Long Beach CA Real Estate Blog

Long Beach 1st Time Home Buyers Want to Know

Wed, 18 Feb 2009 18:39:35 -0600

I just received an email from a long time friend who lives up on the West side of Los Angeles. She just read an article on the LA Times website that frightened her. The article discusses the luxury market, mostly in the Beverly Hills area, the cities decreased tax income and the downward impact on several luxury neighborhoods and many luxury businesses in the Southern California area.

My friend and her husband currently live in a rental and had searched for a home back when the market was sizzling hot. At that time the only homes they might be able to afford would have cost too much to put into livable condition. They were basically priced out of the market. My friend wants to know if now is a good time to buy a house or if they should continue to wait. She expresses concern that homes in the San Fernando Valley are receiving multiple offers. Reading the news has frightened and confused her.

Lets look at this for a minute. Here is a couple who has been expressing a desire to purchase a home for many years. They searched when they really could not afford to buy one, downgraded their search to Fixer Uppers that they also couldn't buy comfortably and then gave up, resigning themselves to living in rent indefinitely without the benefits and rewards of home ownership. This couple represents the same feelings and emotions of many buyers in today's market.

This couple can afford to buy a home now, a nice one. They can get a great interest rate right now and terrific loan terms. Another client of ours, a first time home buyer, was just quoted 4.6% with 1.25 points on a 30 year fixed home loan through a very reputable direct lender; that client has a modest income a good credit score, currently lives in rent and is now in escrow on a fantastic Long Beach Condo - with a view! She will be enjoying the benefits of home ownership finally!

FHA loans can be had with just 3.5% down payment. Conventional loans have been available with just 5% down, this is starting to change now with many lenders beginning to demand 10% down payments, I wouldn't be surprised to see that number go up to 20% by the end of the year. Loan standards are tightening and will continue to do so. As these lenders raise the bar and make loans available to only the most qualified many less qualified buyers will once again be locked out of buying a home, they just won't be able to qualify.

Long Beach Home Buyer Tips

Laurie Manny Professional Group

244 Redondo Avenue
Belmont Heights
Long Beach, California 90803

(562) 212-5420

2008 Year In Review

Tue, 30 Dec 2008 08:22:09 -0600

Christmas Marketing 101 Lesson

Thu, 25 Dec 2008 06:21:48 -0600

The Wizards of Washington

Sat, 25 Oct 2008 13:28:29 -0500

Long Beach Own Your Own (OYO) Owners are Organizing for Condo Conversion

Fri, 19 Sep 2008 04:14:21 -0500

Breaking Long Beach Real Estate News:

Long Beach Own Your Own (OYO) Owners Are Organizing for Condo Conversion. Back in May the Long Beach Real Estate Home Blog published an article on OYO's. So many buyers were inquiring about this form of ownership it made sense to publish an article, explaining this form of ownership, to be found on the Internet. Well it has been found, by several thousand Long Beach and potential Long Beach residents who have indeed read it, including many frustrated Long Beach OYO owners. Several days ago I was contacted by the lovely Deb Dobias, a Long Beach OYO owner who is a major contributing force in the quest to organize OYO owners to push state and local officials to loosen the reigns and convert the last of the existing Long Beach OYO's to condos. Deb went on to explain what these owners have been up against and the efforts they have put forth. We invited her to write an article here and are very pleased that she accepted our offer.

It is our sincere hope that the District Weekly, Curbed LA, the Grunion and Downtown Gazettes, the Press Telegram, the Los Angeles Times and the Orange County Register will also pick up this article or will contact Deb and assist in this noble effort with an article of their own to help these troubled OYO owners. It is our further hope that both California state and local officials will get out of the box and make this happen.

Please understand that many of these owners are in deep trouble. They cannot sell their Own Your Own (OYO) homes because there is little or no financing available. Due to the problems plaguing this form of ownership many owners have rented their units out and have moved on. In doing so they have decreased the level of owner occupied units in the remaining OYOs which has eliminated any chance for a Long Beach buyer to obtain financing to purchase.

Read the entire article at the Long Beach Real Estate Home Blog

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

What if the Internet Went Away?

Tue, 12 Aug 2008 11:04:36 -0500

2012: The Year The Internet Ends

This video should inspire an interesting conversation. What do you think?

We have been and are building our businesses around the internet. What if the internet, as we know it was either taken away or became too expensive for us to access large enough distribution of our product? What would we do? Is this really possible? Is there a plan B?

Is it conceivable that only the largest and wealthiest companies could be left standing?
Can you imagine having access to only about 200 sites?
Can you conceive the cost of having to pay for any additional sites accessed that were not part of the package?
We are becoming completely dependant on the internet for our marketing, what would happen to our businesses if it became cost prohibitive?

What do you think?

Hey EPERKS - Time To Get Real!

Thu, 19 Jun 2008 14:18:00 -0500

All around the blogosphere there is talk about EPerks and the Vlad Zablotskyy freedom of speech issues. Bloodhound has taken the issue very seriously and has set up a legal defense fund for Vlad. Mary McKnight over at RSSpieces is very generously offering free blogs to anybody taking up the cause and writing to support both Vlad and our right to free speech.

I received a phone call this morning from a sales representative at EPerks. They are looking for an agent in my area to refer to for a 19% referral fee. After explaining to them that I would never do business with them, they wanted to know why. I simply stated "VLAD". The woman on the phone immediately turned into a heinous bitch and screeched that they would not do business with me either and hung up on me. It sounds like the people over at EPerks are quite familiar with the name VLAD.

So, EPERKS I have a question for you. Why was it that you called me? DUH!

I guess that is how they have earned the nickname EJERKS!

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Long Beach California Relocation Information Resource-Long Beach Real Estate

Mon, 31 Mar 2008 08:45:28 -0500

Relocating to Long Beach California?

If you are relocating to Long Beach California you will need lots of information. You will be curious to know about Long Beach communities, neighborhoods and resources. We have tried to include as many area resources as possible here to make your transition a smooth one.

