Long Beach, CA Real Estate News

There is a difference between condominiums and co-operatives. Both are a type of multifamily properties that house multiple units. Condominium owners actually own real property, while co-op owners have shares that give the right to occupy and use the unit.A co-op can be thought of (because it is) a corporation formed to own multifamily residential property. Residents own shares in the corporation which owns an entire group of residences - usually one or more apartment buildings. Co-op members do not own their units. Instead they make an investment in the co-op and have a voice in controlling the its activities.In general, condo owners are subject to fewer rules than co-op apartment owners and, spend less time in internal governance. A condominium, carries with it joint ownership of comm...
Comments 0
By Kasey Learned
(Keller Williams Coastal Properties)
Well we have seen a shift on the market there are a considerable more listings on the market than in previous years and less buyers that are able to qualify.  And the rumors that are out and about say that no one can sell and no one can buy... NEWS FLASH!!!  This is not true at all!  For some reason the public has subscribed to this thought process and it is plainly not true.  One thing can be said the dynamics has changed, sellers who are serious about selling have to be competitive the days of asking for whatever you want and getting it may be over (for now).  However, if you need to move and you have equity in your home and a Realtor who is willing to work with you in achieving your goal THEY CAN BE REACHED!!!  Many agents have special programs to allow sellers to have flexible commi...
Comments 0
By James and Joseph Bridges
(Keller Williams Realty - Global Trust Team)
Within Belmont Heights is a small group of homes, named Eliot Ln.  These homes were built in 1923 and are generally on lots that are 2,320 sq ft.  With architecture that varies from Mission Revival to Bungalows you can find a home that is right for you.  This group of homes is south of Colorado Blvd and just east of Park Ave in the 90814 zip code.  Homes don't become available here too often so keep your eye out for prime properties so you can get the Long Beach Home that is right for you!
Comments 0
By James and Joseph Bridges
(Keller Williams Realty - Global Trust Team)
Many of the condo conversions in Long Beach have been simply "lipstick" jobs where they just repaint and sell the former apartment building as a condo.  A conversion in the Rose Park South Historic district has been done much differently!  This is a prime example of what can be done.  All new eletrical and plumbing have been put in, along with everything else!  Stone tile showers, backsplashes and granite counters are some of the highlights.  These Long Beach Condos are a must see!Fourteen of the seventeen condos are two bedrooms and two bathrooms.  The floor plans feel very large with excellent size bedrooms and large walk-in closets.  Some of the highlights of the upgrades put into the condos are as follows:Granite counters in the kitchensTile Backsplash All new electrical and plumbin...
Comments 0
By Brian Brady, 858-777-9751
(San Diego VA Home Loans/858-777-9751)
Shopping for a mortgage?  Good for you!  Most originators in today's marketplace are order takers or paper processors and offer you little or no value. They operate as functionaries, and as such, are in your way to affordable mortgage terms. If you are going down the path to find the absolute best mortgage terms, good luck!  You'll probably end up with the least competent loan originator who can ultimate costs you thousands of dollars.READ:  You'll NEVER get the lowest rate on your mortgage.I know why you, the California mortgage shopper, are doing this.  Mortgage loan originators in California are as plentiful as dead jellyfish on the beach in August (and about as useful, too).  Be careful, though!  These little useless lumps can sting you even though they appear to be dead. READ:  How...
Comments 0
By Brian Brady, 858-777-9751
(San Diego VA Home Loans/858-777-9751)
I have long been a proponent of "Go Negative and Invest the Difference" when advising Long beach homebuyers how to manage cash flow and invest for retirement.  I believe a mortgage can be an integral part of a financial plan.  If used properly, you can leverage your home in Long Beach into more Long Beach real estate, variable annuities, or investment-grade insurance contracts.How's that work, Brian?  My introduction to the concept of strategic equity positioning:I'm an American ARMs DealerAren't ARMs really risky, Brian?  I debunk the myth of expensive ARM adjustments in:The Power of an Annual ARMHow do I find a lender whom I can trust for my Long Beach Home?   I spin this yarn about rate shopping and finding a good home loan in :Borrow Money Like Would Buy A Cell PhoneYou'll NEVER get...
