9/22/2008

Summer Sales Active in the Long Beach Areas


This 5-bedroom and 3500 sq. ft. Long Beach estate home in Belmont Heights (with guest quarters) closed escrow in August and sold for $1,950,000 after being on the market for 18 days before going into escrow.

What happened with other residential properties in July and August (as listed in the So Cal MLS)? In Long Beach, Cerritos, Lakewood, Seal Beach and Signal Hill, properties were on the market about 74 days before going into escrow, and sold at about 93% of their original list price:

Long Beach

Condos
  • 132 sold
  • Selling price range: $73,100 - $885,000
  • Selling price to original list price (SP/OLP) - 91%
  • Average of 74 days on market (DOM)
Houses - July
  • 178 sold
  • Selling price range: $100,000 - $2,825,000
  • SP/OLP - 92%
  • Average of 70 DOM
Houses - August
  • 190 sold
  • Selling price range: $102,000 - $3,800,000
  • SP/OLP - 94%
  • Average of 82 DOM

Signal Hill

In a city previously populated by more oil derricks than houses, this 1946 and 1070 sq. ft. bungalow sold at $275,000 after 42 days on the market, very fast for a short sale. No garage. This is the low end of this market in an older neighborhood. New view houses on the hill sell for triple.
  • 17 houses and condos sold
  • Selling price range: $280,000 - $1,128,182
  • SP/OLP - 96%
  • Average of 75 DOM

Cerritos

This spacious 1970 four-bedroom 1820 sq. ft. home in Cerritos sold at $640,000 after 79 days on the market, under conditions of a notice of default and a short sale.

  • 47 houses and 5 condos sold
  • Selling price range: $238,800 - $1,299,000
  • SP/OLP - 95%
  • Average of 58 DOM

Lakewood

  • 105 houses and 8 condos sold
  • Selling price range: $252,000 - $789,000
  • SP/OLP - 93%
  • Average of 65 DOM

Seal Beach

This oceanfront, with Catalina views, 3-bedroom 4200 sq. ft. home with lap pool and wine cellar sold for $5,500,000 after being on the market for 237 days.
  • 15 houses and 6 condos sold
  • Selling price range: $240,000 - $5,500,000
  • SP/OLP - 91%
  • Average of 89 DOM

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