Long Beach general thread

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[quote author="morekaos" date=1240552809]While we are on the topic of Toledo, check out this listing right next door. I can never figure out how a person can pay for a property like this and in less than 2 years have to sell it again. Now for huge ass loss..or at least it will be when and if it finally closes.



<a href="http://www.redfin.com/CA/Long-Beach/230-The-Toledo-90803/home/7592991">Another on Toledo</a>



Apr 22, 2009 Listed $1,019,000 -- SoCalMLS #P684470

Jun 13, 2007 Sold $1,059,000 7.3%/yr Public Records</blockquote>


Looks like they have settled on a strategy of lopping off 30-40M every 2 weeks or so till it sells. At this pace they will be here till 2010 when it reaches 2002-2004 pricing. At least they are trying.



May 14, 2009 Price Changed $949,000 -- SoCalMLS #P684470

Apr 24, 2009 Price Changed $989,000 -- SoCalMLS #P684470

Apr 22, 2009 Listed $1,019,000 -- SoCalMLS #P684470

Jun 13, 2007 Sold $1,059,000 7.3%/yr Public Records

Jun 14, 2006 Listed * -- Inactive SoCalMLS #1

May 27, 2004 Sold $855,000 3.7%/yr Public Records

Sep 13, 1990 Sold $523,000 -- Public Records





But look at the disparity between the asking prices and closing prices. I think some prople found an old pack of koolaide mix and whipped it up. Price spreads are actually widening!! WTF!!
<fieldset class="gc-fieldset">
<legend> Attached files </legend> <a href="http://www.talkirvine.com/converted_files/images/forum_attachments/322_VrwCobhnXcy33J4sZEQ8.png"><img src="http://www.talkirvine.com/converted_files/images/forum_attachments/322_VrwCobhnXcy33J4sZEQ8.png" class="gc-images" title="MEDIAN_HOUSE_SQ_FT_BY_TIME.png" style="max-width:300px" /></a> </fieldset>
 
[quote author="morekaos" date=1242425792][quote author="morekaos" date=1240552809]While we are on the topic of Toledo, check out this listing right next door. I can never figure out how a person can pay for a property like this and in less than 2 years have to sell it again. Now for huge ass loss..or at least it will be when and if it finally closes.



<a href="http://www.redfin.com/CA/Long-Beach/230-The-Toledo-90803/home/7592991">Another on Toledo</a>



Apr 22, 2009 Listed $1,019,000 -- SoCalMLS #P684470

Jun 13, 2007 Sold $1,059,000 7.3%/yr Public Records</blockquote>


Looks like they have settled on a strategy of lopping off 30-40M every 2 weeks or so till it sells. At this pace they will be here till 2010 when it reaches 2002-2004 pricing. At least they are trying.



May 14, 2009 Price Changed $949,000 -- SoCalMLS #P684470

Apr 24, 2009 Price Changed $989,000 -- SoCalMLS #P684470

Apr 22, 2009 Listed $1,019,000 -- SoCalMLS #P684470

Jun 13, 2007 Sold $1,059,000 7.3%/yr Public Records

Jun 14, 2006 Listed * -- Inactive SoCalMLS #1

May 27, 2004 Sold $855,000 3.7%/yr Public Records

Sep 13, 1990 Sold $523,000 -- Public Records





But look at the disparity between the asking prices and closing prices. I think some prople found an old pack of koolaide mix and whipped it up. Price spreads are actually widening!! WTF!!</blockquote>
But rates are low, we are near bottom, and the economy is gonna have a huge second bounce. Oh wait, scratch those last two things.
 
[quote author="morekaos" date=1242425792]



But look at the disparity between the asking prices and closing prices. I think some prople found an old pack of koolaide mix and whipped it up. Price spreads are actually widening!! WTF!!</blockquote>


Look at the "spreads" in 90808. There are none. Looks like the delusional sellers found delusional buyers in the spring time selling season.
 
[quote author="HB_Renter" date=1242470371][quote author="morekaos" date=1242425792]



But look at the disparity between the asking prices and closing prices. I think some prople found an old pack of koolaide mix and whipped it up. Price spreads are actually widening!! WTF!!</blockquote>


Look at the "spreads" in 90808. There are none. Looks like the delusional sellers found delusional buyers in the spring time selling season.</blockquote>


In old Lakewood 90808, the 2bd, 1ba are going over $400 sq/ft
<fieldset class="gc-fieldset">
<legend> Attached files </legend> <a href="http://www.talkirvine.com/converted_files/images/forum_attachments/324_XLfcQkMxuS78HyAp7PbH.jpg"><img src="http://www.talkirvine.com/converted_files/images/forum_attachments/324_XLfcQkMxuS78HyAp7PbH.jpg" class="gc-images" title="90808.jpg" style="max-width:300px" /></a> </fieldset>
 
[quote author="morekaos" date=1228346602]Had to put this one up just because it made me laugh



This property is located truly in the heart of Belmont Shore and just minutes walking distance from the center of the charming commercial promenade & resort living of the Shore. <span style="color: red;"><span style="font-size: 13px;"><strong>This one will not last long</strong></span></span>



<span style="color: red;"><span style="font-size: 13px;">On Redfin: 153 days </span></span>



How long is "long"??



