Long Beach/Southern California Real Estate

3/29/2022

Long Beach Condominium Market--More Affordable for Many Buyers

Currently there are 62 active condo listings in across Long Beach, with the overall average price being $562,469 per MLS data. This is a lower number than the 90 current house listings, however, SFR average price for the entire city of Long Beach is $1,226,196, significantly higher than the condo average. While condo prices range from $1,500,000 down to $270,000, the median and average prices are well below $600,000.

There are currently 131 condos in escrow with an average of 29 days on market, while there are 100 single family homes in escrow with similar days on market, and of course at a much higher average price than the condominiums.

Condominiums are located throughout almost all areas of Long Beach and provide an avenue to homeownership in a neighborhood which may otherwise be totally unaffordable to the buyer. Older HOAs may not offer enough parking for all owners because the building requirements before the 1980s were different, but later developments were required to offer a parking space per the number of bedrooms in a unit. And, older developments were most commonly built with community laundry rooms, while later ones offer inside laundries and central air and heat. Many older buildings, however, feature more interior square footage and seem more spacious. Condominiums may have more rules to meet for lender approval on a buyer loan, because the lender looks not only at the unit, but also at the common area maintenance and condition, so buyers searching for a condo home should keep this in mind. Rules and regulations of HOAs are part of the buyer's new homeownership--living in a condo is a certain way of living that is different than a single family home, but in today's market, especially, it offers ownership opportunity.

Long Beach also has some lower priced stock cooperatives and own-your-own properties which appear to be condos but are not, which are also affordable buyer opportunities, but do have some different mortgage requirements. If you find such a property on the market and want to find out more, please contact me. To find condos on the market in Long Beach, go to my condo search .

If you're a seller thinking of making a change and you want to put your condo on the market, please contact me for important information about selling your condo. I have 25 plus years of experience and have sold numerous condominium units.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

3/24/2022

Who Wants to Buy a House? Millennials Do Too.

If you watched 60 Minutes on March 20th, you probably saw the segment with Lesley Stahl about the rental market, specifically the corporate rental market. While Gary Berman of Tricon, whom she interviewed, stated that the corporate landlord represented only about 2% of the total national rental market, it is a powerful segment. Because their homes are turnkey in a rising market, their rents may be up 30% or more compared to a previous year: examples were 35% higher rents in New York, 39% higher in Portland, 10% higher in Los Angeles, but surprisingly down in Kansas City. There has always been part of the population which by choice prefers to rent--such renters actively do not want the responsibility of maintaining property. And then there is the segment of the population which may have good income, but is cash poor, or has credit ratings below the mortgage approval guidelines. But increasingly are those young renters who would like to buy their first home, have excellent qualifications to get a mortgage but may not have enough cash to compete in over-list-price multiple bid offers or enough to obtain a 20% down loan, perhaps 5% down is the best they can do.


View from porch of home

But one thing that I don't believe is true are the younger buyers--typically in the under-40 millennial age group--who have been characterized in multiple media sources in the last few years as being uninterested in owning a home. This was made clear by the young couple spotlighted in the 60 Minutes show, who directly contradicted the statement made by Mr. Berman that millennials "don't desire to own a home" because their main emphasis is living in a turnkey space and thus fit the profile of "You can rent the American dream" as opposed to owning it, which young couple made it clear they wanted to be able to buy a home, but competing in the current buyer/seller market was extremely tough for them.

In my experience, adults of all ages would prefer to live in a turnkey home, not just younger adults: and if not turnkey then a home purchase that presents a clean, relatively updated condition. The view that younger adults don't care about owning a home is a misrepresentation that can ultimately deny them the opportunity to own, thereby gaining housing and community equity.

The current trend in asking buyers to remove standard contract contingencies can be a direct pathway to housing disaster for a number of reasons--yet this is what many younger (and older) adults encounter in the home offer process, and is indeed discouraging, and just influences their continuing status of being a renter when they would like to be an owner. The upward price climb is staying in motion, but other things do not have to, and should not. Sellers should be advised of the risks involved.

See the 60 Minutes video .

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

3/10/2022

Open House in El Dorado Park Estates, Long Beach

3400 Julian Ave.

SOLD -

MARCH 12 AND 13 -- 12 PM TO 4 PM.

3400 JULIAN AVE, LONG BEACH 90808

Beautiful two-story corner lot home with numerous upgrades. Large five bedroom, three bath home with an additional 300 sq. ft. of permitted enclosed patio. On the lower level is one bedroom and adjacent bathroom, which could also be a den/office/TV room; a carpeted living room with a fireplace, formal dining room; and a totally remodeled kitchen with granite countertops with a large island with cabinets. The kitchen has a garden window over the sink. Formal dining room overlooks the backyard. The family room opens to a covered patio with a wet bar. The living room opens to a permitted 300 sq. ft enclosed patio which could be used as a very large extra family room. The upper level has a master suite with a fireplace, bathroom with dual sinks and granite countertops, and a jetted bathtub, plus three other bedrooms, one of which is converted into two walk-in closets by Closet World. Extra-large two-car garage with storage cabinets, laundry in garage. Direct access to the garage from the family room. Crown moldings throughout the house and also recessed lights. Roof and solar systems are fully paid for and are less than three years old. Rain Soft Water Softener System is installed in the garage area. Central Air/Heat, appliances, front sprinklers, laundry in garage. COME SEE! Call open house broker for more information.

NOTE: Sold---for all cash.