Posts from — July 2011

What have 1 Bedroom Homes done in Long Beach since 2000?

I recently did an appraisal of a 1 bedroom in Long Beach. During the course of my research, I wanted to see what 1 bedrooms have been doing since 1/1/2000.  I created this chart for all of  Long Beach. The higher values on the chart are from the Eastside and the Peninsula. What is most interesting to see,  is that during the peak around 2006, there are no sales under $200,000.  Think about that, these are typically first time buyer homes that are between 550 s.f. to 875 s.f. on small lots. To me, when I did a few appraisals of these back then, I would often think that this is just wrong, someone is willing to pay over $200k for a 1 bedroom, really?  But the comps actually supported those values.

Here is a link toa pdf of the chart.

1 Bedroom since 2000

If you have any Appraisal needs in Long Beach or the surrounding area, please call 562-673-1138.

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July 18, 2011   No Comments

How zoning can Ruin a Neighborhood.

How can Zoning Ruin a Neighborhood?

 This is what I was think as I was driving around Long Beach doing an Appraisal. As I was driving the street it was painfully easy to see how improper zoning had destroyed what was once a nice neighborhood.

 Let me catch some of you up. Back in the late 1980’s to early 1990’s there was a boom of 4,6 and 8 unit apartments being built on lots, that previously had older single family homes or duplexes. These new apartments were typically one level of garages with two levels of apartments on top. These sprouted up all over Long Beach, but are most prevalent between Anaheim Street and PCH.

 Neighborhood density immediately grew as new tenants filled the apartments. The streets became over crowed with cars due to the lack of parking in the new apartments. Crime also increased during this time.

 Had the city had some foresight and not been so shortsighted and seeing short term revenue, they could have changed the zoning to only allow duplexes. The area could have been saved and perhaps the values would different then they are now. The city recently converted one of these into a condo in hopes that it will promote more pride and responsibility for the area.

 So, know your zoning!

If you have any appraisal related needs in the Long Beach or Southern California Area, please call me at 562-673-1138

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July 6, 2011   No Comments

Alamitos Heights different values on both sides of 7th Street

 

Above 7th Street Vs Below 7th Street (this is a PDF Version)

 

I was doing an appraisal of a house here in the  Alamitos Heights area of Long Beach. I have always known there is a differance in values from one side of 7th Street to the other , so I decided to graph. I used all closed sales from 1998 until 6/30/2011. I will work on a graph that will tell us what the average percentage differance is and post it soon.

If you  need have any real estate appraisal needs in the greater Los Angeles and Long Beach Area, contact me at 562-673-1138, www.wallaceres.com

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July 1, 2011   No Comments