<a href="http://www.redfin.com/CA/Long-Beach/155-S-Nieto-Ave-90803/home/7595818">155 S Nieto Ave </a></blockquote>


I think this realtard needs to rethink his listing description.



<span style="color: red;"><span style="font-size: 14px;"><strong>On Redfin: 324 days </strong></span></span>
 
[quote author="morekaos" date=1223856441]In the shore, last purchase $1,300,00.00 now half off and 371 a square foot. My how the mighty have fallen.



http://www.redfin.com/CA/Long-Beach/209-Glendora-Ave-90803/home/7597200</blockquote>


Well it finally sold for an almost 50% loss !!! Market to Mark



<a href="http://www.redfin.com/CA/Long-Beach/209-Glendora-Ave-90803/home/7597200 ">209 Glendora</a>
 
[quote author="morekaos" date=1234345269]It was bound to happen. Folks, we have our first WATERFRONT forclosure on the island. I just walked by this empty house and read the forclosure notice on the door.



<a href="http://www.redfin.com/CA/Long-Beach/5743-E-Corso-Di-Napoli-90803/home/7592791">Naples waterfront </a></blockquote>


It's back. After a brief vacation for the last three months in bank REO Hell this waterfront home is back on the market with a new and improved 2006 price tag.



<a href="http://www.redfin.com/CA/Long-Beach/Undisclosed-address-90803/home/7592791?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1">Price: $1,900,000 </a>
 
<a href="http://www.redfin.com/CA/Long-Beach/1401-E-3rd-St-90802/unit-15/home/8183157">The Delusional Diplomat</a>



Days on Market: <strong>818.</strong>



Hurry, this "UPGRATED" unit won't last!
 
[quote author="-32-" date=1242818041][quote author="HB_Renter" date=1242470371][quote author="morekaos" date=1242425792]



But look at the disparity between the asking prices and closing prices. I think some prople found an old pack of koolaide mix and whipped it up. Price spreads are actually widening!! WTF!!</blockquote>


Look at the "spreads" in 90808. There are none. Looks like the delusional sellers found delusional buyers in the spring time selling season.</blockquote>


In old Lakewood 90808, the 2bd, 1ba are going over $400 sq/ft</blockquote>


That is a bit sickening.

------





On another note, can someone help me with the foreclosure picture for 90808?



Thanks,



Carl
 
[quote author="HB_Renter" date=1243910246]On another note, can someone help me with the foreclosure picture for 90808?



Thanks,



Carl</blockquote>


<img src="http://irvinerealtorsite.com/90808_06012009.JPG" alt="" />



You're welcome,



Deuce
 
Ouch! a 300 grand loss since 2005, and that is only if he gets his WTF wish price. At 464 a square foot I think this submarine is still another 300 grand away from a legit price. Either way this is gonna hurt



<a href="http://www.redfin.com/CA/Long-Beach/132-Park-Ave-90803/home/7596208">132 Park Ave</a>
 
[quote author="morekaos" date=1244255512]Ouch! a 300 grand loss since 2005, and that is only if he gets his WTF wish price. At 464 a square foot I think this submarine is still another 300 grand away from a legit price. Either way this is gonna hurt



<a href="http://www.redfin.com/CA/Long-Beach/132-Park-Ave-90803/home/7596208">132 Park Ave</a></blockquote>


Wait. "Owner bought this house during the framing phase..."?



So he paid $1,625,000 in 2005 for a house <em>that hadn't even been completed yet</em>?



When you add the $300k haircut to the invoices for all those "top notch important details," his losses are going to be <strong>massive</strong>.



One man's $40,000 custom impress-the-neighbors elevator is another man's storage space, just as "EXCEPTIONAL stone mantles" are another man's demolition headache.



I have trouble understanding people who put in the finest touches to show off their "impeccable" style and taste, and expect every buyer to have those same exact tastes--and be willing to pay <em>Flip This House </em>premiums for someone else's idea of what "top notch" materials and features should look like.
 
I have gotta give these guys credit, they are cutting at a frantic pace. In some cases day to day.



