Shannon Jones,'s Blog

Worker, Homeownership and Business Assistance Act of 2009

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Wed, 18 Nov 2009 12:30:36 -0600

Earlier this month, on November 6, the president signed into law HR 3548, the "Worker, Homeownership, and Business Assistance Act of 2009.'' The act did several things: It extended unemployment benefits, extended and liberalized the tax credit for first time homebuyers, and it added a credit for "move-up" buyers.

Many people aren't aware of the provision for move-up buyers. Yesterday, I was speaking to another Realtor (an experienced, successful Realtor), who was surprised to hear about it. I recently got a great summary from my accountant, which is worth passing on. Here are some of the basics:

Homebuyer credit basics. Before the new law was enacted, the homebuyer credit was only available for qualifying first-time home purchases after April 8, 2008, and before December 1, 2009. The top credit for homes bought in 2009 is $8,000 ($4,000 for a married individual filing separately) or 10% of the residence's purchase price, whichever is less. Only the purchase of a main home located in the U.S. qualifies. Vacation homes and rental properties are not eligible. The homebuyer credit reduces one's tax liability on a dollar-for-dollar basis, and if the credit is more than the tax you owe, the difference is paid to you as a tax refund. For homes bought after Dec. 31, 2008, the homebuyer credit is recaptured (i.e., paid back to the IRS) if a person disposes of the home (or stops using it as a principal residence) within 36 months from the date of purchase.

Before the new law, the first-time homebuyer credit phased out for individual taxpayers with modified adjusted gross income (AGI) between $75,000 and $95,000 ($150,000 and $170,000 for joint filers) for the year of purchase.

Your guide to the revised homebuyer credit. The new law makes four important changes to the homebuyer credit:

(1) New lease on life for the homebuyer credit. The homebuyer credit is extended to apply to a principal residence bought before May 1, 2010. The homebuyer credit also applies to a principal residence bought before July 1, 2010 by a person who enters into a written binding contract before May 1, 2010, to close on the purchase of the principal residence before July 1, 2010. In general, a home is considered bought for credit purposes when the closing takes place. So the extra two-months (May and June of 2010) helps buyers who find a home they like but can't close on it before May 1, 2010. They can go to contract on the home before May 1, 2010, close on it before July 1, 2010, and get the homebuyer credit (if they otherwise qualify). Note that certain service members on qualified official extended duty service outside of the U.S. get an extra year to buy a qualifying home and get the credit; they also can avoid the recapture rules under certain circumstances.

(2) The homebuyer credit may be claimed by existing homeowners who are "long-time residents." For purchases after November 6, 2009, you can claim the homebuyer credit if you (and, if married, your spouse) maintained the same principal residence for any 5-consecutive year period during the 8-years ending on the date that you buy the subsequent principal residence. For example, if you and your spouse are empty nesters who have lived in your suburban home for the past ten years, you are potentially eligible for the credit if you "move down" and buy a smaller townhome. There's no requirement for your current home to be sold in order to qualify for a homebuyer credit on the replacement principal residence. Thus, the replacement residence can be bought to beat the new deadlines (explained above) before the old home is sold. For that matter, you can hold on to your prior principal residence in the hope of achieving a better selling price later on.

The maximum allowable homebuyer credit for qualifying existing homeowners is $6,500 ($3,250 for a married individual filing separately), or 10% of the purchase price of the subsequent principal residence, whichever is less.

(3) The homebuyer credit is available to higher income taxpayers. For purchases after November 6, 2009, the homebuyer credit phases out over much higher modified AGI levels, making the credit available to a much bigger pool of buyers. For individuals, the phaseout range is between $125,000 and $145,000, and for those filing a joint return, it's between $225,000 and $245,000.

(4) There's a new home-price limit for the homebuyer credit. For purchases after Nov. 6, 2009, the homebuyer credit cannot be claimed for a home if its purchase price exceeds $800,000. It's important to note that there is no phaseout mechanism. A purchase price that exceeds the $800,000 threshold by even a single dollar will cause the loss of the entire credit.

The new purchase price limitation applies whether you are buying a first-time principal residence or are a qualifying existing homeowner purchasing a replacement principal residence.