Long Beach California has become a destination resort area. This sleepy seaside city, known as Iowa by the sea, has blossomed into a fabulous beach resort area. Luxury high rise condos are sprouting all along the coastline, in Downtown Long Beach and Alamitos Beach. These elegant and prestigious coastal properties provide sweeping ocean views down the beautiful California coastline, views of Catalina Island - 25 miles off of our coastline and delicious, clean ocean breezes wafting in daily. The sound of gently lapping waves can be heard from your 17th floor Hi Rise condo on the sand.

Here are some local resources to help make your transition a pleasant one:

Local Area and Neighborhood Information:

Long Beach Homes and Condos For Sale

(Direct feeds from the Southern California MLS)

Search the Entire SoCalMLS Free

Long Beach Income Properties For Sale

California Megans Law

California Department of Justice

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

I Hate Blood Sucking Vendors

Sat, 29 Mar 2008 00:02:05 -0500

I Hate Blood Sucking Vendors

What is it with the blood sucking rip-off artists vendors surrounding the real estate industry these days? I know the pickings have been slim, but when did a sense of decency and fair play go straight out of the window? This week I was approached with yet another hair brained scheme to pass costs along to the consumer needlessly. Yes I am on a rant here.

Salesman barges into my office, laptop fired up and in his arms, already talking - with no regard for the fact that I am on the phone. (I already don't want to do business with him!) This one wants to show me a wonderful new system; for JUST $50.00, which by the way - you can JUST pass along to your customer - your customer gets their entire file on a CD framed with the Realtors advertising. Also the broker will get a copy of the entire file.

Lets clarify what they are referring to:

1) They will copy the broker file. Which is a basic file with transaction related forms in it. It does not contain any of the correspondance, fax confirmations, rejected offers, etc... It is just the basic file - Big Whoop! Doesn't do me a lot of good if I need the rest of the file at a later date.

2) If the Realtor wants a copy it is an additional $8.00. You have got to be kidding! Didn't you just ask me to sell your product to my clients? Do I need to explain this to you?

3) Why is the customer paying for a copy of the CD for the Broker? How does the Broker benefit? Great Question! The brokers pay a lot of money for the storage space those files take up, they can attrition that out over the next 4 or so years they are required by law to keep the files. What a great way to pay nothing - just charge the customer! And benefit from reduced expenses by way of eliminating your storage costs. For crying out loud - pay the damn $8.00! How much commission did you just earn?

4) So Mr. Salesman lets see if I understand you correctly. You want me to sell your product to my client? You want me to pay an additional $8.00 if I want a copy for my records? You are giving the Broker a free copy of the disc? The Broker saves the exorbitant cost of file storage?

Are you aware that I am in the business of selling real estate? Why would I want to sell your product and stick it to my client? Why would you bring such a hair brained scheme to me, and not even offer me a copy of the CD as part of the package? Are you stoopid? Or do you think I am?

First of all IF I were interested in this product - and I am not - the cost would not be passed along to my client. I would absorb it, the same way I absorb costs for transaction co-ordination (which many agents charge their clients for) and other fees that I don't believe should be passed along to the client. These fees are part of our internal cost of doing business, nuff said?

Second, I certainly would not pay for copies for other parties, they can just pay for their own.

Most importantly, I want you Mr. Vendor to understand that you have deeply offended me. Your assumption that we Realtors would not see through your intent is an insult to our intelligence. You have assumed that we are not very bright, you are wrong. Contrary to the opinions of some, many Realtors are exceptionally bright. Smart enough to see right through you!

Would you like to try to read and explain some of our contracts? Or perhaps try negotiating a few of them?

I didn't think so!

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Happy St. Paddys Day - Just for FUN

Sun, 16 Mar 2008 18:06:55 -0500

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

The Rise and Fall of an Empire-Rheingold Brewing Company-Marketing 101

Sun, 16 Mar 2008 16:59:12 -0500

If you haven't read Monika McGillcuddy's recent post Real Estate's Paradigm Shift you should. It is a great account of the massive changes currently taking place in our industry and how they are perceived. The resistance in the real estate industry to blogging and Social Networking is still strong. Those who have embraced it are having success and understand that a future without viable venues to market ourselves is bleak. Never has it been more important to reach out to the consumer and make a direct connect.

Web 2.0 is marketing. We are marketing ourselves, our ideas, our business in an attempt to both educate the consumer and to survive. Marketing is by no means a new idea; it has played an active role in promoting companies, products, ideas and people for ages. Anybody who doesn't recognize this is just foolish.

I left this comment on Monika's post:

The one constant in our world is change. Everything is changing all of the time. Sometimes change starts with a barely perceptible shift in the way things are done, barely noticed by many. While only a small percentage of us have embraced the internet and know this is the wave to ride, the direction to take our business in, there are already changes happening here in our new world. I often wonder how many of our ranks recognize the changes happening right here in our 2.0 world. I also wonder how many will embrace these changes.

Sometimes I step back and watch our industry purge itself. That is what is happening you know. The resistance to change combined with the fear of the unknown is crippling many of the ranks in the real estate industry. It's not just at the agent level. We, the 2.0 world, have changed so many facets of our industry that large vendors are showing signs of eminent collapse as we demand better services that actually work for us and refuse to continue with their outdated and useless products. We have discovered our "voice" and combined our voice is quite loud.

Brian Brady and I had a conversation a while back; we discussed the gap that entering the 2.0 world has bridged. Before blogging and social networking agents across the nation rarely connected, heads of major corporations were untouchable icons and large companies were our drug dealers without which we thought we couldn't survive. None of this is true any longer. Anybody who is out of reach is out of touch and dooming themselves to inevitable failure. We live in an interactive world in which everybody is expected to participate.

What is different? We have engaged and connected directly with the consumer eradicating the need for many of the middlemen in business's previously used to fleece us of our hard earned income. Liberating Huh?!?

My grandmother was one of 13 children of Irish and German immigrants, many of her brothers worked at the Rheingold Brewery Brooklyn plant for their entire working life. They purchased homes and cars, paid them off, had families, put their children through college, loved their jobs, were committed to the company they worked for, and were happy. When the company began to falter they were blown away. Fortunately most of them were able to retire comfortably.

