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:

In Long Beach, What Can You Buy Under $300,000?

There have been several articles talking about this price range in the last few years since the market downturn.  With both limited inventory, and an increase in the real estate market, there is a declining number of single family homes available under $300,000 in Long Beach, California.  There are 47 listings as of July 1 in this category, in various areas of Long Beach.  One of the best values in this range is really Windward Village, a secure planned unit development (PUD) park which offers open space and recreational facilities. 



Windward Village Home--Click on photo for info 

As of July 1, 2013 (check for any updated information) the home in the photo is listed in the MLS for $239,000, and at the listed 1600 sq. ft. for 2 bedrooms and 2 baths, is an unbelievable value. 

Windward Village homes may qualify for FHA, VA or conventional financing, and because it's a PUD, the new owner owns the land too.  Individual lot sizes vary from 2500 sq. ft to 3800 sq.ft., equal to or more than lot sizes in Belmont Shore.  While older models feature the carport style, newer models offer closed door garage parking.


Community Center

The complex has a 24-hour guard entry where all entrants are checked in by staff; there is a community center for activities and gatherings, an outdoor pool, grassy green areas, outdoor play areas for children, basketball  and tennis courts, car wash center, guest parking, and a putting green. For the unit shown above, the HOA dues are only $188/month.  Contrast that figure to the average condominium HOA fee of $250/month elsewhere in Long Beach, without all the recreational facilities.
Because these are manufactured home purchases, there are some differences from a regular single family home process which are normal to this type of purchase, such as the foundation system. But because it is a PUD and the owner owns their own land, there is absolutely no space rent, a monthly cost of $900 or more per month in similar complexes.

The common areas are very well kept with well-maintained and patrolled asphalt roads, and has the feel of a small single family residential community. It's a great opportunity while prices are still low, and nowhere else in Long Beach can you buy your own private home and have such advantages.

Please contact me about this complex!

What is For Sale Under $300,000 in Long Beach?

MLS R1205418 - Click to see listing

Periodically (maybe once a year) I've been tracking this price range about affordable properties in Long Beach. 
One thing to know since my last post on this subject in May, 2012:  The market has changed, and for more than one reason.  Not only are prices going up in some areas, but at the same time there is far less inventory than even just a few months ago. 

Currently, in the MLS, the total number of active listings for $300,000 or less for single family homes, condominiums, lofts, own-your-owns, and coops comes to the grand total of 167 as of this date.  Compare that to 618 properties in May of 2011.

 

The breakdown is as follows:

• Single family homes (some of which homeowner association listings in PUDs) comprise 62;
• There are 80 condominiums listed;
• There are 7 coops (similar to condos but have different property tax arrangements)
• No lofts in this price range;
• There are 18 own-your-owns listed (also similar to condos but different property tax mode)

The number of listings is down due to various market forces, not the least of which is fewer distressed properties on the market. In general, market inventory has decreased by 60-75% since this time last year.  Also, the market prices are actually increasing compared to October of 2011, sometimes by as much as 20% on a month/year to month/year comparison in some zip codes of Long Beach.  See a south Los Angeles County/north Orange County regional report for overall market trends for areas including Lakewood, Cerritos, Huntington Beach, Newport Beach and inland cities including Fullerton.  While the picture may vary individually within each city or zip code, the trends are reported here.

There are even more complex trends within the picture presented here, such as the future of the mortgage debt relief  forgiveness being uncertain which is probably impacting some short sale sellers from putting their property on the market, whether or not there is "shadow inventory" which will be added to the market in 2013 (that's another topic of discussion).

For a property search of these areas go this property search tab, where all types of properties, including 2,3, and 4 units, may be searched throughout Long Beach, Los Angeles County and Orange County and all cities in Southern California. (Currently, all active, backup and pending status listings are shown in this search.)

Are you thinking of selling? Please contact me.

How Many Single Family Homes Under $300,000 in Long Beach?

Since this Spring of last year, the last time I wrote this post, not as many as last year.

The great majority of residential properties included here are single family houses and condominiums; the list also includes lofts (a separate MLS designation), own-your-owns and co-ops. The grand total from SoCalMLS is 340 listed as "active", regardless of selling condition (short sale, REO, probate, etc.), or the amount of HOA dues in the case of common area properties.

