Long Beach general thread

NEW -> Contingent Buyer Assistance Program
Prices are falling but not fast enough for me. There are 2 foreclosures in the 1-2 mil range though. I'll post a few latter but right in the middle of some Olympic stuff.
 
Yeah it should be interesting to see how the auction turns out. Aqua will also be performing an auction shortly with it's last 30+ units. I just want to see the HOA's account balances remain healthy for the owners who are there. The high rises traditionally have higher HOA's so want to make sure they are well taken care of.



If anyone goes to the auction, make sure to check the MLS before you go, so you know not to go above the currently available prices :). Sometimes the auction excitement is just too much.
 
Trooper, I will have to do some digging to find out how many are in a stage of foreclosure (I'll give everyone an idea of the bank owns as well). The one big nice thing for the HOA is that the units that have gone to the bank and then back to the public, the HOA dues are brought current on those so the HOA still ends up on the good.
 
[quote author="morekaos" date=1218337918]Prices are falling but not fast enough for me. There are 2 foreclosures in the 1-2 mil range though. I'll post a few latter but right in the middle of some Olympic stuff.</blockquote>


Prices seem to very sticky there. I had no idea there were any foreclosures and would be interested to know where they are. Go USA.
 
[quote author="awgee" date=1218494279][quote author="morekaos" date=1218337918]Prices are falling but not fast enough for me. There are 2 foreclosures in the 1-2 mil range though. I'll post a few latter but right in the middle of some Olympic stuff.</blockquote>


Prices seem to very sticky there. I had no idea there were any foreclosures and would be interested to know where they are. Go USA.</blockquote>


As promised there are several stealth forclosures with a few out and outs



http://www.trulia.com/foreclosure/2001660713--Venetia-Dr-Long-Beach-CA-90803 <strong>went back and I think was eventually purchased by a knife-catcher</strong> http://www.redfin.com/CA/Long-Beach/111-Venetia-Dr-90803/home/7593413



http://www.redfin.com/CA/Long-Beach/5571-E-The-Toledo-90803/home/7593546 <strong>If this isn't there yet it will be soon</strong>



http://www.redfin.com/CA/Long-Beach/41-E-Neapolitan-Ln-90803/home/7592755<strong>My spies tell me this one is a short sale at best (334 days on the mrket)</strong>



http://www.redfin.com/CA/Long-Beach/215-S-The-Toledo-90803/home/7592422<strong>This one is also supposed to be in trouble. All 3 homes on this corner are for sale, including Vicky Lawrences. </strong>



http://www.trulia.com/foreclosure/2001106437--Via-Di-Roma-Walk-Long-Beach-CA-90803 <strong>This one may not make it either</strong>

http://www.redfin.com/CA/Long-Beach/76-Via-Di-Roma-Walk-90803/home/7592868
 
Check out this pain. This is a bad divorce situation but at least they are trying to dump it



http://www.redfin.com/CA/Long-Beach/5816-E-Appian-Way-90803/home/7592345



Listing Price History

Date Price

<span style="color: red;"><span style="font-size: 13px;"><strong>May 13, 2008 $1,350,000 </strong></span></span>

May 19, 2008 $1,249,000

May 19, 2008 $1,199,000

Jul 07, 2008 $1,098,000

Jul 13, 2008 $999,000

<strong><span style="color: red;"><span style="font-size: 13px;">Aug 05, 2008 $899,000 </span></span></strong>



OUCH, that's gonna leave a mark for sure
 
The parking lot view bites, and being across from Marine Stadium would not be my ideal choice. Mother's Beach also brings in characters at all hours....
 
No doubt. Monday mornings it looks like Disneyland exploded. No thanks. My bigger point is that the prices, even on the Island, are falling. Still too far from reality but they are making progress.
 