My grandmother is the last surviving member of her immediate family; she is in her late 90's now. I would love to share this story with her as it would bring back a flood of wonderful memories that would make her smile. Unfortunately my grandmother has no memories any longer; she now lives in her own little world and doesn't know who any of us are.

This is an interesting account of the history of the rise and fall of The Rheingold Brewing Company, and an era. It is a testament to what a really good marketing campaign can achieve. It is also a testament to what bad business decisions and a lack of future vision can do to destroy the empire forever. I hope you enjoy and learn from the read:

Nothing is forever...

Tapping Into The Rheingold Story Has A Distinctive Brooklyn Taste

originally published on February 14, 2008 - Part 1

The Miss Rheingold Contest Showed Beauty Of A Marketing Brainstorm
originally published on February 28, 2008 - Part 2

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Lead Generation

Mon, 18 Feb 2008 09:53:54 -0600

Before blogging many of us non-techie type Realtors purchased template websites. 800 or 900 pages of unoriginal, real estate related drivel that was duplicated onto every site they sold. They spoke with us about SEO and our eyes rolled up into our heads until we purchased premium SEO packages from them with promises of top search engine placement and lead generation; which of course rarely occurred.

We placed IDX home search (more money) on our websites and had a choice. Either put up a form for the consumer to fill out to capture the leads, or just open it up, let them search freely and hope that they were so grateful that they would contact us – yeah right!

So where was the lead capture? How did we justify the expense of these websites against the lack of return on investment (ROI) from them?

We were in the throes of a hot sellers market; leads were coming in from signs, ads, marketing and advertising, word of mouth; who cared about the stupid websites? Who had time to even think about them? We were too busy selling real estate! But we continued to pay for the useless sites because we knew we needed an online presence to prove to potential sellers that we had the ability to promote their listings online. The truth be told, it was mostly crap. The websites delivered a few hundred hits a day, probably mostly from other Realtors, and generated very little business, even for the better sites. Todays blog sites are delivering thousands of hits daily. More hits = more leads; more leads = more closed sales; it'a a no brainer folks.

Fast forward to the end of the Sellers Market and the dissipating incoming leads, we began to pay attention to our online presence and how we could improve it to generate leads. Many of us discovered blogging and learned that blogging was a fantastic enhancement to a weak online presence. For many it became their only online presence. We learned all we could about blogging and started to write our little hearts out. For some a few leads dribbled in for others – still nothing. Ever wonder why?

Do any of you remember taking classes on putting together marketing pieces for your real estate business? Do you remember hearing the instructors stressing the placement of “calls to action” on every single piece? Did you forget how important that was? Do you know that without calls to action that you are pretty much wasting your time? Do you know what a call to action is? You do realize that real estate blogging is a form of marketing, don’t you?

Some months ago I added a footer onto all of my posts. Many blogging purists were horrified and called it spam. I call it a brilliant business move! Have you seen those pretty blue buttons at the bottom of my consumer posts? They are hard to miss. They lead directly into my lead generation system, which of course has a lead capture and an automated drip system attached to it. After considerable research into the many different lead generating systems available to us I realized that none of them had the potential to deliver the way 1 Park Place did. I was right! I am able to track where my traffic comes from on the back of my Long Beach Real Estate Blog. I have a pretty good hyper-local blog site so the bulk of my traffic is search engine driven, but who wants all their eggs in one basket? AR and Localism provide a fair amount of traffic that comes in straight off of those little blue buttons, as do many other sites which I have a presence on. Do you have a footer on your posts? Is it leading into a home search with a lead capture attached to it? Is it working for you?

Recently I found myself drowning in leads I could not follow up on, I needed help fast. I now have 2 buyers’ agents working those leads. Yes you heard that right, my little Long Beach Real Estate blog is now providing more leads than 3 agents can keep up with. Still wondering where the leads from that website went, I sure didn’t see them.

Many real estate agents turned to purchasing leads. Has anybody ever wondered where these companies get the leads? I have given this a lot of thought. Consumers weren’t comfortable signing the forms on Realtors IDX websites; are you telling me that they are going to fill out forms on big sites that are going to sell their leads to the highest bidder in any given zip code? Do you think a buyer or seller is OK with a company assigning their business to any old real estate agent who is willing to pay? These companies say that they get a lot of traffic and that people sign in. They say they run PPC (pay per click) ads to promote traffic to their sites so they can corral the traffic and sell you the leads. Where else are they getting those leads from? Do you ever wonder? Don’t you think a buyer or seller would prefer to deal directly with a local Realtor that they know and trust? Consumers tell me they have been reading me for months when they contact me, the trust factor has been built. These companies that sell leads just can’t compete with that, why give it up to them?

Do you understand how the search engines work? Say you join a bunch of social networks and everybody is contributing real estate related articles, Q & A’s, information on forums, etc… all with keywords leading back to their local areas in the hopes of pulling in leads. The power the networks have gives them the ability to pull you up in your local area very quickly. But the networks are so powerful that your contributions can easily propel the social networks to drown out your own online presence; you gave it to them by contributing your local keywords to their system. How many social networks do you belong to? The invitations come into my email at the rate of dozens a week. I don’t even look at them anymore. It is overwhelming. Imagine if all of them were at the top of the search engines in your market. How would you get there? You would be pushed down by your own social networking efforts which empowered them to fly right by you and render you irrelevant.

I am not saying that all social networking is bad, if I believed that I would not have a presence on Active Rain. What I am saying is that you need a plan. You need to pick your positioning carefully and you need to manage it. In order to manage it properly you need to learn how it ticks.

Why would I purchase leads in my city via zip codes? Most of the agents who follow up on those leads are not successful. Most of them couldn’t capture a client. My blog is so prominent in my area that lead is probably going to find my site anyway. Why would I contribute to their service? That client contacting me directly is much more powerful. It has never been more critical for real estate agents to develop an online lead generation resource.

What are you doing to generate leads in this market?

