RE in the LBC's 300th Post!

300! Can you believe it?

When I started this blog in January 2008, I never imagined this little hobby of mine would become so, well, prolific.

I also can't believe how much has changed since the Long Beach Housing Blog's inception. I remember all the hate mail I used to receive from real estate "experts" and others who simply refused to see what was so obvious: The housing bubble party was as dead as Elvis and things were about to get real ugly, real quick.

And obviously not everything I predicted came true, but a depressing amount of my prognostications did. But the point is I took the time to educate myself and see both sides of the coin even as the circumstances changed. There's no glory in being wedded to a certain outlook or position--especially when data and facts show that position to be woefully ignorant or contrary to an ever-changing reality. Having an open, nimble mind is a great quality--one I strive to maintain, and seek out in others.

Anyhow, as I've educated myself I hope you have also gotten something out of this as well. Even if it's just a few laughs at some ignorant clod's expense.

Site traffic has exploded during the last 18 months, and I'm still amazed at the interest people take in this blog from all over the world (we even have readers in the Middle East!). The comments are insightful, funny, and provide priceless on-the-street information and observations.

On a side note, work is incredibly busy (I wish I could pay the bills writing this blog, but alas, no dice). That means this week will not have much in the way of posts. But in light of the 300th Post milestone, do me a favor and drop into the comments section, even if it's just to say Hi anonymously. I think frequent readers would get a kick out of seeing just how many fellow readers are out there.


41 Coronado Ave, 90803
Price: $575,000
Beds: 2
Baths: 2
Sq. Ft.: 1,060
$/Sq. Ft.: $542
Year Built: 1922
MLS#: P687008
On Redfin: 136 days
Income Requirement: $164,000
Down Payment: $115,000
Monthly Nut: $3,300
Description: NOT A SHORT SALE OR R.E.O. Located in the historical district 'Bluff Park' this unique French Normandy building is highly recongnized [SIC] in Long Beach as one of the cities [SIC] finest examples of French Normandy/English Tudor architecture. Restored with todays [SIC] modern ammenities [SIC] this beautiful condominium home features 2 bedrooms, 1 1/2 baths, modern kitchen, inside laundry, air conditioning, forced air heating, hardwood floors, alarm system, central vaccum [SIC], courtyard, private patio and a detached 1 car garage. Located just 1 home off the beach and walking distance to belmont shore [SIC] and pier, shopping, dining, and beach front [SIC] parks. Truly a 'rare opportunity' to own a condominium home in a highly sought after neighborhood.

I'm getting quite [SIC] of all these lazy ass realtors.

However, this functional illiterate is correct about one thing: This baby is rare--these units don't often pop up on the market.

But apparently, at least in this scary economy, once on the market they stay on the market. Check this out:

Jul 31, 2009 - Price Changed $575,000
Jul 17, 2009 - Relisted
Jun 25, 2009 - Price Changed $499,000
May 12, 2009 - Listed $599,000
Nov 01, 2007 - Delisted
Aug 20, 2007 - Listed

Almost 500 days on the market in some form, if you count that idiotic three-month trial balloon from '07.

The only smart thing this seller did was knock $100,000 off the (certifiably insane) $599,000 asking price, but just five weeks later this dummy jacked it up to $575,000.

Now that is some solid logic.

For the record, eclectic, yet tasteful buildings like this are what makes me love Long Beach so much.

But $542 per square foot?

By every single metric in the book this idiot is way overpriced.

Price vs. Rent?

You can rent any number of swanky two-bedrooms (with direct ocean views, mind you) for around $2,000. The monthly nut on this place? $3,300.

Dude, instead of "owning" this place, you could rent an ocean-facing unit in AQUA and lease a Maserati with the money you save.


FAIL.

What about median prices and price per square foot of nearby properties?

Alamitos Beach: $207,495; $265 per square
90803; $459,900; $376 per square
Long Beach: $232,115; $262 per square
Los Angeles County: $369,000; $319 per square

Faced with that data, asking $542 simply doesn't compute.

FAIL.

And during the last six months, nothing has sold for anything close to what this greedhead is asking:

$390,000 3609 E 2nd St Unit 407 Sold on Apr 03, 2009
0.28 miles 2 bd / 2 ba 1,190 Sq. Ft.

$329,500 3529 E Broadway Apt 1 Sold on Jun 09, 2009
0.3 miles 2 bd / 2 ba 810 Sq. Ft.

$330,000 3529 E Broadway Apt 3 Sold on Jul 30, 2009
0.3 miles 2 bd / 2 ba 880 Sq. Ft.

$329,500 3529 E Broadway Apt 8 Sold on Jul 15, 2009
0.3 miles 2 bd / 2 ba 880 Sq. Ft.

$339,500 3529 E Broadway Apt 10 Sold on Jul 01, 2009
0.3 miles 2 bd / 2 ba 850 Sq. Ft.

$339,000 3529 E Broadway Apt 6 Sold on Jul 07, 2009
0.3 miles 2 bd / 2 ba 810 Sq. Ft.

$334,500 3529 E Broadway Apt 9 Sold on Aug 11, 2009
0.3 miles 2 bd / 2 ba 880 Sq. Ft.

$329,500 3529 E Broadway Apt 7 Sold on May 26, 2009
0.3 miles 2 bd / 2 ba 880 Sq. Ft.

$319,000 3529 E Broadway Apt 4 Sold on May 22, 2009
0.3 miles 2 bd / 2 ba 880 Sq. Ft.

$329,500 3529 E Broadway Apt 5 Sold on Jun 03, 2009
0.3 miles 2 bd / 2 ba 850 Sq. Ft.

(Most of those are in the same building, which is odd, but it's still the competition and that building is obviously having no trouble offloading units)

FAIL.

Hell, even the moonbats at Zillow and Eppraisal aren't this optimistic:

Zillow: $342,800(Low) $428,500(Estimate) $458,495(High)
Eppraisal: $282,563(Low) $332,428(Estimate) $382,292(High)

I dare you to look at these interior photos and tell me this falls under the "High" estimate.


F-F-F-F-F-F-F-FAIL.

According to these metrics, this place is overpriced by HUNDREDS OF THOUSANDS OF DOLLARS.

I must admit I'm smitten with this building's charm and location. But I'm not infatuated enough to stick my hands out and catch what is so obviously a falling knife.

After an eternity rotting on the MLS, I guess I'm not the only one.