Other homebuyer credit changes. The new law includes a number of new anti-abuse rules to prevent taxpayers from claiming the homebuyer credit even though they don't qualify for it. The most important of these are as follows:

... Beginning with the 2010 tax return, the homebuyer credit can't be claimed unless the taxpayer attaches to the return a properly executed copy of the settlement statement used to complete the purchase of the qualifying residence.

... For purchases after Nov. 6, 2009, the homebuyer credit can't be claimed unless the taxpayer has attained 18 years of age as of the date of purchase (a married person is treated as meeting the age requirement if he or his spouse meets the age requirement).

... For purchases after Nov. 6, 2009, the homebuyer credit can't be claimed by a taxpayer if he can be claimed as a dependent by another taxpayer for the tax year of purchase. It also can't be claimed for a home bought from a person related to the buyer or the spouse of the buyer, if married.

... Beginning with 2009 returns, the new law makes it easier for the IRS to go after questionable homebuyer credit claims without initiating a full-scale audit.

What hasn't changed. The tax law still gives you the extraordinary opportunity to get your hands on homebuyer credit cash without waiting to file your tax return for the year in which you buy the qualifying principal residence. Thus, if you buy a qualifying principal residence in 2009 you can treat the purchase as having taken place this past December 31, file an amended return for 2008 claiming the credit for that year, and get your homebuyer credit cash relatively quickly via a tax refund. Similarly, you can treat a qualifying principal residence bought in 2010 (before the new deadlines) as having taken place on December 31, 2009, and file an original or amended return for 2009 claiming the credit for that year.

What also hasn't changed is the need for getting expert tax advice in negotiating through the twists and turns of the new beefed-up homebuyer credit. Please call us today at 562-961-1415 or email info@showmehome.com for details on how the homebuyer credit can help you or your family members.

Open House at Classic Spanish Style Home in Rose Park

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 06 Nov 2009 13:41:55 -0600

Please stop by and see me this Sunday at 799 Orizaba Avenue in Long Beach. I'll be holding an open house at this classic Spanish style home across the street from Rose Park and refreshments will be served! Listed at $449,000, the home offers 2 bedrooms plus a parlor, with a total of 1400 square feet. This is a rare opportunity to own a home across the street from this historic neighborhood's namesake park.

If you'd like to take a virtual tour in the meantime, visit our website at http://www.ShowMeHome.com or call 562-961-1415.

It's Official -- Homebuyer Tax Credit is Extended

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 06 Nov 2009 13:30:29 -0600

It's official. The tax credit for first-time homebuyers was extended today. President Obama signed leglislation that extends the $8,000 tax credit to contracts that are signed by April 30, 2010 and closed by June 30th. The credit was set to expire after November 30th. Additionally, the bill creates a $6,500 credit for those who buy a home after living in their current house at least five years. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years. The credit will be available only for the purchase of principal residences priced at $800,000 or less.

The bill will raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

The IRS reported that through mid-September, 1.4 million tax returns had qualified for the credit. Some portion of those returns represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time. The National Association of Realtors estimates that 1.8 million homebuyers will have used the credit by the end of November -- at least 355,000 of whom would not have bought a home without the tax break.

Locally, I've seen a number of buyers drawn into the market due to the homebuyer credit combined with low interest rates and prices. The low inventory is still making it challenging for home buyers to get offers accepted, but for those who persevere, there are some good deals.

Homebuyer Tax Credit May Get Extension

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 30 Oct 2009 13:58:47 -0500

As the deadline for the $8,000 tax credit for qualifying first-time homebuyers gets closer, it looks like lawmakers may extend it until next year. A measure is being seriously discussed on Capitol Hill.

In our local real estate market, the credit has definitely breathed life into a struggling housing market. While most people wouldn't buy a home solely because they'd get a credit, that combined with low interest rates and low prices has drawn lots of buyers off the fence and into the market.

The tax credit extension has received support from both Republicans and Democrats but the measure still has not come to a vote.

