What's For Sale in Long Beach under $300,000?

In October, 2007, I wrote a post about properties under $300,000. The picture has changed considerably:
Then, there were 360 houses, condos, co-ops, and own-your-owns available in Long Beach. And now, there are 737 in the same category under $300,000. That's DOUBLE the inventory in that price range! And, the bonus is that right now interest rates are even lower, and may go as low as 4.5% for a 30-year fixed (see Treasury Considers Plan to Stem Home-Price Decline ), and even as we write, the mortgage applications more than doubled last week. Lots of loan guidelines have changed in the last year--one of the important things to remember is that a decrease in your interest rate lowers your payment immediately, as opposed to trying to save more money for your down payment. Try an internet real estate calculator to make simple P&I comparisons.

In the meantime, what is available for about $250,000? MLS P665655 (listing photos shown) is a one-bedroom condo in Stoneybrook, a nice condominium association on the edge of Alamitos Heights and a 5-minute drive to Belmont Shore. List price is $251,000, 13 days on the market as of today, and the association features a beautiful planted landscape with walkways and streams, spa, sauna, two swimming pools, a large clubhouse, tennis courts, weight and locker rooms. Gated parking is located under each condo building, with elevator access to upper floors.
For more info on this or other buying opportunities, just contact me!

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