Speaking of contributing to vendors services, why the heck is Brian Brady writing on the Homegain blog? Why would any real estate professional, or lender contribute to that blog? Brian you and I have had many conversations about lead providers and vendors. We have discussed empowering real estate professionals to generate their own leads and connect directly with consumers, isn't that why you originally set up the Unchained Conference to begin with? That is the basic premise of blogging; isn’t it? Why are you contributing to a platform where they say that blogging is a waste of time? Why are you playing kissy-kissy with these people? Why are you contributing to their cause? It goes against everything you stand for, you hate technology vendors. What the heck are you doing bro? Sumptin ain’t right here, you are being inconsistent with the very principles that you so vehemently promote. You are not listening to me so I am calling you out on this, I hate you being there.

Hard to miss - aren't they?

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Did You Get Your Real Estate License in a Box of Cracker Jacks?

Thu, 10 Jan 2008 12:39:50 -0600

Once upon a time there was a nice young couple who wanted a 2 bedroom condo to call home and to begin a future in. About 2 years ago this sweet young couple met a nice real estate agent while visiting open houses beyond their financial reach.

Knowing nothing about real estate and very little about managing their finances they wisely sought out professional assistance. They developed a working relationship with that agent, who helped them find the condo they were dreaming about and live in today.

The agent, not content with this sale, explained to this nice young couple that they could purchase a second condo and rent it out. While they would be upside down to the tune of about $1,000 per month, they should not worry about it because they could afford it and in two years she would sell it for them at a huge profit. Nice agent also assured this young couple that she would find them a tenant and check their credit etc... for the 2nd condo. She didn't.

Relying on the professional they went ahead with the 2nd purchase anticipating a large profit with which they could purchase a nice home with a yard in a couple of years. This nice agent also arranged for financing on both units, both loans were 2 year fixed, both of which are now adjusting, massively. It was a financial plan-of sorts.

2 years ago the hot sellers market was winding down, most agents knew what was developing in the market and were hoping for a mild downturn. This was not a new agent, she had to know the position she put this couple into.

Nice young couple had a hard time finding a tenant and the $1,000 a month became a bit more. They eventually found the tenant from hell, who wrecked their rental condo, annoyed the living crap out of all of the neighbors and took over 8 months to evict. Naturally the tenant did not pay rent for those 8 months and broke the bank.

Nice young couple is watching the market crashing around them while going through the eviction process and are beginning to freak out. They immediately arranged for a nice large heloc so they could cover the unexpected expenses. Nice lender must have been feeling very generous, gave them a very large line to draw freely from, and they did - they maxed it out trying to keep their heads above water.

Both units are now short sales.

Sidenote: If this couple had not purchased the 2nd condo they would not be in trouble today.

Nice agent who sold them the unit noticed the rental condo was on the market and called the young couple at home. She was quite upset that they listed with another agent. Didn't they know how good she is at what she does? She works with an investment firm now and has many investor/buyers for the condo. (Duh! Where are they? Where are the offers?)

Why did you hire HER? You should have hired me.
What is the agent you hired doing for you?
Oh, you like her?
Oh, she sells a lot of units in your complex?
And in the area?
Which Units?
How much did she sell them for?
She is doing a good job?
What does she know about selling short sales? I sell a lot of short sales!
Oh, you have multiple offers.
How many?
Tell me how much the offers are for, I will talk to my buyer and bring you in a better offer! (OMG-THE UNMITIGATED BRASS!)

It pays to educate your clients at the time of listing. My clients were prepared for agents trying to extract information and were prepared with the right answers. That didn't stop them from the shock of this particular phone conversation. Both husband and wife called me the next morning. The wife, who spoke to the agent assures me that she did not disclose the amounts of the offers.

I checked DRE records and the MLS, located the agents phone number and her brokers. I called the agent, no answer, did not leave a message, hung up. She called right back. I told her I was aware of the details of the conversation, discussed the business and professions codes she violated, the lack of ethics that she displayed. Asked her why, if she had a buyer, didn't she call me and write an offer. DUH! She was also informed that the couple was very displeased and didn't want her to call them anymore.

Are you ready for the comeback?

Well, we have known each other for years and are very close, I thought it was OK.

Hey - get a clue - they didn't hire you! You don't represent them!

AND

YOU KNOW WHAT YOU DID WAS UNTHINKABLE!!!

Did You Get Your Real Estate License in a Box of Cracker Jacks? Are you smoking crack?

This is really bad! Unprofessional and unethical behavior is turning up on an almost daily basis these days. I don't have time to turn all of these people in to a system that doesn't deal with them anyway. It is a disgrace!

It is illegal for an agent to disclose the terms of any offer prior to the close of escrow! All agents know this, it is part of basic training.

My question to you:

What would you do if you received an offer from this agent?

The term REALTOR was deliberately omitted from this post!

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Here we go again! DOM - CDOM - LEASED & ACTIVE? What the heck?!?!?!!!!!

Tue, 08 Jan 2008 13:20:55 -0600

It was tiresome enough dealing with agents who would place their unsold Long Beach properties as sold in the MLS in order to re-list them to appear as new listings. The sold status would be picked up by other agents as comps when pricing property for both listings and buyers comparables, wreaking havoc all over the place. Unreliable results - from the MLS, which is supposed to be a reliable source of information. Information placed by licensed Realtors with standards! Information that would not be missed by an appraiser! Information that could totally screw up a deal!

What fun it was to find that the comps you used to price a long beach property weren't really comps at all! It got so bad for a while I was checking title records for each comp to make certain they actually sold. I don't even want to go into how much of my time these idiots wasted. Our MLS sends an occasional minor violation to agents in the system but somehow never gets any of the major items corrected, no matter how many times they are pointed out, it is beyond annoying.

Today brought a whole new twist to this age old game.

While researching a few Long Beach homes for sale for one of my buyers I discovered that one of the listings had also been for lease on the MLS; for $1.00. Yep, I said one dollar. And, it showed that it had been leased, yet was still active on the MLS for sale. Ok, I had a few questions so I called the listing agent before I called to set up the appointment to show it to my buyer.

