Well, I’ll start it off with a doozy:

Short Sales In Long Beach are 26.6% of the market

Here is a story from a local LB realtor’s blog.  He never gets responses or comments, but keeps plugging along….

Long Beach

There is a pretty good LBC housing blog that i regularly read, that gets good comments:

http://www.longbeachhousingblog.blogspot.com/

CM, That IS a pretty good long beach blog, thanks for the link.

I like that they love LB, but have their eyes wide open and frequently compare LBC to The OC, for construction quality, lot size, crime, etc

Trooper, thanks for the link to our latest post over at www.LongBeachHomeBlog.com. 
I will say though that we DO get comments.  Maybe you can stop on by and give us a few more. 

Trooper,

I appreciate you noticing that we keep posting. We do get comments on the blog and frequently many of our readers choose to e-mail, call, or use the contact form instead of commenting.

We look forward to having your comments on the blog or you can always fill out the contact form, e-mail, or call.

Thanks,
Joey

jbridges and joey,

omg, I have no time left over after IHB blogging.  I may contribute here and there if I have time.

I’m an LB alum (owned in The Heights and in The Pacific during the boom)....now cashed out in CA and waiting.  I always eye LB because it’s a familiar place to me…

I would appreciate your take on just how cheap I might be able to pick up a place in West Ocean in say….3 years.  And is Aqua going down the toilet, or what !  How many owners will stick it out in your opinion ?

Thanks for the input !

Trooper

There is a huge auction sign on the side of ‘West Ocean’, the new condo tower on Ocean in Long Beach.

Here is the link to their site… West Ocean Long Beach

Great location, right across from the courthouse. When they foreclose, they can just walk across the street and auction it on the steps.

Two million dollar bank owned in the shore. not so million dollar any more though

http://www.redfin.com/CA/Long-Beach/209-Glendora-Ave-90803/home/7597200 1,300,000.00 to 829,900

http://www.redfin.com/CA/Long-Beach/246-Claremont-Ave-90803/home/7597038 was 1,300,000 now 910,000

optimusubprime - 27 July 2008 09:49 AM

Trooper

There is a huge auction sign on the side of ‘West Ocean’, the new condo tower on Ocean in Long Beach.

Here is the link to their site… West Ocean Long Beach

Great location, right across from the courthouse. When they foreclose, they can just walk across the street and auction it on the steps.

Very few buyers will find the decks comfortable to stand on or actually sit there for a long time. It looks flimsy and is not visually secured. The psychology of the exterior facade keep haunting me with CSI Miami opening scenes.

Banks are now undercutting everyone in the Shore.  This is the lowest priced SFH and the lowest per square foot price on Redfin for that area. The bar is getting lower and lower

http://www.redfin.com/CA/Long-Beach/79-Argonne-Ave-90803/home/7596275

morekaos - 06 August 2008 08:44 PM

Banks are now undercutting everyone in the Shore.  This is the lowest priced SFH and the lowest per square foot price on Redfin for that area. The bar is getting lower and lower

http://www.redfin.com/CA/Long-Beach/79-Argonne-Ave-90803/home/7596275

Until now, under $600k in the Shore was unheard of.  That is some major comp-killing.

Oh, and CountryWide owns the property.  Shocker.

One of my favorite (to make fun of) Shore properties is approaching its one-year anniversary on the MLS:

http://www.redfin.com/CA/Long-Beach/109-Park-Ave-90803/home/7602101

As ipoplaya said in the Fun With HELOCS comments, “Never buy the nicest or biggest house in the neighborhood IMHO.“

Case in point.

morekaos, that’s a great find !  Keep ‘em coming !

Welcome RE in the LBC, your contributions to this thread are more than welcome.

RE in the LBC - 07 August 2008 04:04 PM

One of my favorite (to make fun of) Shore properties is approaching its one-year anniversary on the MLS:

http://www.redfin.com/CA/Long-Beach/109-Park-Ave-90803/home/7602101

As ipoplaya said in the Fun With HELOCS comments, “Never buy the nicest or biggest house in the neighborhood IMHO.“

Case in point.

