kaulat

I haven't posted in ages (I promised I would shut down this blog once I bought a house, which I did last year), but recently got a request to revisit the inventory situation in Long Beach and thought I would put some numbers to what I'm seeing on the street. To wit: as of February, there were 447 homes for sale in Long Beach -- an abysmal  57.7 percent reduction from this time in 2012. As you can imagine, this has created quite a feeding frenzy.  Median list prices are up 38.6 percent from last year -- nearly 10 percent  of that since January 2013 alone -- indicating this reduced inventory is emboldening sellers.  But this boldness is being rewarded, as properties are closing for 100.1 percent of these greatly inflated asking prices. As a result of this inventory squeeze, in my area I have seen absolute dog shit sell for huge premiums.  It's insane.  According to Zillow (so take it with a grain of salt), my house has seen an 18 percent increase in value ...

In one week this turd waffle will celebrate the three-year anniversary of trying to unload his over-improved albatross. What a tit. Although at least now I see why he was so reluctant to post interior photos: Poltergeist pipe! Good luck putting up crown moulding, Chachi. And look at this sad-ass kitchen: Is this a playhouse? Where the hell do you even buy those miniature appliances? The microwave looks monstrous compared to that lil' Easy-Bake Oven below. Yes, yes, I'm sure that's a photo from the rental unit, but it's still funny looking. I mean, how much square footage are you really saving? This dumbass needs to just throw in the towel. I guess compared to the 2009 asking price of $1,295,000 , begging for $979,500 seems downright reasonable. But this price is still way out of line with reality. The thing I have never understood about these delusional sellers is how, after years on the market begging for someone to buy their property, the thought never goes throu...

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.

6915 SEASIDE Walk, Long Beach, CA 90803 Wishing Price: $3,300,000 Beds: 4 Baths: 2.5 Sq. Ft.: 3,498 $/Sq. Ft.: $943 Lot Size: 2,394 Sq. Ft. Year Built: 2002 Community: Belmont Shore/Park/Naples/Marina Pacific/Bay Harbor MLS#: P715930 On Redfin: 294 days Down Payment: $660,000 Income Requirement: $754,000 Monthly Nut: $18,000 Description: Private Spectacular Location, Oceanfront, on the Sand with Awesome Panoramic Views of Catalina Island, Port of Long Beach, Seal Beach, Alamitos Bay and Naples Island. This gorgeous tri-level Mediterranean (2002 new construction) Peninsula home provides effortless waterfront living and entertaining. Dramatic sweeping spiral staircase leads you from the first to the second and third levels wrapping the circular turret. This open and airy floor plan has high ceilings, gorgeous architectural details including barrel ceilings and beautiful arches. Gourmet kitchen with granite counters, Bosch dishwasher, custom cabinetry, over-sized center island, Master Bat...

Sold on 09/30/2010 - $839,500 Wow, somebody got ripped the fuck off. ++++++++++++++++++++++++++++++++ The price was "$825,000" and changed to "$839,500" Yeesh. Talk about slack-jawed optimism. Hey dummy, you've been on the market for 13 months ...don't you think it's about time to get serious? What a delusional idiot. UPDATE: It gets worse. Remember his (waaaaaaaaaaaaaaay nicer) competition on Monrovia ? After nearly a year of market-chasing, that guy sold in March for $805,000 , a monstrous reduction from the original $1,055,000 asking price. Just why this obtunded fool on St. Joseph believes his hideous domicile deserves a $25,000 premium over the larger, significantly more impressive Monrovia house, I'll never know. +++++++++++++++++++++++++++++++++++++ The price was "$875,000" and changed to "$850,000" I have to give him credit for consistently lowering the price, but I've got bad news: on the very same day as his $25,000...

The price was "$405,000" and changed to "$395,000" Gee, that only took 142 days. Can't wait to see what the next 142 will bring. This is the second $10,000 price cut in as many months, but it's obviously too little, too late for this idiot. Then he has the balls to exclaim, "Reduced $20K!!!" like it's any different than a 560-pound woman shrieking, "I dropped half a dress size!" So freaking what? This thing is still insanely overpriced for the neighborhood and current market (don't forget about this fresh $325,000 comp ), so why don't you just take it off the MLS and stop wasting everyone's time with these piss-ant price reductions? For those of you keeping score, he's just $5,000 above his peak purchase price. Add in commissions and renovation costs and it's going to be a long, shitty, nail-biting winter for this Dwell -fellating poser. ++++++++++++++++++++++++++++++++++ 4301 East 2ND St Unit 2F, Long Beach, CA 90...

Officially off the market. Wow. No takers despite its 2004 price. He only lasted three months on the MLS before skulking off into the night with his tail tucked between his legs. Better luck next summer, buddy. ++++++++++++++++++++++++++++++++++++++ With the 2010 Super Summer Selling Season (tm) over before it began, sellers like this should be sweating enough bullets to fill Camp Pendleton. 210 SAINT JOSEPH Ave, Long Beach, CA 90803 Asking Price: $999,000 Purchase Price: $1,145,000 Purchase Date: 9/2006 Beds: 3 Baths: 2.5 Sq. Ft.: 2,343 $/Sq. Ft.: $426 Lot Size: 2,970 Sq. Ft. Year Built: 1924 MLS#: Y1001993 On Redfin: 91 days Description: Ideal Belmont Shore location situated between 2nd and Livingston Drive so close to stores/restaurants, Livingston Park and Playground, as well as in desirable Lowell Elementary and Will Rogers Middle School District. Not a short-sale or bank-owned property. Remodeled in 2006 with new Tile Flooring, Updated Kitchen with Granite Counters and Stainle...

Sold on 08/24/10 - $325,000 I can't say that I'm terribly surprised, given the location, ultra-low interest rates and woeful lack of quality inventory in Long Beach. But I still believe the new owner substantially overpaid. Sorry, I don't care how close it is to the ocean -- when you're plunking down nearly TWICE what it costs to rent, you're getting ripped off and you obviously haven't done your homework. Oh well, it's a nice pad and the new owner can move on with his life and start enjoying his close proximity to the action. I'm a tad jealous. This was one of the few properties to actually pique my interest during 2010. And by the way, since this one-bedroom has now become a sold comp at $360 per square foot, what do you think this idiot is thinking right now, still languishing at $450 per square? "Well I'm not just going to give it away! " Sorry for the lack of posts, but like I warned my readers a few months ago, real life has taken a ...