[quote author="Trooper" date=1218517617]The parking lot view bites, and being across from Marine Stadium would not be my ideal choice. Mother's Beach also brings in characters at all hours....</blockquote>


I agree. Living directly across from Mother's Beach would probably lose its luster pretty quickly. The agent seems to be aware of perceptions and is tackling them in the listing description:



<strong>"Plus, for the 9 off season months of the year, the beach is nearly deserted. There are no homes on the other side of the street and none of their cars." </strong>



Dude, it's Southern California. We don't have "off season" at the beaches. And if we did, we most certainly don't have nine months of it.



That's an attractive price compared to nearby properties (and Zillow estimates), but I have a feeling showing the house in the middle of summer--with the crowds and cars right across the street--has something to do with the number of days on market.
 
Ok, for the two buildings at AQUA.



<strong>388 Ocean </strong>

Currently Total Listed for Sale (excluding builder units): 11

Price Ranges from $299,990 - $989,000

Short Sales: 4

Note: Surprisingly the $299,990 is not one of the short sales :)



<strong>488 Ocean</strong>

Currently Total Listed for Sale (excluding builder units): 11 (crazy, the same # available)

Price Ranges from $299,990 - $989,000

Short Sales: 2



So we are only showing <strong>22 </strong>total available at AQUA between both buildings. The builder is sitting on like 35 units are so, which may be destined for the Auction block like those of West Ocean LB.
 
jbridges, thanks for the Aqua update ! I'm surprised more haven't gone under....... soon enough, I guess.



On another note, while watching the Olympics this morning a commercial for the auction of West Ocean aired ! LOL !
 
DOH!!!! That's half off.



388 E Ocean Blvd #P15

Long Beach, CA 90802



<strong><span style="color: red;"><span style="font-size: 13px;">Price: $700,000 </span></span></strong>





Listing Price History

Date Price

Jun 16, 2008 $1,000,000

Jun 23, 2008 $700,000

Aug 07, 2008 $550,000

Aug 08, 2008 $700,000



Date Price Appreciation

Jul 03, 2006 $1,022,500 --

<span style="color: red;"><span style="font-size: 13px;"><strong>Jul 11, 2007 $1,350,000 </strong></span></span>31.3%/yr





http://www.redfin.com/CA/Long-Beach/388-E-Ocean-Blvd-90802/unit-P15/home/8181586
 
Not totally sure what happend there...a bit of canabalism going on though.



"Maddeningly little information to offer on the results of last weekend's auction of 39 condos in Long Beach. As previously noted, developer Citi Property Group held a public auction of new condos (the minimum bid on a 834-square-foot unit that was previously listed at $534,000 was $275,000). David Parsky, principal at Citi Property Investors, tells Curbed that "attendance and results of the auction were very positive." He also said they've elected not to release any sales information until sales on the condos have closed. Meanwhile, a resident who lives in West Ocean One tower, the other tower (different developer) reports: "It has been an interesting couple of weeks here; we've seen dueling sign spinners competing on behalf of the TWO onsite sales offices; one for the remaining Tower 1 units owned by the original Developer (Intracorp) and one for the Tower II units being auctioned by the investor-owner Citi Property Investors..." Spinning for dollars in Long Beach!"



http://la.curbed.com/tags/west-ocean-two
 
not sure of the accuracy but some bloggers on curbed.la say...



"31 sold. They stopped the auction and pulled the remaining units out when the last two went for barely above the opening bid. I would not call it a flop. Units generally sold at about a 35% discount to the original (pie in the sky) asking prices."



"Internal sources provided a total of 14 units sold at a price slightly above minimum. Turnout was very light and the expectation was for a blow-out. No one is saying what really happened"
 
I found this realtor's <a href="http://tools.1parkplace.com/mlswizard/(S(xkjxtgrcln34mnj1tb2psi45))/MlsDetail.aspx?id=P643416&mls=1&nag=True">link</a> showing the HOA to be $675 for a 2/2.



Property Type : Condo/Townhome

Status : ACTIVE

Subdivision : Downtown Area;Alamitos Beach

Year Built : 2007

HOA Fee : $675



* There is also a 1/1 short sale at Aqua, $269K.

HOA $336



Nice ! It's getting there.
 
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