Real Estate News

Here is a brief summary of January 2015 sales, compared to January 2014:

Long Beach - Median sales price for a single family home: $481,000 (up 5.8%), housing inventory down 22%, with only 2.2 months supply of inventory on the market.

Cerritos - Median sales price for a single family home: $602,000 (up 3%), housing inventory down 9% with only 2.1 month supply of inventory on the market.

Looking toward downtown Long Beach from Bluff Park

For quite a while the price increases have been pretty noticeable, but on closer look it's not the same for all segments of the

As of November 24th, new changes and additions to our real estate contract will be taking place.  This is one of the most significant series of changes, and the largest amount, in many years.  So if you're a buyer or a seller of a condo, house, duplex, three- or four-unit residential property and you open es

Just Sold in Bluff Park:
2601 E Ocean Blvd., #305 -- a 2 bedroom/2 bath + dining room end unit with ocean and neighborhood views. Lots of character and space in this 1970's condominium. Third floor unit in an upgraded homeowner association.

Single family home prices in the 90803 zip code (including Bluff Park, Belmont Shore, Naples, Belmont Heights) have, on average, ranged between $554,000 and $970,000 over the last three years. November 2011 and September 2014 are so far the two highest points on the scale. The majority of houses selling over $900,000 during 2014 in this zip code are mostly in Belmont Shore, next is The Peninsula, Bluff Park and the lower part of Belmont Heights.

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Normal 0 MicrosoftInternetExplorer4 The 2015 California Association of REALTORS annual conference took place in Anaheim last week.  As always, the annual market forecast was given, and these are just some of the highlights from over 128 slides used in the presentation by the Association's Chief Economist:

Distressed property owners have not disappeared totally.  A review of the Los Angeles County tax records today for the entire Long Beach area shows 257 residential properties in pre-foreclosure status.  Who's represented?  Property owners in all zip codes and while I didn't make an exact count, adjustab

A basic feature/requirements of 1031 exchanges is that the taxpayer doing the exchange cannot have access to their funds--that's why there's an accommodator, or "qualified intermediary" (QI).  In real estate, 1031 exchanges are allowed where the property owner has not lived in the property as a principal residence, but has owned it usually as some form of income or investment property.

While many buyers these days have gained more knowledge about obtaining disclosures when buying a property, they don't always know what to ask for.

Everyone has heard of "flips". They were often foreclosed houses or condos bought, usually by an investor or some legal entity for the purpose of "fix and sell". 

Learning does not necessarily come in the form you think it will--sometimes you learn from mistakes, or you learn from what others tell you and what they know, or you learn from having been around that bend in the road before.  We are in the business of having to explain to our clients what they must do before, during and after transaction, and hence, we are constantly in the business of explaining and talking.  But the learning process goes in both directions.

Ironically, on the day of heavy rain last week in Long Beach, drought conditions were officially declared (again) by the City, and water restrictions were officially put into place, and/or reminded of once more.

Seller's selling tasks

Every year  National Association of Realtors publishes its survey of home buyers and sellers, but this 2011-2012 survey (