The list price was "$809,500" and changed to "$629,000"
Quite a discount!
I'm back, but delirious from the jet lag. What did I miss while overseas?
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LONG BEACH USED TO BE THE "AFFORDABLE" ALTERNATIVE TO OC AND LA, BUT AN INFORMATIONAL AND PSYCHOLOGICAL BARRIER IS PREVENTING LB FROM ACKNOWLEDGING THE SEVERITY OF THE ENSUING HOUSING CRASH, AS LONG BEACH REAL ESTATE PRICES NOW SURPASS THE OC IN MANY CASES. I CHALLENGE THE CONVENTIONAL WISDOM OF COMMISSION-HEADS WHO CLAIM "NOW IS A GREAT TIME TO BUY," AND I WANT TO HELP BUYERS ENSURE THEIR LARGEST SINGLE INVESTMENT IS A SOUND ONE.
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please post some thoughts if you can abt. long beach on wsj today, and their article. Very interesting...
ReplyDeleteLink?
ReplyDeleteLooks like "courthouse steps" auctions are heating up, and Barney Frank is working hard to up FHA mortgage limits to 800K, even though the FHA recently announced they lack the funds to cover massive defaults. That's about all that's new that I've paid attention to.
ReplyDeleteYup, nothing new. Zombie sellers still not dropping their prices, everything reasonable is selling instantly. Same old.
ReplyDeleteCheck out the consistent price drops on this property in our neighborhood:
ReplyDeletehttp://www.redfin.com/CA/Long-Beach/5262-E-Calderwood-St-90815/home/7580167
First listed in August at $865k, now $724.5k. Yowzers!
Still a bit pricey for this neighborhood. That is Park Estate pricing, which while nice, this area is not as nice as that 'hood.
This area has managed well in this downturn, but starting to see a few properties stay on market longer and a few rentals have popped up that have been sitting there for awhile.
This could be a seasonal thing, but I'm wondering if we are starting to see a shift due to the last rush to take advantage of the 8K tax credit, and that "pent up" demand has dissipated.
Time will tell I guess...