OMG, one of my friends just bought right down the street from that place. I can never pass there without laughing!!

morekaos - 06 August 2008 08:44 PM

Banks are now undercutting everyone in the Shore.  This is the lowest priced SFH and the lowest per square foot price on Redfin for that area. The bar is getting lower and lower

http://www.redfin.com/CA/Long-Beach/79-Argonne-Ave-90803/home/7596275

You think maybe the $/sqft is a mistake?  What do you do with 2250 square feet when it’s a 2/1?

you know, I thought that too. Maybe that is why there are no pictures. I will try to drive by on my way home tonight and check that out. Back at you later.

morekaos - 08 August 2008 05:56 AM

you know, I thought that too. Maybe that is why there are no pictures. I will try to drive by on my way home tonight and check that out. Back at you later.

Hey gang,

Apparently it’s 760 square feet (that’s about $750 per square).  The (likley overwhelmed) dolt at CountryWide put the 2,250 lot size in the wrong slot. 

From what I understand it has a two-car garage out back (a Belmont Shore jackpot).  It’s right next door to a monster apartment complex, but under $600k for a non-fixer-upper means the writing is on the wall for allegedly “immune” areas like BS.

Thanks RE in the LBC. Saved me from peddling over there.

morekaos - So, what is happening on the island?

Prices are falling but not fast enough for me.  There are 2 foreclosures in the 1-2 mil range though. I’ll post a few latter but right in the middle of some Olympic stuff.

Yeah it should be interesting to see how the auction turns out.  Aqua will also be performing an auction shortly with it’s last 30+ units.  I just want to see the HOA’s account balances remain healthy for the owners who are there.  The high rises traditionally have higher HOA’s so want to make sure they are well taken care of.

If anyone goes to the auction, make sure to check the MLS before you go, so you know not to go above the currently available prices .  Sometimes the auction excitement is just too much.

jbridges, can you estimate how many Aqua units are in some stage of foreclosure?  How is their HOA doing?

Trooper, I will have to do some digging to find out how many are in a stage of foreclosure (I’ll give everyone an idea of the bank owns as well).  The one big nice thing for the HOA is that the units that have gone to the bank and then back to the public, the HOA dues are brought current on those so the HOA still ends up on the good.

morekaos - 09 August 2008 12:11 PM

Prices are falling but not fast enough for me.  There are 2 foreclosures in the 1-2 mil range though. I’ll post a few latter but right in the middle of some Olympic stuff.

Prices seem to very sticky there.  I had no idea there were any foreclosures and would be interested to know where they are.  Go USA.

awgee - 11 August 2008 07:37 AM

morekaos - 09 August 2008 12:11 PM

Prices are falling but not fast enough for me.  There are 2 foreclosures in the 1-2 mil range though. I’ll post a few latter but right in the middle of some Olympic stuff.

Prices seem to very sticky there.  I had no idea there were any foreclosures and would be interested to know where they are.  Go USA.

As promised there are several stealth forclosures with a few out and outs

http://www.trulia.com/foreclosure/2001660713—Venetia-Dr-Long-Beach-CA-90803   went back and I think was eventually purchased by a knife-catcher                                                                          http://www.redfin.com/CA/Long-Beach/111-Venetia-Dr-90803/home/7593413

http://www.redfin.com/CA/Long-Beach/5571-E-The-Toledo-90803/home/7593546 If this isn’t there yet it will be soon

http://www.redfin.com/CA/Long-Beach/41-E-Neapolitan-Ln-90803/home/7592755 My spies tell me this one is a short sale at best (334 days on the mrket)

http://www.redfin.com/CA/Long-Beach/215-S-The-Toledo-90803/home/7592422 This one is also supposed to be in trouble. All 3 homes on this corner are for sale, including Vicky Lawrences. 

http://www.trulia.com/foreclosure/2001106437—Via-Di-Roma-Walk-Long-Beach-CA-90803 This one may not make it either
http://www.redfin.com/CA/Long-Beach/76-Via-Di-Roma-Walk-90803/home/7592868