Fanfare for a new high school

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Mon, 27 Oct 2008 15:47:55 -0500

By Melissa Pamer, Staff Writer
Article Launched: 10/23/2008 10:08:23 PM PDT

Despite a lingering dispute over a planned Carson-area high school, Los Angeles school representatives and local elected officials donned hard hats and grins Thursday to break ground on the campus.

The Carson High School drill team and marching band performed, as did first-graders from neighboring Dominguez Elementary School, while construction workers operated heavy machinery at the nearby building site.

Full Story Here

Long Beach Homes for Sale

Sales of preowned homes in West soared in September

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Mon, 27 Oct 2008 14:59:53 -0500

By ALEX VEIGA
AP Business Writer
October 26, 2008

Heavy discounting on foreclosed homes and low interest rates continued to power a homebuying spree across the West in September, sending sales of existing homes in the region soaring at an annual pace reminiscent of the days of the housing boom, according to two reports Friday.

About 100,000 existing homes and condos were sold last month in the 13-state region. Without adjusting for seasonal factors, sales were up nearly 43 percent from the same month last year, but declined 9.6 percent versus August's total, according to the National Association of Realtors.

With sharply discounted foreclosures making up a larger slice of overall sales, the median price in the West plunged almost 19 percent from a year ago to $253,600 - slightly higher than what the median was five years ago, the association said.

Full Story Here

Long Beach Homes

Terranea Emerges

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Mon, 27 Oct 2008 14:44:18 -0500

DailyBreeze.com
By Melissa Pamer, Staff Writer
October 26, 2008

Among the dozens of red-tile rooftops that now dot Rancho Palos Verdes' Long Point, workers are beginning to put the finishing touches on a massive seaside resort that has finally taken shape in recent months.

After more than a decade of planning, Terranea Resort is readying for its June debut, when all elements of the upscale pleasure dome are set to open simultaneously - including a 360-room hotel, 33 meeting rooms, 20 bungalows, 82 casitas and villas, a nine-hole golf course, three restaurants and a spa.

Full Story Here

Homes in Long Beach

Learn about buying foreclosures

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Mon, 27 Oct 2008 14:35:18 -0500

Press-Telegram
10/26/08

The California Foreclosure Institute is holding a free, two-hour workshop for investors and Realtors on how to get started finding and buying foreclosure properties on Tuesday.

The workshop from 6:30 to 8:30 p.m. is at Long Beach Main Library, 101 Pacific Ave. Reservations required. To register, go to www.ForeclosureWorkshop.net or call 310-379-0101

Full Story Here

Orange County Realtor

U.S. Treasury to invest $395 million in Beverly Hills-based City National Bank.

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Mon, 27 Oct 2008 14:27:40 -0500

Los Angeles Times
By Michael A. Hiltzik
October 27, 2008

In a harbinger of what may be a flood of similar disclosures, City National Bank in Beverly Hills said Sunday that it would receive a $395-million capital infusion from the U.S. Treasury as part of the government's $250-billion bailout program.

The bank said it had no "explicit or implicit understanding" with federal regulators about how it would use the money -- whether to increase lending in the community or acquire a specific bank.

But Russell Goldsmith, chief executive of the bank's parent company, City National Corp., said the investment "clearly enhances our financial capacity to make acquisitions and . . . to lend to a larger degree."

With $12.2 billion in deposits, City National is the largest bank based in Los Angeles County and second-largest independent bank in California.

Full Story

Long Beach Real Estate

Long Beach Properties | Los Angeles Homes for Sale

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Thu, 31 Jul 2008 15:40:32 -0500

Adorable Spanish style home
6165 Brayton Ave, Long Beach
(Thomas Guide #: 765F1)

Listing Status: Active

Offered At: $265,000
(Show Monthly Payments)

2 Bedrooms, 1 Baths
Detached Single Family Home.
867 Sq. Ft. one story
4680 Sq. Ft. Lot
Built in 1931
Association Dues: 0
2 Car Garage.