The listing agent assured me that it had not actually been leased and went on to explain to me that he didn't want to be responsible for screwing up another agents comps by placing it in sold so that he could make the listing appear to be new (how considerate). He went on to explain that he brainstormed this brilliant idea himself. By placing the listing as a lease, then indicating it as leased, he was able to re-list the property without the combined days on market (CDOM) showing. I am sitting listening to this on the phone and looking into the phone like I am speaking to an alien at this point.

WHAT THE HECK!!!!!!!!

Here I am representing the very buyer he was trying to hoodwink and he is telling me what he did. So what was the point? I figure that he only told me because I found the lease listing and was asking if the home had indeed been rented out. My buyer would not be interested in purchasing a home with a tenant in it, few buyers would. What the heck ever happened to just doing things the right way? Who does this clown think he is fooling?

Off my buyer and I go to see the home. Cute place, client liked it, so I started poking around. We found a new combo lock hidden on the side of the house, fairly obvious it belonged to the bank; the listing agent didn't disclose this little tidbit on the MLS either, or on the phone.

Cracks going in different directions on the ceilings in every single room. An apparent attempt at covering up the cracks in the kitchen/laundry room ceilings. The cracks sent me outside to do a perimeter check of the foundation and roof. Not a pretty site. A cinder-block foundation with cracks everywhere. Steps broken away from the building with major cracks, chimney with major cracks. Huge paint bubbles all around the exterior of the home, many freshly picked, large fresh paint chips all around the exterior of the home.

A room attached to the detached garage with a partially constructed kitchen and a bath that had been disassembled. Fairly obvious that it was not permitted and was being torn out. Probably the reason for the "as is" statement on the MLS.

Disclose! Disclose! Disclose!

And of course this cute little money pit was priced at full market value, has been on the market for about 6 months total with one minor price reduction and needed some very pricey repairs.

I really resent the bad rep Realtors are subject to, but understand that this is just the type of behavior that creates it.

So, would you report him?

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Long Beach-Lakewood-Signal Hill-Market Report-Home Sales-Condo Sales-Jan-Dec-2007

Tue, 08 Jan 2008 05:38:01 -0600

Long Beach Real Estate

Long Beach-Lakewood & Signal Hill Market Report

Homes & Condos - Closed Sales

January-December 2007

			HOMES				CONDOS
LONG BEACH NEIGHBORHOODS	A R E A	CLOSED SALES	AVG SALE PRICE	DAYS ON MARKET	% LP	CLOSED SALES	AVG SALE PRICE	DAYS ON MARKET	% LP

Artcraft Manor	35	17	542,247	88	95	1	305,000	77	92

Belmont Heights Alamitos Heights	2	110	929,124	69	93	139	396,403	81	94

Belmont Shore Belmont Park Naples	1	107	1,232,207	77	93	22	496,686	58	96

Bixby Hill	38	8	1,021,875	54	89	6	565,833	138	92

Bixby, Bixby Knolls, Los Cerritos, California Heights	6	212	640,348	61	94	64	345,131	60	95

Carson Park	25	55 34	557,668 534,261	60 67	96 95	9 2	710,455 366,000	69 56	98 97

College Park West	53	-0-	-0-	-0-	-0-	-0-	-0-	-0-	-0-

College/University Park Estates	37	17	714,000	48	96	-0-	-0-	-0-	-0-

Crest Gardens, Mayfair, Signature	21	9 73	511,444 529,558	65 67	96 96	-0-	-0-	-0-	-0-

Downtown Long Beach, Alamitos Beach over $350,000	4	51	466,141	68	94	139	575,008	81	95

Downtown Long Beach, Alamitos Beach, Under $350,000	4	11	267.363	81	85	204	281,007	85	94

Eastside Circle Area	3	79	504,597	80	92	172	346,461	61	97

El Dorado Park	42	36	711,572	67	97	12	337,075	42	96

Imperial Estates North	27	22	501,818	72	96	9	379,266	56	97

Imperial Estates South Country Square	40	13	528,669	83	95	-0-	-0-	-0-	-0-

Lakewood City	28	16	561,062	55	95	8	413,486	108	96

Lakewood Country Club Estates	30	7	896,985	63	93	-0-	-0-	-0-	-0-

Lakewood East	26	1 43	648,000 483.658	8 71	101 93	20	396,795	57	96

Lakewood Estates Lakewood Manor	22	28	560,939	52	99	-0-	-0-	-0-	-0-

Lakewood Mutuals	24	114	525,629	57	98	1	179,900	57	94

Lakewood Park	23	10 167	528,935 516,022	65 58	98 95	-0-	-0-	-0-	-0-

Lakewood Plaza Rancho	33	134	597,358	52	98	-0-	-0-	-0-	-0-

Lakewood Village	29	38 1	711,676 605,000	47 59	97 101	3	396,000	127	91

Los Altos	34	138	619,372	58	95	17	492,470	67	96

Marina Pacifica Bay Harbour	1B	23	1,223,223	98	94	45	561,662	77	92

North Long Beach over $500,000	7	35	553,560	73	97	-0-	-0-	-0-	-0-

North Long Beach under $500,000	7	250	414,146	68	98	30	268,810	79	101

Park Estates	36	17	1,256,117	55	87	5	363,200	39	9

Poly High	9	22	359,718	87	92	3	263,300	83	90

Signal Hill	8	33	759,190	89	89	65	410,525	82	95

South of Conant	31	85	575,176	58	95	-0-	-0-	-0-	-0-

Stratford Square University	32	20	570,203	51	95	-0-	-0-	-0-	-0-

Westside	11	63	441,230	69	92	10	259,340	78	104

Wrigley Area	5	91	487,640	75	101	8	353,562	73	96

Disclaimer: The accuracy of all information is deemed reliable but not guaranteed. Figures were compiled from the Southern California MLS and are not the representations of the author. In several instances figures were drawn from more than one source and are reflected as such.

