Long Beach general thread

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[quote author="Trooper" date=1224894233]Only 50K to go to get to it's 2002 sales price !



I wouldn't live on Loynes though...to close to PCH and near all those old "filled in" oil fields. There is a lot of movement on that stretch of road, pavement also buckling.</blockquote>


I grew up in LB and Loynes was always my favorite street to drive on for that exact reason. ;-)
 
[quote author="halfnote19" date=1224900458][quote author="Trooper" date=1224894233]Only 50K to go to get to it's 2002 sales price !



I wouldn't live on Loynes though...to close to PCH and near all those old "filled in" oil fields. There is a lot of movement on that stretch of road, pavement also buckling.</blockquote>


I grew up in LB and Loynes was always my favorite street to drive on for that exact reason. ;-)</blockquote>


HA! In high school we would blast my friend's Subaru down Loynes to see how much air we could catch. They are always repaving it due to the aforementioned buckling, but you can still see huge gashes in the pavement from cars bottoming out. Good times!
 
[quote author="RE in the LBC" date=1224901772][quote author="halfnote19" date=1224900458][quote author="Trooper" date=1224894233]Only 50K to go to get to it's 2002 sales price !



I wouldn't live on Loynes though...to close to PCH and near all those old "filled in" oil fields. There is a lot of movement on that stretch of road, pavement also buckling.</blockquote>


I grew up in LB and Loynes was always my favorite street to drive on for that exact reason. ;-)</blockquote>


HA! In high school we would blast my friend's Subaru down Loynes to see how much air we could catch. They are always repaving it due to the aforementioned buckling, but you can still see huge gashes in the pavement from cars bottoming out. Good times!</blockquote>


No doubt, It is my 6 year olds favorite street but it is a bit rough on the bottom my Magnum.
 
So for $557 a square foot do I get the Shaggy DA on pic 16 too? Whats up with that little marketing technique?



http://www.redfin.com/CA/Long-Beach/150-La-Verne-Ave-90803/home/7595947
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This is unbelievable. I haven't seen many trash-out foreclosures in Long Beach so far--especially in more expensive properties--but the trend has finally arrived. A condo I featured in July went back to the bank and resurfaced as an REO in October. Since the original listing there have been a few, um, changes.



At first I thought the former owner took all the 39-cent plastic covers from the light switches and electrical sockets. You know, just to be an a-hole. But as FreedomCM pointed out, they jacked THE ACTUAL LIGHT SWITCHES AND ELECTRICAL SOCKETS!!



<img src="http://i-0.rfimg.us/photo/46/bigphoto/148/R809148_10_0.jpg" alt="" />





On their way out, the disgruntled former owners also swiped the bathroom cabinet doors and plumbing fixtures.



<img src="http://i-0.rfimg.us/photo/46/bigphoto/148/R809148_4_0.jpg" alt="" />





Asking price? <span style="font-size: 14px;"> <strong>$464,900.</strong></span>
 
well, I'm certain that there is a good secondary market for bathroom vanity doors. Now we just have to watch craigslist for them...
 
[quote author="RE in the LBC" date=1226288586]This is unbelievable. I haven't seen many trash-out foreclosures in Long Beach so far--especially in more expensive properties--but the trend has finally arrived. A condo I featured in July went back to the bank and resurfaced as an REO in October. Since the original listing there have been a few, um, changes.



At first I thought the former owner took all the 39-cent plastic covers from the light switches and electrical sockets. You know, just to be an a-hole. But as FreedomCM pointed out, they jacked THE ACTUAL LIGHT SWITCHES AND ELECTRICAL SOCKETS!!



<img src="http://i-0.rfimg.us/photo/46/bigphoto/148/R809148_10_0.jpg" alt="" />





On their way out, the disgruntled former owners also swiped the bathroom cabinet doors and plumbing fixtures.



<img src="http://i-0.rfimg.us/photo/46/bigphoto/148/R809148_4_0.jpg" alt="" />





Asking price? <span style="font-size: 14px;"> <strong>$464,900.</strong></span></blockquote>
Too funny. haha But for anyone who is handy, this type of property can present some potential value as it will scare away most of the general public because it doesn't show well.
 
<blockquote>Too funny. haha But for anyone who is handy, this type of property can present some potential value as it will scare away most of the general public because it doesn?t show well. </blockquote>


I totally agree. Even minor painting/carpeting issues would scare off most buyers. I happen to be one of those handy types looking to get a deal on a (mild) fixer-upper.



The problem with this place is it's not priced like a fixer-upper. Hell, it's not even <em>listed </em>as a fixer-upper!



If the bank isn't going to price it realistically, they should at least replace the electrical sockets. That way, when another 18 months of severe property value declines transpires and they realize their total loss could potentially exceed $500,000, they can draw a nice, relaxing bubble bath, plug in a four-slice toaster, and finally make peace with the Great Housing Bubble.
 
I don't know if the real estate agents listened to me but I walked into this open house last week. This dump is right in my neighborhood and has been up for sale for 286 days. It looks to be an estate sale from the not lived in look, my heirs want their money feel. I literally laughed at the agents on the price. They actually agreed but the recent drop of $50,000 is still far off the mark. The lot is big for the Island but still. This place needs to be knocked down and from the looks of it one guy and sledge hammer could do the job. $500-$600,000 might find a buyer. The original ask at $900,000 was wishfull thinking even a year ago. Still alot of koolaid in South LB.



http://www.redfin.com/CA/Long-Beach/5902-E-Appian-Way-90803/home/7592368
 
One of RE in the LBs favorite monstrosity has kicked over a price drop. Hallelulua. 461 days on the market with price action like a heartbeat and this LBC Ghengis Kahn wanna be has finally dropped his price. When will he find a bottom? Only time will tell. Check in another 461 days...