Property Features

Tile Floors

Arched Doorway To Formal Dining

Coved Ceilings

Ceiling Fan

Original Built In Cabinet In Dining Room

Faux Firelplace

Custom Paiting

Fenced Front Yard

Covered Patio

Bonus Room In Garage

Long Driveway

Lush Landscaping

Property Details

Adorable Spanish style home features tiled floors, coved ceilings, custom paint, and lots of charm! Large living room plus quaint formal dining room with built-in corner cabinet. Newer kitchen has lots of storage and cabinet space. Fenced front yard with lush landscaping plus a nice back yard with covered patio. 2 car garage currently used as bonus room with separate laundry room but a long driveway provides plenty of parking. Don't miss this Lovely home!


For More Information Contact:

The Shannon Jones Team
Web Site: www.shannon4re.com
E-Mail: info@showmehome.com
(562) 961-1415
(562) 896-2456
Cell: (562) 896-2456
Keller Williams Coastal Prop.

For more information
on this property,
or to make arrangements to
view this property,
Click Here!

Los Angeles Homes for Sale | Long Beach Properties

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Thu, 31 Jul 2008 15:38:09 -0500

Modern California Bungalow
752 Loma Ave, Long Beach
(Thomas Guide #: 795J6)

Listing Status: Backup Accepted

Offered At: $489,000
(Show Monthly Payments)

2 Bedrooms, 2 Baths
Detached Single Family Home.
964 Sq. Ft. one story
3840 Sq. Ft. Lot
Built in 1919
Association Dues: 0
2 Car Garage.

Property Features

Open Floor Plan

Wood Laminate Floors

Remodeled Eat-in Kitchen

Stainless Stell Appliances

Remodeled Bathrooms

Front Porch

Newly Landscaped Backyard

Central Air & Heat

Updated Plumbing & Electrical

Inside Laundry

2 Car Detached Garage

Property Details

Past the old-fashioned front porch of this California bungalow is a modern, re-built home with open floor plan & wood laminate floors. The remodeled, eat-in kitchen features stainless steel appliances & custom tile. The home has spacious bedrooms & remodeled bathrooms. This home offers inside laundry, central air and heat, dual pane windows & updated plumbing/electrical. The fenced back yard has a patio w/built-in barbecue and has been newly landscaped. Walk to shops & restaurants.


For More Information Contact:

The Shannon Jones Team
Web Site: www.shannon4re.com
E-Mail: info@showmehome.com
(562) 961-1415
(562) 896-2456
Cell: (562) 896-2456
Keller Williams Coastal Prop.

For more information
on this property,
or to make arrangements to
view this property,
Click Here!

Orange County Properties | Long Beach Real Estate

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Thu, 31 Jul 2008 15:35:41 -0500

California Bungalow
2909 E 4th St, Long Beach
(Thomas Guide #: 795H7)

Property Features

Hardwood Floors

Upgraded Kitchen

Upgraded Plumbing

Grassy Back Yard

Listing Status: Backup Accepted

Offered At: $550,000
(Show Monthly Payments)

7 Bedrooms, 4 Baths
Detached Single Family Home.
2139 Sq. Ft. one story
6747 Sq. Ft. Lot
Built in 1920
Association Dues: 0

Property Details

Rambling California bungalow near the beach offers 4 bedrooms, 2 1/2 baths in the main house plus a 1 bedroom unit in the rear and a nice, grassy back yard. Front house has hardwood floors, remodeled kitchen, upgraded plumbing and electrical. Property was formerly used as a nursing home and is in a great location near shopping, restaurants and the beach.


For More Information Contact:

The Shannon Jones Team
Web Site: www.shannon4re.com
E-Mail: info@showmehome.com
(562) 961-1415
(562) 896-2456
Cell: (562) 896-2456
Keller Williams Coastal Prop.

For more information
on this property,
or to make arrangements to
view this property,
Click Here!

Long Beach Homes for Sale | Orange County Real Estate

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Thu, 31 Jul 2008 15:32:29 -0500

Spacious 5 Bedroom Home
4321 E Wehrle Ct, Long Beach
(Thomas Guide #: 796A5)

Property Features

5 Bedrooms

2.5 Baths

Spa Tub In One Bathroom

Inside Laundry Room

Fireplace

Listing Status: Active

Offered At: $569,000
(Show Monthly Payments)

5 Bedrooms, 3 Baths
Detached Single Family Home.
2100 Sq. Ft. two story
2800 Sq. Ft. Lot
Built in 1948
Association Dues: 0

Property Details

Huge 5 bedroom, 2.5 bath two-story home near the Traffic Circle. This spacious home features a formal living room with a fireplace plus a family room off the kitchen which is great for entertaining. This home also includes an inside laundry room with lots of storage. One of the bathrooms boasts a large spa tub. There is a detached garage and the home is located on a low traffic one-way street.


