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.

Sold on 02/01/12 - $165,000 At $155 per square foot, that is less than half the original asking price. Way to hold out for top dollar! +++++++++++++++++++++++++++++++++ Since there is no new inventory to speak of, out of "Where Are They Now?" curiosity I've been revisiting past Long Beach Housing Blog properties. Although most RE in the LBC victims--ERRR... featured sellers have since pulled their properties after unsuccessfully pursuing insane wishing prices ("Well, I'm not going to just give it away! "), a few deluded soldiers continue marching on. Like this idiot: This dreadful piece of doodie is now entering its FOURTH YEAR on the market. The good news is that after more than 1,100 days of wholly ridiculous prices and slack-jawed market chasing, this dolt seems to be finally waking up to reality. To wit: Jan 05, 2011 Relisted - $223,000 ($210 per square foot) But take another look at the photos and ask yourself if $223,000 is even that great of a p...

Sold on 08/31/11 - $450,000 What a long, strange trip it's been. This art-deco disaster has been on and off the MLS since June 2009. 2009! If you recall, at one point the dipshit owner was trying to get $775,000 for this mess. Hell, as recently as seven months ago he was trying to get $600k ! Ah, how the mighty have fallen. In October of 2010, I said: "I have to give credit to owners expressing themselves and building something unique in Long Beach but as I've said before, one person's quirky (and pricey) personal taste means fuckall to potential buyers." and: "You know what I think to myself when I see houses like this? 'Yeah, if it was dirt cheap I might buy it as a goof.' In other words, this kind of look-at-me 'uniqueness' is actually a detriment to selling because this level of customization and personal flair can easily put houses in the Only-At-A-Discount category." Well, I'd say selling in 2011 for a mere $40,000 above...

inventory down 3% vs. March inventory down 10% vs. last year sale-to-list at 98%

Sadly, as anyone actively looking for a house can attest, there isn't much to report. Same old shit, bigger pile. Here is the November update: ...and the most recent inventory : Sad. Just further decreases leading up to the (Supposed) Super Spring Selling Season ®. Looks like this year is going to be a(nother?) total dud for prospective buyers. Not only is inventory not ramping up in anticipation of selling season, it's down 4% from January (and down 14.5% from February 2010)! But the dismal lack of inventory (let alone quality inventory) has only emboldened sellers and their wildly optimistic pricing. Check out the substantial jump in list prices (blue line) during the last few weeks: ZZZZZZIP! Yes, I realize a $14 differential between List and Sold prices isn't that dramatic, but you have to compare it to 2010 when the List/Sold tracked within a few bucks. What's more interesting is how late-2009 buyers -- who listened to the hype about "the bottom is def...

Thanks to LBCee for sending in today's property. Address: 242 PROSPECT Ave, Long Beach, CA 90803 Wishing Price: $1,350,000 BEDS: 2 BATHS: 0.75 SQ. FT.: 1,476 $/SQ. FT.: $915 LOT SIZE: 6,347 Sq. Ft. YEAR BUILT: 1923 COMMUNITY: Belmont Heights/ Alamitos Heights MLS #: P769097 ON REDFIN : 10 days DESCRIPTION: This lovely bungalow will captivate you from the moment you step inside with its warm character and special attention to detail. Enter the garden dolloped with colorful flowers and bushes. Don't miss the exterior walls which were painted with what looks like whipped cream. Walk up the Spanish tiled steps to the veranda and enter your dream home through the gorgeous custom wrought iron double doors. Step inside to see a large main living space with lots of sunlight. Don't miss the custom hand-cut 12' wood plank flooring. A separate dining area leads you to a beautifully remodeled chef's kitchen with granite countertops and backsplash and top of the lin...