In the comments section of the most recent Volk You, Buddy! post, KatyinLBC says:
Okay this is weird...shhhhh...I think they're listening!
http://www.redfin.com/CA/Long-Beach/3057-Volk-Ave-90808/home/7499896
That's right. 30k price cut.
Wow, just two days after my update post. By the way, type "3057 Volk Ave Greed" into Google, Yahoo or AIM search and look what site comes up first. Nice.
Can you imagine what the LB real estate world would look like if sellers actually did read the Long Beach Housing Blog and heeded my advice? I guarantee one thing: Houses wouldn't sit on the market for 564 days.
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I FOUND IT!!!!! Yes, after searching the internet for why Long Beach homes are immune from the crash, I stumbled upon Rochelle and Doug Kramer's website (listing agent for this home). http://www.isocal.idxnetwork.com/603393w/index.php?main=hotlist
ReplyDeleteThere was a link there for bestplaces.net. I check bestplaces.net for 90808.
"The median home cost in Long Beach (zip 90808) is $640,000. Home appreciation the last year has been 1.91 percent...
The unemployment rate in Long Beach (zip 90808) is 4.40 percent(U.S. avg. is 4.60%). Recent job growth is Positive. Long Beach (zip 90808) jobs have Increased by 0.84 percent."
Searching around, the data hasn't been updated since October 2007.
So it will all get better once bestplaces.net updates their information!!!!
(check out what Doug and Rochelle have been selling Racho's for. http://www.ranchostyle.com/homesale.php
Definitely check out that ranchostyle site. Those houses are SO FREAKING COOL!
ReplyDeleteThe "sold" homes haven't been updated in ages (I mean, 2006 might as well be 1906, so much has changed price-wise). But man, you can't deny these CM houses are sweet.
Once they return to affordability, I think these would make great homes. Until then, I wish the agents luck asking these current prices!
Check this one out ... just listed ... look at Zillow too!
ReplyDeletehttp://www.redfin.com/CA/Long-Beach/207-Nieto-Ave-90803/home/7597399
They're repping rents at $5,200 per month ... a small 3 br 1 ba and a 1br 1ba over a garage?
It overlooks Quinns ... that a plus.
Hey all,
ReplyDeleteStumbled on this blog and digging it. Live in the tract you're talking about - renting a 3 bed/2 bath Cliff May that's been decently redone and have to say that it's uber-cool to live in. Solid as a rock (mostly Redwood) and though they do get hot, a little air cools them down nicely in summer. Just so you know, the crazy 600K 'seal' for a decent CM has been broken: http://www.redfin.com/CA/Long-Beach/3120-Karen-Ave-90808/home/7499872 This one was a nicely updated pool home and this comp will definitely be throwing some wrenches into the Volksters of this area ;-)
By the way, I'm catching some rather intolerant overtones in one of the responses in the original thread. The line "buses full of 3rd world refugees...heading to Milliken I find rather telltale. Our girls' school experience here in the admittedly boring 90808 has been exemplary; Cubberly Elementary is a great school and from parents there, we've heard pretty good things about Milliken as well.
Yikesboy
Hi Yikesboy,
ReplyDeleteWelcome! Glad you found the blog (by the way, I'm always curious how people stumble upon this sit--For example: type in "Long Beach Real Estate + Greed" and Long Beach Housing blog comes up).
We all really appreciate the on-the-street info. I definitely think the Volksters' pricing strategy are the product of a stubborn, psychological, self-reinforcing cartel. It's pretty typical of most Long Beach sellers' "immunity" attitude, but it seems particularly strong among these sellers. In a sense, I kind of get it: These houses are freaking cool and very unique. Heck, you live in one!
I don't know much about the schools in this area--sorry if some comments bothered you. It sounds like you and your girls are happy with the schools, and I think it's worth it for other readers to hear that. Reading the Irvine Housing Blog (which I love and recommend to everyone), you see people quibble over a few points on the school ratings. The way I see it, if your kids have a chance to excel, and are happy and well adjusted (which has a lot to do with parenting, but still), then who really gives crap?
Thanks for stopping by. Hope to hear more from you in the future...
el bee,
ReplyDeleteFound this at Redfin actually as we are actively looking to buy in our area, though not necessarily in the "Ranchos". Like you and others, we're amazed at the reality-free nature of the 90808 and most of East LB real estate market. I suppose that word of the essentially crime-free, park-plastered world that is the area south of Carson, east of Bellflower, west of the 605 and north of the 405 is spreading- there are definitely a lot of 'knife catchers' as you call them, out there buying up sub-600K homes right now.