Comments 7
By James and Joseph Bridges
(Keller Williams Realty - Global Trust Team)
It shouldn't be tough to find out the sales information in an area, but it sure can be!  Data Quick does a great job of positing information in the LA Times, by zip code of sales, but sometimes you just want to see a snapshot sooner.  We have kept a BLOG up to date on the Long Beach sales so consumers can see what the market activity is doing.  Check out our Long Beach Home BLOG:http://www.longbeachhomeblog.com/We would be happy to hear feedback and will continue to keep it up to date on information relating to the Long Beach Real Estate market.
Comments 0
By Brian Brady, 858-777-9751
(San Diego VA Home Loans/858-777-9751)
Can the presence of termites screw up a home loan?  You betcha they can.Dian Hymer, an author on Inman News, writes this about termite clearances in her column : In this era of consumer awareness, most buyers require a current termite inspection of a home before they'll agree to buy it. However, a termite clearance is not always part of the agreement. Whether or not a termite clearance is required to close a home sale depends on the buyer's lender and on the terms of the agreement negotiated between the buyer and seller. Buyers who purchase a home using an FHA or VA mortgage -- or a low-down payment first-time buyer mortgage program -- may be required to provide the lender with a termite clearance on the home they're buying before the lender will fund the loan. In this case, the sale ca...
Comments 6
In exchange for something of value (consideration) the right given to a party (optionee) by the owner of a property (optionor), to purchase or lease property within a specified time.The option is a pre-arranged, written agreement between an owner and a prospective buyer that states the right to purchase a property at a fixed price and within a specified time frame.Because the option will become the sales agreement, all terms should be clearly defined, and spelled-out. A prospective buyer generally pays an option fee in advance to the owner in exchange for the right to exercise the option. How this works locally here, in the case of a "lease-option"; a buyer who perhaps wants to "try-before-you-buy", or who needs more time to raise a down payment, will agree to lease a home for a period ...
Comments 0
By James and Joseph Bridges
(Keller Williams Realty - Global Trust Team)
New Construction Long Beach Condos Still available!  There are a number of new construction condos available here in Long Beach from popular builders like Trimark Pacific, West Millenium, and Lennar.  These 3 builders have put together some great projects that still have some availability in their latest communities in downtown.CItyPlace Lofts - This project is located at at 395 E. 4th close to the wonderful high rises of downtown Long Beach.  WIth a variety of floor plans ranging from just over 1,000 sq ft to over 2,527!  Exciting Lofts and Townhomes area vailable here.  We have put together some information about their project on our website so you can find out more.Pacifica - This project is built by Lennar.  An exciting new development with floor plans that can be over 2,100 sq ft. ...
Comments 0
By Brian Brady, 858-777-9751
(San Diego VA Home Loans/858-777-9751)
So, you're ready to buy a condominium in Downtown Long Beach, CA ?  Did you know that apart from the traditional underwriting guidelines, the collateral (or property) you're buying has to be reviewed, also?  The largest buyer of home loans, Fannie Mae, has strict eligibility requirements for condominium projects.  In fact, if the property you're buying does not meet these eligibility guidelines, it may be deemed as "non-warrantable' which means FannieMae won't put its "seal of approval" on the loan.  This means the loan is less marketable when it gets sold to Wall Street.The result?  You may not get the best rates/terms if you finance a Downtown Long Beach Condominium UNLESS you check the FannieMae approval BEFORE you place an offer.Here are six reasons why your condominium project may ...
Comments 4
By Brian Brady, 858-777-9751
(San Diego VA Home Loans/858-777-9751)
I have helped many homeowners in California and Arizona finance the purchase of an historic home.  In Long Beach, CA, there are many areas are designated as historical districts.  Their historical status may give you, the potential homeowner, gain a little more than a roof over your head.   Their statesman-like beauty, the stories that come with the home, and best of all, they may be qualified for favorable tax status under the Mills Act.Laurie Manny, nationally known, Long Beach Realtor, answered a few questions for me about historic homes in Long Beach.  "When you enter into a contract to purchase a home protected by the Mills Act, you agree to follow predetermined standards with respect to the architecture and maintenance.  You are, in effect, agreeing to be the 'steward' to a piece ...
Comments 2
By John Wall
(CENTURY 21 Results)
Do you think you've lost your chance to own a home in Long Beach? I'm here to tell you not to give up yet. There are programs in place for first time homebuyers that help you own your own house or condo. These programs  are sponsored by the California Housing Finance Agency.There are numerous properties that qualify and anyone who meets the qualifications can apply. In Los Angeles County a 3 person + household with up to 103,600 income can qualify for CalHFA's 40 year mortgage, a fixed rate conventional mortgage for up to 100% of the purchase price. There are down payment programs available also that can be combined with this loan program too.The details are available at http://www.calhfa.ca.gov/. If you think you've been left out of the real estate market, take a look and see if one of...
