pm to Midnight and Saturdays from 1 pm to 6 pm - as a way of connecting all the cool shops and dining establishments along Broadway and 4th Street between Pine and Redondo while passengers listen to live music and enjoy special promotions offered through their website. It's being funded by business owners on Pine through Downtown Long Beach Associates as a way of connecting their businesses in a fun way from downtown and the East Village to the neighborhoods of Belmont Heights (historic district), Bluff Park (historic district), Bluff Heights and Alamitos Beach along the Broadway and 4th St., which adjoins Rose Park South (historic district). Click on the link to read more: http://longbeachrealestate.blogspot.com/2008/01/downtown-...
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By Shannon Jones, Long Beach CA Real Estate
(The Shannon Jones Team)
With interest rates so low, this is an amazing time to buy and we have several price reductions that make these properties especially great deals!412 Bellflower Blvd. #310 in Long Beach - Price Reduced $10,500 - Now $379,500 - $30,000 down from original list price!Spacious 2 bedroom, 2 bathroom Stoney Brook Villas condo features Bamboo floors, large balcony with sunset view, sliding doors from both bedrooms and living room to the balcony, 2 tandem underground parking spaces, and all the amenities Stoney Brook has to offer including pool, spa, lush landscaping, tennis courts, BBQ areas, and secure gated entry to the complex. 6109 Bellflower Blvd. in Lakewood - Price Reduced $30,000 - Now $435,000Great opportunity for extended family living. Currently used as a 2 bedroom house with attach...
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By Shannon Jones, Long Beach CA Real Estate
(The Shannon Jones Team)
Our current market poses a huge challenge for sellers with regards to pricing. In the past few years, the strategy was simple. When prices were increasing, you could list a home for a little more than recent sales and a little less than the competition and it would sell quickly. As prices began to stabilize, I recommended a different strategy: price the home right around what other similar homes have actually sold for recently. That strategy no longer works in our current market, where prices are rapidly and sharply declining. Buyers are only interested in the dirt cheap, rock bottom priced deals.So if you want to actually sell a home, pricing based on past sales is not enough anymore. You need to anticipate the pricing curve. In Long Beach, California, where my business is based, media...
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By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca.   For years it has almost been impossible to find an investment property in the Golden State of California that is has a positive cash flow; that is, after a reasonable down payment, getting  more money from the difference of your gross collected rents minus management and utilities and mortgage payment.  Sorry, but it has been so long in California since we have seen this that I have to re-define, " positive cash-flow."Recently, as the slew of foreclosures and short sales have hit the market, this is beginning to change and for the first time in 10 years, investors are beginning to find investment properties that make good investment sense.Last night I met a real estate investor who took me to see a duplex that an he had purchased 18 months ago in a nice part of Long Be...
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By Shannon Jones, Long Beach CA Real Estate
(The Shannon Jones Team)
The Federal Reserve took a surprising action this week by making an emergency rate cut of .75%, the deepest cut in the Fed Funds Rate since 1984. The Fed Governors were acting in direct response to recent reports that the country is on the brink of recession. What does that rate cut mean for you? It's great news if you have credit cards, auto loans, HELOCs, or an Adjustable Rate Mortgage. However, for long-term mortgage rates, this could signal the beginning of the end for the lowest 30-year home loan rate borrowers have experienced since 2005.Let's look at the impact of a few recent Fed Funds Rate cuts and the corresponding impact to home loan rates to see what this could mean for you:PeriodFed Funds Rate CutImpact to Home Loan RatesJanuary to June 2001Down 2.25%Rose 0.10%October to De...
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By Shannon Jones, Long Beach CA Real Estate
(The Shannon Jones Team)
Long Beach has an average of 345 days of sunshine every year.Long Beach is the fifth largest city in California with a population of 490,166 and about 17% of those people are between the ages of 25 and 34.Long Beach is one of the top 10 Turnaround Downtowns recognized by the Urban Land Institute.  Approximately 5.5 million tourists and convention delegates visit Long Beach each year.Every April, more than 180,000 fans watch racing's finest drivers speed on the city streets at the Toyota Grand Prix of Long Beach.Long Beach was named by America's Promise Alliance as one of the 100 Best Communities for Young People in 2006.The Aquarium of the Pacific attracts more than 1.25 million visitors per year.The Port of Long Beach is one of the world's largest seaports, handling more than 7.3 milli...
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By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca.  During the quarterly breakfast meeting on Wednesday, January 23rd, at Mulhearn Realtors, the keynote speaker, Alexis Bolin discussed smart home selling techniques that apply to our current market conditions."Serious people are selling their homes.  Unrealistic sellers who have grossly overestimated the value of their properties do not successfully open escrows."  This is especially true in our current marketplace.  Sellers really need to know the facts about what is going on in their neighbourhood if they are going to properly list and move their real estate.  Realtors need to give their home sellers the facts and if they don;t the sellers should consider interviewing other agents in the same area.In Long Beach, California, like in other market places.  It is imperative...
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By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca.  In review of the recent article, "An In-House Edge, The Benefits of one-stop shopping," by Virginia Cook in Realtor magazine: it is safe to conclude that if your real estate company has an in-house lender that it may actually save you thousands of dollars and secure the transaction that might otherwise go sideways.What we have witnessed over the last year has been the almost daily tightening of the credit markets for home borrowers attempting to qualify in these times.  Gone are the stated income, 100% financing loan products that is mostly responsible for the current malaise in the mortgage sub-prime markets.  As a result, realtors and clients both need to really understand what is going on with the loan process more then ever...By utilizing an in-house lender, realtor...
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By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
        Long Beach, Ca.  Look out for continued corrections in the real estate market place this year.  This reinforces the fact that if you are qualified to purchase that this is really an excellent time to buy real estate.  Never before are sellers willing to give so many concessions to buyers both with price and credits.  But remember, all markets eventually turn around.  Two years ago, we witnessed multiple offers on the same listings....sometimes up to over twenty offers would come in for the same listing if it was priced right at the same time.  Now, a buyer can enjoy the luxury of taking his time and to be sure that the offer is done more equitably.  The playing field has been tilted in the buyers favor, for now.  Meanwhile, on the macro-economic scale, watch out for the followin...
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By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
6th VerseThe Spirit that never diesis called the mysterious feminine.Although she becomes the whole universe,her immaculate purity is never lost.although she assumes countless forms,her true identity remains intact. The gateway to the mysterious femaleis called the root of creation. Listen to her voice,hear it echo through creation.Listen to her voice,hear it echo through creation.Without fail, she reveals her presence.Without fail, she brings us to our own perfection.Although it is invisible, it  endures;it will never end.Long Beach, Ca.  The Spirit that never dies is the same spirit of creativity that penetrates the entire universe.  It is an inexhaustible source that cannot be over tapped.  If we can harmonize our approach to its sequence then no matter what we do we can execute with...
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By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
 Look To This DayLook to this day.For it is life, The very Life of Life.In its brief course lie all. The realities and verities of existence, The bliss of growth,The splendor of action,The glory of power. For yesterday is but a dream,And tomorrow is only a vision,But today, well lived,Makes every yesterday a dream of happinessAnd every tomorrow a vision of hope.Look well, therefore, to this day. Sunskrit ProverbLong Beach, Ca.  Look to this day.  And why do we so often find ourselves worrying about tomorrow or yesterday?  It is not necessary, it is not applicable.  We must focus on the present opportunities surrounding us, engulfing us, right in front of us.  Seize this day, friends.  For it is like a piece of art that can be sculpted or painted.  A clump of clay or an empty canvas.  Lo...
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