For More Information Contact:

The Shannon Jones Team
Web Site: www.shannon4re.com
E-Mail: info@showmehome.com
(562) 961-1415
(562) 896-2456
Cell: (562) 896-2456
Keller Williams Coastal Prop.

For more information
on this property,
or to make arrangements to
view this property,
Click Here!

90815 Real Estate

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 18 Apr 2008 14:08:26 -0500

Home sales prices in the 90815 zip code of Long Beach showed some signs of stabilization in March, but remained considerably lower than they were a year ago. The 90815 zip code encompasses Los Altos, Park Estates, Artcraft Manor, the Plaza, Artcraft Manor, Bixby Hill and La Marina Estates.

Currently, according to the Multiple Listing Service (MLS) there are 97 homes active on the market in 90815, ranging in price from $380K for a two-bedroom home in Artcraft Manor to $1,749,000 for a four-bedroom Bixby Hill home. The average price per square foot for current listings is $422.

There are 28 homes "pending" or in escrow now in 90815, ranging from $379,900 to $1,695,000. The average price per square foot for pending sales is $379.

In the past 30 days, 15 homes have closed escrow in the 90815 zip code, ranging from $419,900 for a three bedroom/two bathroom Plaza Home to $3.1 million for a 5 bedroom, 5,000 sq. ft. home in Park Estates. The average price per square foot was $423 for the homes that sold in 90815 in the past 30 days.

If you'd like information or currently listed homes or want to know what your home is worth in today's market, email us at Info@ShowMeHome.com or call 562-961-1415.

Median Prices Up in Long Beach! A Market Update

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 11 Apr 2008 16:06:26 -0500

After months of steep declines, the median sales price in Long Beach went up in March 2007 for the second month in a row.

To be sure, prices are still lower than their peak and the sales volume is still well below the peak, but the recent numbers are encouraging.

Homeowners who have been considering selling but were discouraged should take note of this opportunity. Spring and summer are traditionally the busiest selling seasons and prices are usually highest this time of year.

If you're interested in more information about prices in a specific neighborhood, email us at info@showmehome.com, logon to www.showmehome.com or call 562-961-1415.

Do Fed Interest Rate Cuts Mean Lower Mortgage Rates?

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 11 Apr 2008 13:04:14 -0500

If you follow the news, you may be aware that the Federal Reserve has cut interest rates six times since September 2007. Many people assume that those interest rate cuts translate into good news for mortgage interest rates. But that's not the case. In fact, mortgage rates are higher now than they were three months ago.

Why is that the case? Because mortgage interest rates are actually tied to the performance of mortgage-backed securities, NOT the Fed. The Fed's role is to keep inflation in check and regulate the nation's financial institutions but it doesn't set mortgage interest rates.

One of the tools the Fed uses to control inflation and economic growth is adjusting the Discount Rate and the Fed Funds rate. Movement with those rates can affect the Prime Interest rate, which in turn can affect rates on credit cards, home equity lines of credit or adjustable-rate mortgages. However, the long-term mortgage rates (ie your 30 year fixed rate) don't always correspond.

The chart below shows that mortgage interest rates have actually increased from March 2007 to March 2008, even though the Federal Reserve cut interests rates six consecutive times, slashing three full percentage points in the process.

Long-term mortgage rates are set daily by individual lending institutions and are based on the trading activity of mortgage-backed securities (MBS), which are traded daily. MBS are bonds that represent mortgages currently in place. For instance, let's say you have a 30-year fixed rate mortgage of $200,000 at an interest rate of 6%. That loan isn't worth anything right now, but over a 30-year period, it represents a profit of 6% or up to $12,000 every year for the bank that owns the loan, provided you make all of your payments.

