4/22/2014

Listings Under $300,000 in Long Beach

My last post was in July, 2013, when there were 47 SFR active listings in this price range, the rest being condos or own-your-owns. 

Surprisingly, the number hasn't really changed since then:  As of today in Long Beach there are 49 active single family home listings, with a total of 162 of all types.  See current listings  here.

Since the majority of these are condos, it's good to know that downtown Long Beach and Alamitos Beach offer quite a few opportunities in this range.  Due to the price range, many investors consider them as good rental purchases. Condos are a good opportunity, for the right buyer.  Just some of the things important to look into, especially for a first time owner-occupant buyer: 
1. Is the HOA already FHA or VA approved if that's the loan type being used? 2. For conventional loan buyers, does your lender want to see 70% owner occupancy, or is 52% OK?  You must this before writing an offer, and you should find out the owner occ % before writing an offer.  3. If an investor, find out first if the CCRs restrict the number of rentals, or allow any at all--why waste time finding out later you cannot close escrow without it becoming a primary home for you or an immediate family member. 
For the right buyer, a single family home opportunity is at Windward Village--a community of manufactured homes converting into a Planned Unit Development meaning the owner has his/her own plot of land inside a gated community with open space and recreational facilities. These are priced in the mid and low-$200,000's for homes in the 1500 sq. ft. range.  And, as with condos, you should consider your loan type and ask all questions from your lender as to what conditions could an appraiser expect to note--these may be issues for your loan as well.

Do you think a Spanish style bungalow in North Long Beach could be a great buy at $290,000?  It could, because you might also find one that's been "flipped", or was otherwise remodeled by it's most recent owner.  And because it's in clean condition, it probably won't last long.

If you're concerned about neighborhood crime conditions, or the schools serving the area, it's easy to look up this information at the sites for Long Beach Police Department and the Long Beach Unified School District.

Currently, the average list price for a Long Beach house under $300,000 is $263,000; the average list price for a condominium under $300,000 is $205,000.

For more information about any area in Long Beach, please contact me:



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