This inventory is quite different from one year ago when there were a total of 618  on the market.

The breakdown includes the following:

How Many Properties Are For Sale Under $300,000 in Long Beach?

Lafayette - Downtown Long Beach condos

The answer is, a lot.



The great majority of residential properties included here are single family houses and condominiums; the list also includes a much smaller number of lofts (a separate MLS designation), own-your-owns and co-ops.  The grand total from SoCalMLS is 618 listed as "active", regardless of selling condition (short sale, REO, probate, etc.), or the amount of HOA dues in the case of common area properties.

This inventory is not too different from last September's post when there were 631 on the market.

The breakdown includes the following:

• 295 are single family houses, 31 of which are partially in Wrigley, Alamitos Beach, North Long Beach, Rose Park, and their adjacent neighborhoods.
• 1 is classified as a loft in downtown Long Beach, and only 7 are own-your-owns or coops. More of the OYOs and coops have converted to condos, one of the recent projects underway is a co-op on Atlantic Ave.

• 314 (about 50% of the total) are condominiums, including the Marina Pacifica complex, Belmont Heights, Bluff Park and adjacent neighborhoods, The Lakes on Spring St.  The majority of condominiums are located in the 90802 zip code which includes Alamitos Beach, downtown Long Beach, Ocean Blvd. luxury buildings (31 condos are for sale along Ocean Blvd.!!)

There is opportunity for many people here right now--including 1st time homebuyers, second home buyers, and investors. For a property search of these areas go to http://www.juliahuntsman.com/ at the property search tab, where all types of properties, including 2,3, and 4 units, may be searched throughout Long Beach, Los Angeles County and Orange County and all cities in Southern California. And, also take a look at two listings: an Emerald Villas Condo at $185,000 and a single family home in Lakewood for $365,900.

Emerald Villas is an FHA approved complex!!



How Many Properties Under $300,000 in Signal Hill?

This is a good price point to consider because it works for second home buyers, 1st time buyers, and people looking for a good investment in a desirable location. The property in this price range will most likely be a condo but if a buyer is willing to consider North Long Beach or West Long Beach, it could be a single family home. For a two-income couple, the total monthly payment (principal, interest, taxes, HOA dues and insurance) may be $2000 or less at current interest rates. It's actually a very competitive price range because of the number of investors able to invest cash or a very large down payment, and it's an affordable price range for many buyers. Some areas of Signal Hill have great views towards the mountains and toward the ocean, and in fact, the City has taken a stance to protect those views. It has gone through much development in the last 20 years to shed its oil derrick image, and most recently a new grocer's has opened up across from Home Depot on Cherry Ave.

Right now in Signal Hill, 29 properties are listed at $300,000 or less (out of a total of 66 active listings in showing in the MLS as of today). This is almost 50% of the inventory, where the average of all list prices is over $400,000.  All of these properties are condos, except for two single family homes, and almost half are standard sales. With interest rates still under 4.75% (but see this article from Zillow about the biggest change in 5 months) a buyer could possibly meet the goal of keeping the total payment under $2000.
To see Signal Hill properties now, click here.

How Many Properties Under $300,000 in Long Beach?



Ocean Blvd Condo

Today, the Southern California MLS (combined with CARETS) shows 631 properties in all areas of Long Beach. This is more than June, 2009 (431) and less than December, 2008 (737).

There are 269 single family homes of which 38 are bank-owned and 136 are short sales, the majority are in North Long Beach.  There are 340 condos under $300k,  of which 48 are bank-owned and 182 are listed as short sales. There are 13 co-ops, 4 require short sale approval and 1 is lender-owned. There are only 9 OYOs, probably because many have converted to condominium status in recent years--only 1 requires short sale approval and none are listed as bank-owned.

From these 4 categories, it's clear that short sales constitute nearly 50% of the market in this price range, while bank-owned properties, while bank-owned properties are about 14% of this category in Long Beach.