Instead of waiting for the entire term of the loan to collect the profit, banks often bundle loans together and sell them. The bundled loans are sold to investors, much the way stock in a company would be sold. They are called mortgage-backed securities. The performance of these bonds is what lending institutions use to set their mortgage rates, along with supply and demand, financial and economic news including employment levels, political news and other factors.

Even though mortgage rates have gone up a bit in the past few months, they are still low from a historical standpoint. And with the many foreclosures on the market, there are some great deals. If you'd like more information about the current real estate market, please give us a call today at 562-961-1415.

2 On A Lot -- Great Opportunity in Long Beach

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 11 Apr 2008 12:43:12 -0500

We just listed this two-unit property in Long Beach at 2909 E. 4th Street. It's a 4 bedroom, 2 bathroom home in the front with a 1 bedroom unit in the rear. In addition to the four bedrooms, the front house also has a family room and features wood floors.

There's a nice grassy back yard. A former nursing home, located near shops and transportation, this is a great opportunity. It's listed at only $599,000.

For more information or to take a virtual tour, visit www.ShowMeHome.com. To schedule an appointment to view the home, call 562-961-1415

Don't Forget! Spring Forward Tonight

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Sat, 08 Mar 2008 13:08:17 -0600

DON'T FORGET...

Before going to bed tonight, change your clocks one hour forward.

While you're at it, this is a good time to change batteries in smoke detectors and CO2 detectors.

Ever wonder how and when Daylight Savings Time started? It's been around since the time of Benjamin Franklin and has been a controversial subject.

Check out this website for lots of interesting information and anecdotes:

http://webexhibits.org/daylightsaving/

LONG BEACH REAL ESTATE

Is The Long Beach Real Estate Market Showing Signs of Recovery?

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 07 Mar 2008 19:46:24 -0600

This week, our real estate team opened more escrows than we have in months. When I spoke to our escrow officer, I learned their company had experienced the same kind of sudden pick-up in business.

With the announcement of new FHA loan limits, buyers suddenly have easier access to financing with flexible underwriting criteria and low down payment options. Certainly, everyone predicted that that would help prompt a recovery in our sluggish market.

But from where I sit here in the trenches in Long Beach, CA, there seems to be something else in the air. For more than a year, we've been hearing from a number of buyers that they're waiting until the market hits bottom. What we're hearing now is that they think this may be a good time to buy.

I think they're right.

Check out this graph that shows pricing trends in Long Beach, CA:

As you can see, local median prices were in an almost vertical decline for months, but are in the process of shifting again.

Of course we can't predict what will happen in the coming months and unfortunately I don't have a crystal ball, but if I were waiting for the bottom, I don't think I'd sit on the sidelines anymore either.

LONG BEACH REAL ESTATE

Open House This Saturday, 1-4 p.m.

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 07 Mar 2008 19:35:59 -0600

ROSE PARK SOUTH, Long Beach, California 90814

LONG BEACH REAL ESTATE

OPEN HOUSE

SATURDAY, MARCH 8, 2008

1-4 P.M.

We will be holding open the main unit of this beautiful, super-clean duplex near the beach this weekend.

The main unit is 2 bedrooms, 1 bathroom with about 1400 sq. ft. It has hardwood floors and a fireplace plus an eat-in kitchen that opens to a private patio.

It's near shopping, restaurants and the beach.

The second unit is a 1 bedroom, 1 bathroom unit over the garages.

For more photos and additional information on this property, visit our website at:

www.ShowMeHome.com.

If you register on the website, you can search all available listings on the MLS and receive automatic daily emails with properties in your price range and desired area.

Price Reduced! Short Sale -- Seller Must Sell!

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Fri, 07 Mar 2008 15:45:32 -0600

4322 Patero Way, Long Beach CA 90815

We just reduced the price of this spacious 3 bedroom, 2 bathroom home in the Artcraft Manor Area to $475,000.

This home features a fireplace, hardwood floors and an upstairs master suite with a walk-in closet and bay window. There's an attached garage, inside laundry and a spa in the back yard.

