Long Beach November 2023 Residential Market for Condos and Houses

 The November average sales price for a single family home continued up from November 2022 (on a monthly basis), as did the median price, by over 12%! However, the overall average decreased slightly compared to the same time last year.

Condo prices went up on both a monthly comparison and for the over all year compared to one year ago.

New listings for SFRs were down compared to November of last year, showing the inventory crunch (a pattern found in just about all markets); but for condos new listings were up, but pending sales and closed sales were down from one year ago.  And for both types of sales, the number of days on market are longer.

 The good news is that the 30-year interest rate has recently decreased, which makes a difference on the buyer's prospective monthly payment! So we hope to see more of this in 2024.

 For an estimated value of your property whether it's one, two, three or four units, please contact me. I can help you plan before you take any actual steps.

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Holiday Events for December 2023

Looking for fun things to do in December? Here's a partial list of local activities!

 Dec. 7-9 - Rancho Voices: A Holiday Celebration - https://www.rancholosalamitos.com/events.html

 Dec. 8 - Homeschool Holiday - https://www.aquariumofpacific.org/events/info/homeschool_holiday

 Dec. 8 - Versa Style Dance Company - https://www.carpenterarts.org/event/versa-style-dance-company-0

Dec 8 - 17 - The Nutcracker - https://www.scfta.org/events/2023/american-ballet-theatre-s-the-nutcracker

Dec 9-23 - A Christmas Carol Long Beach Playhouse - https://lbplayhouse.org/event/a-christmas-carol-2023/ 

 Dec. 9 - Long Beach Symphony Holiday Swing - https://www.lbentertainmentcenter.com/events/long-beach-symphony-5/

Dec. 9 - 10 - Huntington Harbour Boat Parade - hhboatparade.org 

Dec 10 - Maker's Market Long Beach Museum of Art - https://www.lbma.org/mc-events/makers-market-2/?mc_id-420091

Dec 10 - Chanukah Celebration - https://2ndandpch.com/portfolio/chanukah-celebration/

Dec. 15-16 - Celtic Woman Christmas - https://www.scfta.org/events/2023/celtic-woman-christmas

Dec. 16 - Breakfast with Santa - https://2ndandpch.com/portfolio/breakfast-with-santa/ 

Dec. 16 - The Long Beach Nutcracker - https://www.lbentertainmentcenter.com/events/the-long-beach-nutcracker-2/

Dec 19-24 - How the Grinch Stole Christmas - https://www.scfta.org/events/2023/dr-seuss-how-the-grinch-stole-christmas!-the-musical 

Dec. 30 - New Year's Eve Party Queen Mary - https://queenmary.com/tours/new-years-eve/

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Are You Considering Creating an ADU on Your Property? New Law Allows it to be Separate Property

New ADU law now allows Californians to create and sell as a separate property, whereas previously  they were only rental properties.

Accessory Dwelling Units have been allowed for several years now, and were created under state law.  

"ADUs come in all shapes and sizes — for example, a converted garage, a small home in the backyard, or, as often seen in San Francisco, an unused portion of the main house, said Assemblyman Phil Ting (D-San Francisco), who drafted the legislation.

"Under AB 1033, which was signed into law this week, property owners in participating cities will be able to construct an ADU on their land and sell it separately, following the same rules that apply to condominiums. It gives homeowners more options for building on their property, and “the hope is, it would create more homeownership,” said Ting."

The idea is that this may allow more affordable homeownership including existing owners who could move into a rear property while renting out, or selling, their existing home. 

This has been successful in several other states, and in California, each city will be opting in to the plan in order for it to be an owner option locally.  Interested parties need to go to their local government to discover current plans for this owner option, and follow the local guidelines to create an condominium-style ADU.  For a recent article on this ADU law, go to the link.

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Rental Relief for Eligible Residential Landlords in Los Angeles County

 

Downtown Long Beach

Are you an owner of residential 1-4 units in Los Angeles County?  A program is now launched to assist landlords impacted by the COVID-19 pandemic and tenants who fell behind in their rents. 

Landlords may begin applying in mid-December and multilingual support will be available. This program is offered through Los Angeles County Rent Relief and administered by the Department of Consumer and Business Affairs. The program will offer grants of up to $30,000 per unit to eligible landlords for expenses dating from April 1, 2022 to now.

More information is available at www.lacountyrentrelief.com.

If you would like market information on your rental units for potential selling value, please contact me via text, email or phone call!

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996