If you the buyer submits an offer on a short sale, know that they require patience and the ability to wait. The seller wants to avoid a foreclosure, and can usually only do so by obtaining short sale approval from the bank, and counting on the buyer to stick around for the entire process. Buyers should understand all of the short sale addendum terms, and be clear about the waiting period you've agreed to--if there is no waiting period (number of days) inserted in the addendum, that means you're committed to waiting until either the bank says it's not approved, or the bank says it's approved--whichever is longer. In other words, agree to 90 days and if there's no approval by that time, then it's safe to cancel and move on. A 30-day escrow including bank approval would not be realistic for almost all properties.

This is the affordable range for many people, and it also attractors investors who have a lot of cash. Some properties give a 10-day period for owner-occupants to make offers, another reason why the buyer should be prepared in advance with loan approval and funds documentation to be ready to make that offer, assuming it's the property you want. Otherwise, try to find a property being sold by an equity seller.

The future will continue to feature distressed properties in one form or another: "Sales of distressed properties are set to peak in 2011 at 2.3 million transactions before falling to more normal levels at 850,000 in 2016, according to a report from John Burns Real Estate Consulting."  Does that mean prices will continue to fall? It all depends . . . on the area and local real estate. That's why you should keep up with prices in the area of your interest, and stay in touch with a good lender and a good Realtor who can keep you updated on recent sale prices, interest rates and current lending guidelines (which can change every few months or every few weeks).

Nearby cities of Cerritos, Lakewood and Signal Hill also have properties, ranging in number from 22-27 each, under $300,000--the vast majority are condominiums with a small sprinkling of houses. Norwalk, however, has 200 properties, the majority being single family homes, so this is another area of opportunity for those willing to live a little further inland.
To see all properties of interest to you, including income property, just go to my website property search at http://www.juliahuntsman.com/. 

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

This is a popular price range for many 1st time buyers, the group of people who are among the most active and largest group of buyers looking on the market now.

In 2007 in Long Beach, there were less than 350 residential condos, own-your-owns, coops, and single family properties in this price range. Last fall, the inventory doubled to more than 700 listings in this group.

As of June 16, the MLS is showing 430 properties in this category: 185 active listings are single family homes under $300,000 in various zip codes (but not 90803 or 90814). In a sampling of the first 25 on the list, 19 of them are short pay or REO properties. In the last 25 on the list, 23 out of 25 are short pay or REO properties.

For condos, co-ops and own-your-owns (lofts excluded), there are 241 condos, etc., with about the same percentage of REOs and short pays: 21 out of first 25 on the list. The difference with condos is that they also represent many areas of town, including 90803, 90815, 90814. But not all condo opportunities are alike: Be prepared to face monthly HOA dues of as much as $600 for Marina Pacifica, where there have been several such sales. The price may be low, but the monthly payment must be able to accommodate the association expenses.

For the buyer who is heading out on a home search with their REALTOR, and with a valid mortgage pre-approval in hand, be prepared, because due to shrinking inventory, lower sales prices, and many other first-time buyers, you may have severe competition and deal with many multiple offers on the property you would like--some houses in particular have seen over 30-50 offers--and only one will be chosen. And, a frustrating fact is that that buyer may be an investor with lots of cash, or all cash. Also, the qualified FHA buyer, with 3.5% down payment, may have a much harder time competing, not just because of their lower down payment, because FHA offers must be appriased by an FHA appraiser who is required to report on certain property conditions according to government guidelines.

If the FHA buyer is considering a condo, which will probably be somewhat less competitive than a house, there are still HOA requirements to be met under FHA guidelines. Ideally, the buyer will select a property in an association that is already FHA-approved under the HUD guidelines. (Ask me, I can help you find out.) Otherwise, the buyer must hope for a "spot" approval, and that may have a more uncertain outcome until the transaction is further along in escrow and underwriting approval is obtained.

So what can the buyer do in this situation? Try to find a property that will work for you and with your loan, maybe a property that is getting less attention from other buyers. It may be your golden opportunity. It may require patience, it may require imagination, and it may not have granite countertops in the kitchen to start, and it may require some compromise on some of your criteria, but in the end if you want to be a homeowner, you have to start somewhere, and the gains could be very great in the end.

For a specific list of properties to be sent by e-mail, please contact me, OR go to http://www.juliahuntsman.com/ to see various current property searches from the MLS.

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!