This home features 1,416 sq. ft. on a 6,000 sq. ft. lot and was built in 1943 according to the tax assessor's office.

This property is a "short sale" and all terms of the sale are subject to third-party approval.

For more photos and a virtual tour, visit our website at www.ShowMeHome.com.

LONG BEACH REAL ESTATE

LONG BEACH HOMES FOR SALE CA

Time to Buy! FHA Loan Limits Increase!

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Thu, 06 Mar 2008 19:01:23 -0600

For those waiting for the perfect time to buy, now may be the time to jump off the fence. Last month, we saw prices begin to stablilize in Long Beach and Lakewood. This month, we've seen the pace of sales pick up locally. And by now, anyone interested in buying has probably heard the big news -- FHA loan limits were increased.

Beginning today, HUD will offer temporary FHA loan limits ranging from $271,050 to $729,750. Both Los Angeles and Orange County qualify for the highest limit based on median prices here.

""Many families all over the U.S. will benefit from this access to credit, and increasing these loan limits will inject much-needed liquidity into the housing market," FHA Commissioner/Assistant Secretary for Housing Brian Montgomery was quoted as saying.

The change was benefit of The Economic Stimulus Act of 2008, which permits FHA to insure loans on amounts up to 125 percent of the area median house price, when that amount is between the national minimum ($271,050) and maximum ($729,750). The new minimum and maximum loan limits are based on 65 percent and 175 percent of the conforming loan limits for Government-Sponsored Enterprises in 2008, which is $417,000. The FHA used a combination of existing government data sets and available commercial information to determine the median sales price for each area, and released the data approximately two weeks after the President signed the stimulus bill. The change in loan limits are applicable to all FHA-insured mortgage loans endorsed after HUD publishes the increased loan limits today, and it lasts until December 31, 2008.

By increasing loan limits nationwide, FHA hopes to help stabilize housing markets across the country. In January 2009, FHA's maximum loan limit will return to $362,790, unless the U.S. Congress approves bipartisan legislation to permanently increase loan limits as part of the FHA Modernization bill, which is still awaiting final approval on Capitol Hill.

LONG BEACH REAL ESTATE

Is spring coming early or is the market changing?

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Thu, 28 Feb 2008 20:21:01 -0600

When I sold my Long Beach house last fall, I was sad that the hundreds of bulbs I've planted over the years would be blooming in someone else's garden. Of course, I was also pleased to be finally closing escrow in this down market, I went out and bought myself some more bulbs.

I planted those bulbs in my new yard and set in for the cold winter. OK, so I'm in sunny Southern California but we're wimps here so it feels cold to us. And the real estate market, well it's been cold for sure.

This week, daffodils came up in my new yard and three offers on longtime listings came over my fax machine. I'm thinking maybe the winter is over. I know the calendar says spring doesn't come officially until March 21st but I'm hoping this is a sign it's coming early this year! Hope blooms eternal, and daffodils, well you can always plant them someplace new!

Long Beach Offers 17 Historic Districts

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Thu, 28 Feb 2008 19:49:38 -0600

Although Long Beach, CA is a major city -- the fifth largest in California -- it offers a number of quaint, historical neighborhoods. Long Beach boasts 17 separate historic districts. Each one is rich with architectural charm and history.

A drive through these historic districts will take you back in time... Here's where they are:

BELMONT HEIGHTS - Boundaries are Newport Avenue, Roswell Avenue, 4th Street & 7th Street. Includes some Victorian homes, Mission Revival, Spanish Colonial Revival, Tudor, and Neo-Traditional. The Craftsman Bungalow style is prevalent here.

BLUFF HEIGHTS -- Boundaries are Junipero Avenue, Redondo Avenue, 4th Street and Broadway (but excluding Carroll Park and Lowena Drive historic districts). The Craftsman Bungalow style is prevalent in this area.

BLUFF PARK -- Boundaries are Junipero Avenue, Loma Avenue, Ocean Boulevard and 2nd Street. This is a section of larger, stately homes with Craftsman architecture as well as period revival homes.

BRENNER PLACE -- This is a one-block historic district located east of Alamitos Avenue between 7th and Hellman streets. These Spanish Colonial Revival homes resemble courtyard housing.