<a href="http://www.redfin.com/CA/Long-Beach/109-Park-Ave-90803/home/7602101">http://www.redfin.com/CA/Long-Beach/109-Park-Ave-90803/home/7602101</a>
 
[quote author="morekaos" date=1220082976]This buildng is holding up great Troop. On a cursory look I find only one unit out of around 14 for sale that is underwater. The last 6 months of sales shows alot going out at a profit. Not bad for that section of LB



http://www.redfin.com/CA/Long-Beach/850-E-Ocean-Blvd-90802/unit-1110/home/7611767</blockquote>


Troop, your boy is officially underwater after trying to keep his head dry for 95 days, he sank under the waves and dropped is price bellow what he paid you. Still at $679 a square foot don't ya think it is still a bit pricey?



<a href="http://www.redfin.com/CA/Long-Beach/850-E-Ocean-Blvd-90802/unit-1110/home/7611767">http://www.redfin.com/CA/Long-Beach/850-E-Ocean-Blvd-90802/unit-1110/home/7611767</a>
 
LOL, I know ! The realtor (old acquaintance of mine that also lives in The Pacific) emailed me with the price drop the other day. She also mentioned that there's room for negotiation and that she'd love to "have an old friend" back in the building. I wrote her back and said, are you kidding ?! I'm going to watch as that thing goes right back down to my original purchase price of 315K. Maybe you'll see me back there then.



She didn't write back.
 
It'll have some trouble if this one sells anytime soon....$386K.......hard comp to work against even if it's on the street side of the building. Kitchen has been redone in this unit as well.



<a href="http://www.realtor.com/search/listingdetail.aspx?pg=10&srcnt=195&sid=1a5c0e806dad4b86911f496bfb450e61&fhcnt=4&loc=90802&mnp=250000&mxp=550000&fhpg=1&lid=1101988060&lsn=92">850 E Ocean, Unit 413 </a>
 
I posted this one awhile ago but it just shows how slow things are on the island. This poor chap seems to have run out of money for his pit. High end, bank owned. What could be next? Foreclosures on the Penninsula? God forbid!!....now that is comedy.



<a href="http://www.redfin.com/CA/Long-Beach/5571-E-The-Toledo-90803/home/7593546">http://www.redfin.com/CA/Long-Beach/5571-E-The-Toledo-90803/home/7593546</a>
 
Just saw this one, but price is way too low....either typo or trying to get a bidding war. $300K



<a href="http://www.realtor.com/search/listingdetail.aspx?pg=15&srcnt=195&sid=1a5c0e806dad4b86911f496bfb450e61&fhcnt=4&loc=90802&mnp=250000&mxp=550000&fhpg=1&lid=1100661553&lsn=147">850 E Ocean, Unit 512</a>
 
[quote author="Trooper" date=1227447141]It'll have some trouble if this one sells anytime soon....$386K.......hard comp to work against even if it's on the street side of the building. Kitchen has been redone in this unit as well.



<a href="http://www.realtor.com/search/listingdetail.aspx?pg=10&srcnt=195&sid=1a5c0e806dad4b86911f496bfb450e61&fhcnt=4&loc=90802&mnp=250000&mxp=550000&fhpg=1&lid=1101988060&lsn=92">850 E Ocean, Unit 413 </a></blockquote>


I show #413 asking $279



<a href="http://www.redfin.com/CA/Long-Beach/850-E-Ocean-Blvd-90802/unit-413/home/7611671/mrmls-S08155556">http://www.redfin.com/CA/Long-Beach/850-E-Ocean-Blvd-90802/unit-413/home/7611671/mrmls-S08155556</a>
 
ok, there's something up with the Unit 413 listing. Here it is again, but listed at $279,900. What's going on?



<a href="http://www.realtor.com/search/listingdetail.aspx?pg=18&srcnt=195&sid=1a5c0e806dad4b86911f496bfb450e61&fhcnt=4&loc=90802&mnp=250000&mxp=550000&fhpg=1&lid=1104453038&lsn=174">850 E Ocean, unit 413 (redux)</a>
 
Look at this sales history. Listing description has it as bank owned and not a short sale. Gotta figure the bank took it back in January and just wants it disappeared



Property History

Date Event Price Appreciation Source

Oct 31, 2008 Listed $279,900 -- MRMLS #S08155556

Oct 28, 2008 Price Changed $386,000 -- SoCalMLS #P650076

Sep 29, 2008 Price Changed $399,999 -- SoCalMLS #P650076

Sep 17, 2008 Price Changed $404,500 -- SoCalMLS #P650076

Sep 09, 2008 Price Changed $409,000 -- SoCalMLS #P650076

Aug 04, 2008 Listed $419,900 -- SoCalMLS #P650076

Jan 08, 2007 Sold $444,500 13.7%/yr Public Records

Sep 06, 2002 Sold $255,000 23.7%/yr Public Records

Jun 29, 2000 Sold $160,000 -- Public Records
 
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