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Divorce and Long Beach Real Estate

Sun, 23 Dec 2007 02:20:47 -0600

Divorce often necessitates the sale of family homes. Selling your Long Beach Homes does not have to become a damaging event in your lives. Couples coming to terms with the loss of love, past memories, dealing with the present and trying to plan for the future, need to maintain a level head throughout this process; not always an easy task. Well intentioned friends and relatives are offering you advice on your divorce, your children, your careers, the sale of your home, your future; all adding to the overwhelming stress you are already experiencing. It has been my experience that this is best handled when realistic boundaries are set at the beginning of the process.

Over the years many of my clients have become cherished friends. In a divorce situation it is difficult, when you like both parties, to stay neutral, but is absolutely necessary. Over time I have developed what I now refer to as my Switzerland speech. It has proven to be very effective and goes something like this:

"As your Realtor® it is my job to market and sell your Long Beach Home. This is best accomplished if you both agree to view me as Switzerland. While I am not insensitive to what is going on in your lives, it is best if you both exclude me from your conversations regarding the divorce issues that do not apply to the sale. Over the course of this transaction you will both be called upon to make joint decisions, we need to agree that when we speak on the phone, you come to my office or when I come to your home, we keep the conversation limited to the business of selling your home. It would be most unfortunate if either of you thought that I was biased toward the other, I certainly do not want either of you to think that. Can we all agree on this?"

Recently I read an article on couples seeking kinder, gentler divorces. An approach many couples are now embracing called "Collaborative Divorce", which has been endorsed by the American Bar Association as part of a broader quest to find more civilized and efficient ways to end a marriage. Thousands of attorneys are realizing how damaging the adversarial process is to their clients, are embracing this new method of divorce and are seeking training in collaborative law. Other couples are turning to mediation as a viable alternative to messy, expensive and damaging processes.

Mediation and Collaborative divorces are much more economical and confidential. Boston Law Collaborative analyzed 199 of its recent divorce cases and found that mediation, collaborative divorce and litigation all produced high rates of successful settlement. Mediation was by far the least expensive option, with a median cost of $6,600, compared to $19,723 for a collaborative divorce, $26,830 for settlements negotiated by rival lawyers, and $77,746 for full-scale litigation.

If you are interested in reading the full article it can be found here. It is a very good read, I highly recommend it.

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Remodeling Your Homes? Check out Google SketchUp-a Free Tool

Thu, 20 Dec 2007 21:11:24 -0600

Model Your World

Thinking about remodeling your homes, kitchens or baths, considering a landscaping project, building a deck or any new project can be mind boggling. Just considering how to express your dream to the architect or contractor and knowing that you and they have the same vision can be a stressful experience.

The Google Gods have developed an absolutely great solution. It's a 3D modeling software, it's easy to learn, simple to use and best of all it is free. It's called Google SketchUp 6. Now before you start pulling your hair out, let these 4 autistic children show you how easy it can be.

Isn't that amazing and wonderful?

Google SketchUp also allows you to place your completed models into Google Earth using real-world coordinates and share them with the world using Google 3D Warehouse. You can learn more about Google SketchUp here.

Or you can download the free version here.

Google SketchUp can be found here.

There are tons of tutorial videos on YouTube which can be found here.

I think this is a great tool for both developing and communicating your specifications and hope you do too. Have fun with it, let your imagination go, see where it takes you.

As a Realtor I can think of many uses for this software. Are you working with a buyer who cannot seem to see what you see in a home? With this software you can show them the home they said they wanted within the very home they cannot see it in.

Did you list a fixer-upper? Show the consumer what that home will look like once it is fixed up.

There is no end to the possibilities this software offers.

Now go have some fun with it. Hey, it's free, you have nothing to lose.

Laurie Manny

Long Beach Realtor®

Prudential California Realty

Long Beach California

(562) 212-5420

(714) 376-9550

lmanny@socal.rr.com

Long Beach CA Real Estate

Selling YOUR Long Beach Home - It's TOUGH out there!

Sun, 11 Nov 2007 04:30:14 -0600

LONG BEACH REAL ESTATE

Selling YOUR Long Beach Home?

It's TOUGH out there!

Are YOU ready for this Real Estate Market?

Today's Long Beach Real Estate market is demanding an entirely new approach when selling your Long Beach Homes or Condos. If your home is on the market you already know just how tough it can be to just get showings. You have probably reduced your price at least once and are wondering how low you will have to go to actually make that elusive sale.

PRICING YOUR LONG BEACH HOMES OR CONDOS

The worst mistake a seller can make is to overprice their Long Beach Home. The first two to three weeks on the market are critical when you enter the market. Thinking that you can test the market and lower the price later is never a good idea. The goal should be to price your Long Beach homes to sell quickly while they are generating the most interest - as a new listing. There are many homes and condos in Long Beach on the market, too many of which are not priced to sell. When a buyer sees a property that is overpriced they just pass it by. Buyers are always looking for new listings just coming onto the real estate market, because much of what is already listed is just not all that desirable and often overpriced. Another terrible mistake any seller can make is to believe their home or condo is still worth what homes in their Long Beach Neighborhoods were commanding months ago.

Read: My Long Beach Home Won't Sell - Are YOU Chasing the Market Down?

If your home is overpriced it is time to take a giant leap and get ahead of the curve. Pricing your home under today's market price usually means that by the time it actually closes you will be at market price. Yes, prices seem to be dropping that quickly. Why not? They rose that quickly when it was a hot sellers market. Home sales in Long Beach are traditionally slower through the winter months making selling your Long Beach home or condo that much more difficult during these months. If you do not need to sell your Long Beach home at this time, this is not the time to be on the market. Speculating in this market is futile.

Read the rest of the article over at the Long Beach Real Estate Home Blog

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Daylight Savings Time in Southern California

Fri, 02 Nov 2007 20:24:21 -0500

Laurie Manny

Long Beach Realtor®

Prudential California Realty

Long Beach California

(562) 212-5420

(714) 376-9550

lmanny@socal.rr.com

Long Beach Real Estate Home Blog

CALIFORNIA FIRES - MEMBERS IN JEOPARDY

Mon, 22 Oct 2007 16:55:50 -0500

Say a little prayer today for our California Members who are being and are in danger of being evacuated from their homes.