CALIFORNIA HEIGHTS -- Boundaries are Wardlow, Bixby, Lime and Gardenia. This is the city's largest historic district. Although there are some Craftsman bungalows, Tudor and neo-Traditional homes, the most prevalent style of architecture is Spanish Colonial Revival.

CARROLL PARK -- A small historic district with curving streets and landscaped islands. Bounded by Carroll Park East, Carroll Park West, Carol Park North, Junipero Ave. and Third Street. The Craftsman bungalow style is prevalent here.

DRAKE PARK/WILLMORE CITY -- Unites two previously independent historic districts and includes Craftsman, Colonial Revival, Victorian and other architectural styles. Bounded by Loma Vista Drive, Park Court, 4th Street, Magnola and an irregular boundary from Nylic Court to Magnolia to 7th.

ELIOT LANE -- This is a one-block historic district located between Third and Colorado, St. Joseph and Argonne in the Belmont Heights neighborhood. These homes were all built in 1923. Although they are predominantly Mission Revival, a few are Craftsman.

HELLMAN STREET CRAFTSMAN -- Located along the north side of 9th Street between Orange and Wallnut avenues, Hellman Street. As the name implies, this area features a high concentration of Craftsman homes.

LINDEN AVENUE -- This historic district is between an alley north of Anaheim to 14th Street and features a variety of early 1900's architectural styles. These were mansions built by prominent citizens of the time.

LOWENA DRIVE -- Junipero Avenue, just above Broadway, and Lowena Drive, just east of Junipero. This is a cluster of four Chateauesque buildings.

MINERVA PLACE -- Minerva Park Place near 11th and two properties on 11th Street. This is a tiny street lined with 16 Spanish Colonial Revial homes built in 1925.

ROSE PARK -- Boundaries are the east side of Saint Louis, the alley north of 7th Street, Coronado and 10th Street. These homes are primarily Craftsman bungalows but also include Spanish Colonial Revival and Neo-Traditional homes.

ROSE PARK SOUTH -- This is a continuation of Rose Park Historic District, from 7th Street down to 4th Street, and also features many Craftsman bungalow examples.

SUNRISE BOULEVARD -- 2515 Lime Avenue, 2444-2588 Olive Ave., 638-836 Sunrise Boulevard, 701-745 Vernon Street, and 804 E. Willow Street. Homes in this area are predominantly Craftsman bungalows, built between 1908 and 1924.

WILTON STREET -- This district includes Wilton Street between Termino and Grand avenues as well as 1634 Grand and 1637 Termino. These Spanish Colonial/Mission Revival homes were built in 1924.

WRIGEY AREA -- Although the Wrigley neighborhood is much larger, the historic district encompasses only 2008-2191 Eucalyptus Avenue, as well as 439 W. 20th Street and 417 W. 21st Street. These predominantly Spanish Colonial Revival homes were built between 1928 and 1934.

For more information on district boundaries or history, visit the city's website at: http://www.longbeach.gov/plan/pb/hpd/hd.asp. If you'd like to search all available properties in the Multiple Listing Service (MLS), visit www.ShowMeHome.com

Just Listed! Duplex in Rose Park South Historic District

Shannon Jones, Long Beach Real Estate (The Shannon Jones Team) — Tue, 26 Feb 2008 12:37:24 -0600

We just listed this super-clean duplex in the popular Rose Park South Historic District of Long Beach at $625,000!

The main unit is a spacious 2 bedroom unit with hardwood floors, a fireplace and forced air heat. It features lots of storage, an eat-in kitchen and a private patio area that opens to the kitchen or master bedroom. The bathroom has double sinks and a separate tub and shower. The main unit is about 1400 sq. ft.

The second unit sits above 2 garages. It is 1 bedroom/1 bathroom with about 700 sq. ft.

The property is close to the beach as well as shopping and restaurants. The units are separately metered and there are laundry facilities in the garage area. This is a great buy!

For more information on this property, visit www.ShowMeHome.com or call The Shannon Jones Team at 562-961-1415. Register on our website to view all properties on the MLS or receive daily property emails with listings that match your criteria!