The Ranchos have actually had about 5 sell in the last 90 days or so (check out the excellent Redfin mapping for sold properties function). "Our reality distortion field appears to be holding captain but I'm not sure how much longer...".
One other note regarding the Volk property in question: as someone else explained, the old owner did die but complicating things is that there's a mid to late 40's son living in the casita. I'm not sure if he's working or not but I wonder if this is tied to his welfare in some way. I know that it originally was listed by Vince Messing and that he couldn't persuade them to be reasonable (apparently) and when he 'lost' the listing, it was picked up by Doug Kramer...
Anyway, still waiting for what must be a fair number of foreclosures to hit the market soon - even in our area of LB- and the whispers on the street are that we'll see some serious numbers hit before the end of April.
Pass it on... ;-)
Yikesboy
el bee,
ReplyDeleteI forgot to mention that there's no reason to apologize for the Milliken comment- it certainly isn't your fault and I was merely pointing out that the post sounded a tad racist to me. Judging a school's worth by the amount of white skinned students there (like my girls by the way) speaks volumes of the poster... However, everyone is allowed their opinions ;-)
Yikesboy
Hey Yikesboy,
ReplyDeleteI just looked because I was surprised to see you say that there had been six sales. I have seven since January, but three of them never appeared on the MLS (Metz, Metz, Kalin) so were either vestpocket sales or foreclosures (I don't have access to title records, so i can't tell).
FreedomCM
Thanks for the information about the Volk house, Yikesboy, especially the part about Vince. Do you know if he walked away or was fired for being realistic?
ReplyDeleteI looked at bestplaces.net again today, and the unemployment rate for Long Beach was updated. Since Oct. 07 until 4/09, the Long Beach rate jumped for 4.4 to 11.0!!!!!
of course, the median household income for 90808 hasn't been updated yet. (around 74-75K)
I just can not see how these prices can hold up in the area we want to move to.
Do any readers here have access to the foreclosure reports for Long Beach? Either 90808 or 90815. Have the NOD's increased dramatically?
Carl,
ReplyDeleteI think that you're right- as I understand it, Vince was 'fired' for attempting to bring a realistic price to the table. He really worked hard too as I saw him holding open houses virtually every weekend...nasty.
11%...ouch!
As for NODs, I don't know of any reliable lists sadly. I keep hearing from real estate folk that 90808 and 90815 defaults are going to stay low but I'm not sure if this is pure wishful thinking by the purveyors of optimism (read Real Estate companies).
It seems we're in this search together!
Yikesboy.
Just noticed a bit of a stretch for a Los Altos original owned home. It has an admittedly nice curb appeal and a large lot but with the tired old interior (last worked on when Dynasty was top o' the ratings) combined with the tender roar of the nearby 405, I pretty much guarantee that this one will rot for a while...
ReplyDeleteOh, and you can get it all for only 619K.
Yikesboy
http://www.redfin.com/CA/Long-Beach/5822-E-Barbanell-St-90815/home/7582469
Yikesboy,
ReplyDeleteYeah, we are searching together. I may actually make a purchase in 2011. I originally intended 2010, but just haven't seen the correction I was expecting.
When my wife were looking before, prices nearly tripled in the 2 years. We gave up well before that, since we didn't want an exotic mortgage, considering we didn't have the new 20% down.
Yeah, call me crazy, but I want to put to 20% down on the home. 10% is my MINIMUM.
Vince Messing should start a "Vince the Realtor" blog!!!! ;)
one more thing Yikesboy,
ReplyDeletewhe you say "I keep hearing from real estate folk that 90808 and 90815 defaults are going to stay low but I'm not sure if this is pure wishful thinking by the purveyors of optimism (read Real Estate companies)." ask them how many purchases between 2004 and 2008 were Alt-A or Option ARMs.
That is the other thing I want to know, the number of exotic mortgages in the 90808 and 90815. I mean, there isn't a chance in hell most of those loans were conventional 30 yr. fixed. No way, no how.
Carl,
ReplyDeleteYou are right about that - ARMs abound I'm sure however, I've heard that the ReFi process will happen for many in this particular area. This is where the optimism comes into play.
I'm with you on the 20% down too. We have it now but don't want to take a hit on lifestyle and most importantly, lose even part of our equity in the first year of ownership. This is why I think that the late summer might be the time unless there's some great opportunity that comes along (one that allows for equity growth through prudent reno decisions and a good lot/area).
My 2 cents anyway.
Yikesboy