Sally Cheeseman just called me and reports that Jeff Turner has already been evacuated, William Johnson is within 1 mile of the fires.

I was just on the phone with Brian Brady, they have 2 evacuated families with them in their home, they are between 2 fires and are being overwhelmed by the smoke. The fires are within 5 miles of their home at the moment.

Brian tells me Robert Murphy is within 2 to 6 miles of the fires right now.

Please report here in the comments as to any other members that are in trouble.

Lets send our best wishes to our friends.

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

To Buy or Not To Buy?

Wed, 17 Oct 2007 16:49:43 -0500

Are you waiting for the bottom of the market?

A couple of years ago, while we were in the throe's of a sizzling sellers market, many would be sellers decided to hold out for the TOP of the real estate market. Yep, you guessed it, many of them are still waiting for it. Today buyers are decrying the same mantra, holding out for the bottom of the market.

How are you going to know what the bottom of the market is?

How are you going to handle the multiple offers on the most desirable properties when all of the buyers jump onto the Real Estate market at the same time?

The Investors are coming.

Investors are sitting on the sidelines watching the market, prices are already at a 15 year low. When the real estate market hits a certain point, and it is coming soon-no matter what the media says, the investors are going to jump in and start gobbling up all of the better homes, townhomes and condos. I know, I represent a few of them, we've done this successfully before and are very good at it. These saavy investors will hit the market with cold hard cash, waive inspections, waive appraisals, out bid you and they will beat you to ALL of the deals and better properties.

Do you think that you will be able to compete with them?

So Mr. & Mrs. Buyer, how are you going to purchase one of the more desirable properties up against this kind of competition? Sometimes I think that it's more about the game than it is about purchasing properties for many buyers. The media sure isn't helping, but then they are not Real Estate Professionals and are NOT dialed in to the local real estate markets.

Nobody knows the local real estate markets better than your local REALTORS®.

International real estate investors are decending on American markets. The real estate market here is very attractive to them right now. They GET IT! They are Coming To America to Buy Homes.

Housing is a good and sound, long term investment.

As a result of the most comprehensive research ever performed by NAR (the National Association of Realtors®) they state in their Coming to America To Buy Homes article:

Forty-seven percent of all international buyers purchased homes exclusively for vacation, while 22 percent were motivated primarily by investment. Nearly a third of foreign buyers cited both vacation and investment as reasons for their purchase. International homeowners spent an average of 4.2 months of the year in their U.S. property in 2006.

A third of all international buyers are from Europe, but buyers from Asia and North America (outside the United States) each represent about one-fourth of the total market. Sixteen percent of all international buyers are from Latin America. By individual country, most buyers come from Mexico (13 percent), the United Kingdom (12 percent) and Canada (11 percent).

Foreign buyers purchase homes across the United States, but 52 percent of sales in 2006 were concentrated in three states – Florida (26 percent), California (16 percent) and Texas (10 percent). The South attracted nearly half – 49 percent – of international buyers last year, while 31 percent purchased homes in the West.

Available Long Beach Homes, under $400,000 today:

18 - one bedroom single family homes.
140 - two bedroom single family homes.
57 - three bedroom single family homes.
5 - four bedroom single family homes.
1 - five bedroom single family home.

A year ago if a Long Beach buyer approached me looking for a single family Long Beach home under $500,000 they were pretty much out of luck. Once in a while one would come onto the real estate market, but would often be in deplorable condition, not all buyers are a good match for a property such as this. After deferred maintenance they really weren't such a great buy most often. Today there are 261 single family, Long Beach homes available under $400,000. Don't you think it is time to purchase the Long Beach home, condo or townhouse you have been waiting for? Or are you going to utilize bad judgment and be the next casualty of the Long Beach real estate market?

Laurie Manny

Long Beach Realtor®

Prudential California Realty

Long Beach California

(562) 212-5420

(714) 376-9550

lmanny@socal.rr.com

Long Beach CA Real Estate

Alamitos Beach Condos-Long Beach Luxury Condos-2007 Market Report-Ocean Boulevard Corridor-90802

Sat, 29 Sep 2007 15:51:25 -0500

LONG BEACH LUXURY REAL ESTATE

Alamitos Beach Luxury Condos

The Ocean Boulevard Corridor

Market Report 1/1/2007 - 9/29/2007

Alamitos Beach High Rise Condos along the Ocean Blvd. corridor possess the most incredible ocean views available for sale in the Long Beach area. These elegant and highly desirable buildings sit on the sand like sentinals overlooking the Long Beach Harbor. This certainly is the most desirable real estate in all of the Long Beach communities for todays upscale buyers looking for that 'to die for' ocean view and an upscale beach lifestyle.

Protected by the Long Beach breakwater, beachside residents are treated to the sound of gently lapping waves on the sand. Step out onto the sand and take a walk or a ride on the bike path, it passes right in front of most of the complexes. Enjoy the most devastatingly beautiful sunsets from your balcony, living room or master retreat. These buildings were well thought out and most have made the best use of the view when designed.

Prices have been declining bringing these desirable condos back into the affordable range. Follow the smart money, buy low - sell high. Now is a great time to buy luxury property, prices are at their lowest in years and interest rates are still very reasonable. Make your dream of owning one of these prestigious properties come true.

View the Market Report at Long Beach Real Estate Home>>>>>>>>>

Virtual Tour 25 15th Place 602, Alamitos Beach

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Downtown Long Beach Homes 2007 Market Report 1/1/2007 - 8/31/2007

Wed, 05 Sep 2007 04:24:50 -0500

Downtown Long Beach Real Estate

Downtown Long Beach Homes

2007 Market Report

1/1/2007 - 8/31/2007

There are currently 17 single family Downtown Long Beach homes on the market, ranging in price from $240,000 (672 sq ft) to $735,000 (2,293 sq ft); average 95 days on market.

