kaulat

That's down 3% just between September and October! Wow. And the result? A greed-driven divergence between List vs. Sold price per square foot. That's what happens when all but the dumbest, most delusional sellers take their ball and go home and wait for the market to "return to normal." Current sellers know there's no quality inventory out there and it makes them cocky and emboldened. As we enter the winter months we'll see if that approach pays off.

"The list price was $645,000 and changed to $624,500"

From RealtyTrac.com, here are some recent Long Beach foreclosure numbers (starting with the most distressed): 90802: 569 90813: 525 90810: 472 90806: 439 90804: 373 90815: 180 90803: 132 90814: 95 As you can see, downtown is getting absolutely inundated with foreclosures. Not surprisingly, downtown and the shadier areas of LB are experiencing a much larger influx of bank-owned properties and the resultant downward pressure on prices. Better neighborhoods (Naples, Belmont Shore, Belmont Heights) are faring MUCH better on the foreclosure front, which explains the stickiness of prices there. And yes, there will be added pressure in 90803 and 90814 during the next few years as "Classy-People Loans" implode. However, don't get your hopes up for $150 per square foot in The Shore. The Alt-A/Option ARM disaster will take YEARS to play out and we've already seen how skilled banks are at delaying REOs from hitting the market and how the .gov encourages banks to mark these troub...

Address: 7131 E Mezzanine Way, 90808 Asking Price: $645,000 Year Built: 1953 Size: 3 beds, 2 baths, 1,130 sq. ft. $/Sq. Ft.: $571 Purchase price: $599,000 Purchase date: 4/2007 MLS#: P686990 On Redfin: 8 days Down Payment: $129,000 Monthly Payment: $3,400 Income Requirement: $184,000 Description: This immaculate, authentic Cliff May Rancho has been extensively refurbished by its owners, and represents the bright, open, indoor-outdoor lifestyle that Cliff May intended in his residential designs. The numerous upgrades to this home include: a custom kitchen with hand built birch cabinetry, full extension glide drawers, and GE profile appliances; new birch paneling throughout the interior and new interior birch doors, all built to original specs; remodeled bathrooms with stainless steel fixtures; an upgraded electrical system with 200 amp panel; and, newer furnace and water heater. This home sits in a quiet interior location within the tract, set back from the street for privacy and sereni...