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...

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...

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....

6/14/11 - Sold $305,000 After years of bullshit wishing prices, this turkey has finally been put out of its misery. In the last update, I said, "...$277 per square foot seems reasonable enough to nab a buyer." It ended up going for $281 per square. Of note, the robo-appraisal was actually dead on! $207,276 $300,400 $414,552 I don't take much joy in being right anymore -- I mean, who really cares? The delusional realtards have long since accepted the truth expressed on this blog and conceded defeat. Plus, it doesn't take a whole lot of effort to make these accurate predictions. As I've said since the beginning, it's just a simple matter of what local incomes can support. This price is now generally in line with the median income, so it found a buyer -- not exactly a shocking development. For the record, this sales price represents a $240,000 discount from the original batshit-crazy asking price. Delusional? Yeah, just a tad. ++++++++++++++++++++++++++++...

This rock-biting mongoloid is back on the market yet again. Jesus, bro...give it up already. Despite the fresh "New Listing" classification, astute Long Beach Housing Blog readers will note that this joint has been around for more than 15 months, begging and pleading for some sucker to pay his ridiculous asking price. In case you were thinking this refreshed listing would be, well, refreshed , we're treated to the same two useless photos (one of which features the shittiest MS Paint job you've ever seen). The current listing price of $539,000 , while certainly more realistic than the original $610,000 2010 ask, is still clocking in at $610 per square. Yo, I didn't know they relocated the Shore all the way up to 3rd Street! I'll remind you that this is yet another in the growing contingent of buyers who got in "at the bottom" in Fall 2008 and refuse to believe that they are about to take it right in the devil's onion ring. Assuming he could ...