8 have garages

3 have 2 car garages

#	Bed	Bth	St	Gar	SqFt	YBlt	List Price	DOM
1	2	1	1	0	672	1923	$240,000	64
2	2	1	1	0	816	1923	$249,000	123
3	1	1	1	1	681	1922	$349,000	8
4	3	1	1	0	700	1904	$375,000	216
5	2	2	2	1	1,200	1922	$375,000	64
6	3	1	1	0	1,040	1913	$399,000	215
7	2	2	1	0	1,164	1904	$399,000	51
8	2	1	1	2	1,012	1912	$399,900	79
9	2	1	1	0	688	1914	$413,900	162
10	3	1	1	0	1,050	1913	$460,000	127
11	3	1	1	1	1,177	1921	$479,000	42
12	3	3	1	1	1,520	1906	$519,000	163
13	3	2	1	0	1,138	1907	$569,000	92
14	3	2	2	2	1,800	1907	$599,000	104
15	2	1.5	1	0	1,544	1905	$599,000	69
16	5	2	2	1	2,082	1907	$649,000	6
17	4	2	2	2	2,293	1918	$735,000	28

Average (List Price / Sq Ft) $379.62

There are 4 single family Downtown Long Beach homes in escrow, ranging in price from $299,900 (665 sq ft) to $525,000 (1,424 sq ft); average 43 days on market.

3 have garages

#	Bed	Bth	St	Gar	SqFt	YBlt	List Price	Pending Date	DOM
1	2	1	1	0	665	1920	$299,900	12/09/2005	24
2	3	1	1	1	976	1922	$299,999	8/15/2007	1
3	3	2	1	2	1,552	1907	$480,000	8/17/2007	53
4	4	3	2	4	1,424	1901	$525,000	7/13/2007	92

Average (List Price / Sq Ft) $347.68

14 Downtown Long Beach homes have closed escrow this year ranging in price from $275,000 (600 sq ft) to $625,000 (2,355 sq ft); average 85 days on market.

9 have garages

2 have 2 car garages

#	Bed	Bth	St	Gar	SqFt	YBlt	Sold Price	Sold Date	DOM
1	2	1	1	0	600	1912	$275,000	7/02/2007	282
2	1	1		1	468	1921	$321,500	2/20/2007	93
3	3	1	1	1	976	1922	$303,000	7/25/2007	8
4	2	1	1	0	836	1927	$360,000	5/18/2007	95
5	2	1	1	1	1,134	1919	$399,000	4/09/2007	145
6	4	2	1	1	1,405	1902	$421,000	3/31/2007	6
7	2	1	2	1	1,158	1913	$442,600	5/31/2007	7
8	2	1	1	2	892	1915	$440,000	4/01/2007	150
9	2	1.25		1	1,026	1906	$450,000	3/06/2007	20
10	2	3	2	0	1,594	1933	$500,000	1/05/2007	40
11	3	1	1	1	1,040	1906	$460,000	6/15/2007	73
12	3	3	2	0	1,500	1907	$499,000	7/16/2007	60
13	3	1.75	2	0	1,870	1915	$481,900	3/27/2007	144
14	3	2	2	2	2,355	1920	$625,000	1/15/2007	64

Average ( Sale Price / Sq Ft) $354.65

Average 97% Selling Price to List Price

Average Selling Price per square foot $390.26

5 Cancelled Listings

1 Withdrawn Listing

14 Expired Listings

2006 Sales Comparison 1/1/2006 - 8/31/2006

21 Downtown Long Beach Homes sold in 2006 in the same time period.

Average sale price: $463,185

Sale price per square foot: $403.31

Average 99.44% Selling price to List price.

Average Days on Market: 69

Average ( SalePrice / SqFt ) $ 378.11

See also:

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website

Home Staging Can Sell Long Beach Homes Faster

Sat, 01 Sep 2007 22:59:31 -0500

LONG BEACH REAL ESTATE

Home Staging Can Sell Long Beach Homes Faster

In today's buyers market, buyers are very value conscious. If you plan on selling your Long Beach home it is critical to distinguish yourself, from the rest of the homes on the market, in order to sell.

CEO of Property Staging Consultants, Jackie Riggins explains the best ways to create the maximum perception of value in this excellent short video.

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Laurie Manny

Long Beach Realtor®

Prudential California Realty

Long Beach California

(562) 212-5420

(714) 376-9550

lmanny@socal.rr.com

Long Beach CA Real Estate

Downtown Long Beach High Rise Condos - Dream Homes in the Sky

Sat, 01 Sep 2007 22:58:38 -0500

LONG BEACH REAL ESTATE

Downtown Long Beach High Rise Condos

Dream Homes in the Sky

Champagne Wishes and Caviar Dreams

At what point did Robin Leech's "Lifestyles of the Rich and Famous" Television show transition from a consumers dream to a purchase contract?

For the last few years the excitement of purchasing High Rise Downtown Long Beach Condos has been high. Consumers have plunked down hefty deposits to procure these fabulous newly built condos and have sat, sometimes for a couple of years, on long waiting lists in the hopes that they too may acquire one of these beautiful sky high homes with walls of glass, endless ocean views, travertine, marble and concierge services.

So many of these potential buyers excitedly shared their dreams of huge profits. Most planned to sell as soon as possible after the close of escrow. Some of these Downtown Long Beach High Rise projects are completed, others are still under construction or in the planning stages.

Over the last several months I have been contacted by many of the soon to be owners to discuss the future sale of their units. Some were approaching the close of escrow and were preparing to put their condos onto the market immediately after the close of escrow. Imagine their shock when they found out they were about to pay $10's of thousands more than current market value. Add to that the cost of sale and oh brother were they in trouble. Others, less fortunate had already purchased, several had purchased multiple units.

One gentleman explained that he had ordered custom everything (already installed) which had added another over $40k to the already staggering price tag. His unit was about 4 weeks from closing and there was a hefty cancellation penalty. We computed his loss by backing out to be far less than the loss would be if he proceeded with the purchase and sold at a loss. He was not a candidate for a short sale, as he has too many other assets and foreclosure was not an option, his credit is pristine. Rent wouldn't even come close to covering the overhead. His decision? Cancel the purchase, write off the loss and move on. This gentleman was smart enough to consult a Realtor, regarding the future sale, prior to his purchase, which saved him a large loss.

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate Blog Long Beach Real Estate Website