kaulat

Long Beach inventory is down 16.3% between February and January, and down 37.9% from this time last year. In Belmont Shore, it's even worse. Inventory is down 41.7% month-to-month, and an astounding 61.1% versus last year. Mind you, we're well into the Super Spring Selling Season so this doesn't bode well for summer's prospects. However, the good news for everyone but buyers is this scant inventory is doing wonders for the stability of home prices. The median sold price of $582,000 is up 0.4% versus last year. Basically, if you want to live in the Shore, and are allergic to short sale shenanigans, you're screwed. The handful of equity sellers out there are definitely in the driver's seat. It's frustrating, I know. But this is our future.

Anonymous writes: This house has been in default - NOD filed 1/27/2010 (apx. 14K delinquent). [Trustee Sale] filed 4/29/10. Sale postponed, then I'm sure was eventually cancelled with no new NOD filed. Currently off the market, probably trying to modify $400K 1st TD. Problem is there's still some equity in it so likely will be denied. Thanks for the inside information, Anon. I actually tried to get in to see this house when it was still on the MLS. They wouldn't even take appointments. Like the vast majority of short sales, it wasn't actually for sale. From what I've been told, you are correct that they are in the process of modifying the loan. As I predicted in May, they'll play the short sale game and sign up for every government program (HAMP, HARP, HAFA, etc.) to buy some more time and enjoy the free/discounted rent. But what definitely WON'T happen is the bank foreclosing. It's going to be a long time before we see this place back on the market....

A commenter mentioned a while back that this place finally sold. Jan 2003 - Purchased $730,000 October 2010 - Sold $699,000 Looks like we're below 2003 prices even in Naples! Tough to even comprehend, given how Naples was supposed to be "special" and "immune," but this is indisputable evidence that the last eight years of equity for most homeowners has been completely wiped out -- even the "special" ones. Crazy. So, a $74,800 loss after commissions. Not terrible, given what we've seen over the years. But we musn't forget the substantial improvements DJ Bankrupt spun into the property. If you recall, the house's condition in '03 was so decrepit that the agent described it as "once thought to be lost to neglect." And I guarantee the "meticulous restoration by the [now former] owner" cost him at least $150,000. MINIMUM. So now we're staring down the business end of a $225,000 loss. And the bank sure as f...

Sold on 12/17/2010 - $200,900 Wow. What a ride for this welted chunk of excrement. More than 1,000 days on the market and the bank finally approved a short sale at the price it should have been at all along. Just look at this lesson in incompetence: Dec 17, 2010 Sold (MLS) (Closed) $200,900 -- Inactive CARETS #P701097 Jul 31, 2010 Pending (Backup Offers Accepted) -- -- Inactive CARETS #P701097 Jul 19, 2010 Price Changed $199,900 -- Inactive CARETS #P701097 Jun 23, 2010 Price Changed $219,900 -- Inactive CARETS #P701097 May 19, 2010 Price Changed $225,000 -- Inactive CARETS #P701097 Mar 03, 2010 Price Changed $250,000 -- Inactive CARETS #P701097 Dec 30, 2009 Price Changed $289,000 -- Inactive CARETS #P701097 Dec 30, 2009 Relisted (Active) -- -- Inactive CARETS #P701097 Dec 03, 2009 Pending -- -- Inactive CARETS #P701097 Nov 12, 2009 Price Changed $239,000 -- Inactive CARETS #P701097 Oct 30, 2009 Relisted (Active) -- -- Inactive CARETS #P701097 Sep 23, 2009 Pending (Pending Sale) -- -- ...

Officially a short sale. Shocker. But you have to congratulate this delusional twit on riding the Extend-and-Pretend Express for an astounding 228 days. Any bets for the date of the Notice of Default? And in those 228 days his realtor hasn't even bothered to fix the typos...rats from a sinking ship. +++++++++++++++++++++++++++++ 5576 East VESUVIAN Walk, Long Beach, CA 90803 Asking Price: $799,000 Beds: 2 Baths: 1.25 Sq. Ft.: 1,200 $/Sq. Ft.: $666 Lot Size: 2,400 Sq. Ft. Year Built: 1957 MLS#: P719642 On Redfin: 53 days Down Payment: $160,000 Monthly Nut: $4,300 Income Requirement: $200,000 Description: The Opdahl Residence, 1957 by Edward A. Killingsworth, FAIA. With the use of two 18 ft. tall redwood walls at the setback lines on both sides of the property, Killingsworth skillfully created an oasis of privacy for the glass walled structure, reflecting pond & peaceful gardens within. Considered by the architect to be his most important work, the house stands as a prototype fo...

Sold on 09/09/10 - $1,200,000 To recap, after purchasing this property right after the peak of The Great Housing Bubble for $950,000 , the former owner demolished the existing home and built this overwrought monstrosity with what I imagine was a hefty construction loan. Unfortunately, the minute ground was broken on this eyesore of a McCastle, the real estate market began its horrific, Great Depression-esque decline. Stuck with an asset that was losing money before it was even completed, he spent the next eleven months sweating .50-caliber bullets, wishing that the housing market would somehow stop its rampant, freight-train powered return back to normalcy before he got his masterpiece on the market. Wish in one hand, and crap in the other...and see which one fills up first. We all know how that worked out. And so, in January of this year, after dicking around with extend-and-pretend short sale tactics, the bank finally foreclosed on his ass and took back the property for $1,260,000 ...