Comments 0
By Joseph Bridges
(Global Trust Team of Keller Williams)
We thought it would be great if we let people know what was going on in Long Beach CA on a regular basis. We are going to try and let people know the statistics in Long Beach as often as we can.Here is what happened this past weekend April 20th 2007 in Long Beach, CANumber of properties that went into a Pending Status - 7Number of Properties that Closed: 0Number of Properties that Expired 7Number of Properties that went into Backup Position - 4Total Active as of today: 1759In all it was a pretty good day in real estate in Long Beach. You can always see the latest condos at http://www.lovelylongbeachcondos.com/and the latest homes at www.LovelyLongBeachHomes.com. More information on what is happening in Downtown Long Beach is available at www.LovelyDowntownLongBeach.com.Check out Long Be...
Comments 0
By James and Joseph Bridges
(Keller Williams Realty - Global Trust Team)
With the many great historic districts in Long Beach we have taken the time to put up some more information about some of the other areas so you can determine which Long Beach real estate is right for you.  We have put up more new information so you can learn about the following areas:Belmont HeightsBluff HeightsCarroll ParkRose ParkWe have prepared information for Drake Park/Willmore City, Wrigley Historic area, and Rose Park South as well, so look for those updates on our website within the coming weeks.
Comments 0
By James and Joseph Bridges
(Keller Williams Realty - Global Trust Team)
Long Beach has 17 designated historic areas.  These areas encompass some wonderful locations throughout the entire city of Long Beach.  The city of Long Beach has taken the time to provide a great resource of information about each area. We are updating our site dedicated to Long Beach Homes with more information about the many different historic areas.  With wonderful areas like Bluff Heights, California Heights, Belmont Heights, Carroll Park, Rose Park and Bluff Park you are sure to find a place that is right for you.   
Comments 0
By John Wall
(CENTURY 21 Results)
In March, 2007 there were 239 single family residences sold in Long Beach. The number of Condo units sold was much lower at 72.The median price of condos dropped in every area except neighborhoods in the 90807 and 90808 zip codes which saw increases. The biggest drop was a 28.4% decline in median sale price in the 90814 zip code.In single family residences, homes in 90813 saw an increase of 14.6% in their median sale price. Declines in the single family market as whole were marginal except a 10.2% decline in 90806 zip code. That zone also saw the 2nd largest inventory of homes available which may attribute to the median decline as competition was strong in March.The median price is the price point at which 50% of homes sell for more and 50% sell for less. These averages easily misrepres...
Comments 0
By John Wall
(CENTURY 21 Results)
Southern California's median price continued its upward movement, cresting the Half-Million Mark. The median has risen nearly 5% since this time last year, for the 6 county area. The median price is the middle price of resale home's where half are sold for more than the middle price, and the other half are sold for less.The median in Los Angeles county is holding its own at $540,000, up 6.3% since this time last year. Orange county is ahead at $629,000 a modest increase of .06 since March 2006.Statewide; 39,800 new and resale homes were sold last month, including SFR and Condos, up 27.5% from the month prior. 
Comments 0
By Barbara Stafford
(Main Street REALTORS)
It's here, the Grand Prix of Long Beach.  This is a great time to see the best of Long Beach in action.  Check the web site for information: http://www.longbeachgp.com.  You must see this event at least once to really appreciate it.  Even for us who do not know a lot about racing, it's fascinating to see racing on our city streets.  Check it out!
Comments 2
By Joseph Bridges
(Global Trust Team of Keller Williams)
OFten times people aren't sure what portion of a city to live. Downtowns have been on the come back all across this fine country for the last several years. One of the great downtown areas to live is downtown long beach. It is a vibrant area full of activity. There are choices for all levels of buyers in this area of long beach.Currently there are over 375 choices available for buyers who are looking in downtown long beach. Buyers can get properties below $200,000 and even above 1.7 million if one is so inclined. From high rises with ocean views to small buildings with tons of character there are plenty of great choices.I encourage everyone to go to www.lovelydowntownlongbeachcondos.com to check out more information on this great area of the city.
Comments 0