<a href="http://www.redfin.com/CA/Long-Beach/3535-E-1st-St-90803/home/7608863?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1">3535 E 1st. St</a>



Jun 07, 2009 Price Changed $899,000 -- SoCalMLS #P686909

Jun 06, 2009 Price Changed $938,600 -- SoCalMLS #P686909

Jun 02, 2009 Price Changed $949,400 -- SoCalMLS #P686909

May 26, 2009 Price Changed $959,300 -- SoCalMLS #P686909

May 19, 2009 Price Changed $962,000 -- SoCalMLS #P686909

May 11, 2009 Listed $969,200 -- SoCalMLS #P686909



This is starting to look like a stock chart
 
I agree, this is a really cool house but as RE in the LB has pointed out on his blog this "higher end" area is very sticky in it's pricing. Sooner or latter it will adjust. This property (while still overpirced) is moving in the right direction. Reality has a funny way of showing up eventually.
 
[quote author="morekaos" date=1244495349]I have gotta give these guys credit, they are cutting at a frantic pace. In some cases day to day.



<a href="http://www.redfin.com/CA/Long-Beach/3535-E-1st-St-90803/home/7608863?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1">3535 E 1st. St</a>



Jun 07, 2009 Price Changed $899,000 -- SoCalMLS #P686909

Jun 06, 2009 Price Changed $938,600 -- SoCalMLS #P686909

Jun 02, 2009 Price Changed $949,400 -- SoCalMLS #P686909

May 26, 2009 Price Changed $959,300 -- SoCalMLS #P686909

May 19, 2009 Price Changed $962,000 -- SoCalMLS #P686909

May 11, 2009 Listed $969,200 -- SoCalMLS #P686909



This is starting to look like a stock chart</blockquote>


That's a sweet little house. Good find, kaos.



Weird: The listing description claims "NOT AN R.E.O. OR SHORT SALE, JUST PRICED LIKE ONE!" but Redfin flagged it as a short sale. How you eat $204,000 (incl. commissions) in losses without short selling confounds the hell out of me, so I'll take Redfin's word on this one.
 
[quote author="RE in the LBC" date=1244520495][quote author="morekaos" date=1244495349]I have gotta give these guys credit, they are cutting at a frantic pace. In some cases day to day.



<a href="http://www.redfin.com/CA/Long-Beach/3535-E-1st-St-90803/home/7608863?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1">3535 E 1st. St</a>



Jun 07, 2009 Price Changed $899,000 -- SoCalMLS #P686909

Jun 06, 2009 Price Changed $938,600 -- SoCalMLS #P686909

Jun 02, 2009 Price Changed $949,400 -- SoCalMLS #P686909

May 26, 2009 Price Changed $959,300 -- SoCalMLS #P686909

May 19, 2009 Price Changed $962,000 -- SoCalMLS #P686909

May 11, 2009 Listed $969,200 -- SoCalMLS #P686909



This is starting to look like a stock chart</blockquote>


That's a sweet little house. Good find, kaos.



Weird: The listing description claims "NOT AN R.E.O. OR SHORT SALE, JUST PRICED LIKE ONE!" but Redfin flagged it as a short sale. How you eat $204,000 (incl. commissions) in losses without short selling confounds the hell out of me, so I'll take Redfin's word on this one.</blockquote>


I think Redfin flagged it as a short sale merely because it has the words "short sale" in the description, but I'm not positive.
 
[quote author="RE in the LBC" date=1244520495]



Weird: The listing description claims "NOT AN R.E.O. OR SHORT SALE, JUST PRICED LIKE ONE!" but Redfin flagged it as a short sale. How you eat $204,000 (incl. commissions) in losses without short selling confounds the hell out of me, so I'll take Redfin's word on this one.</blockquote>


only million dollar home in Long Beach purchased with 30% down?





AHHAHAHAHAHAHAH I kid.



-- Carl





EDIT - Actually, it could be. The listing says it is Relocation Company Owned. Property Shark is showing only a $688K mortgage.
 
[quote author="HB_Renter" date=1244531083][quote author="RE in the LBC" date=1244520495]



Weird: The listing description claims "NOT AN R.E.O. OR SHORT SALE, JUST PRICED LIKE ONE!" but Redfin flagged it as a short sale. How you eat $204,000 (incl. commissions) in losses without short selling confounds the hell out of me, so I'll take Redfin's word on this one.</blockquote>


only million dollar home in Long Beach purchased with 30% down?





AHHAHAHAHAHAHAH I kid.



-- Carl





EDIT - Actually, it could be. The listing says it is Relocation Company Owned. Property Shark is showing only a $688K mortgage.</blockquote>
From my records, the property is NOT a short sale. Guess Redfin isn't perfect. When it falls below $200, I may be interested in putting in a bid.
 
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