Category — Long Beach

Is there a “Home Buying Season”?

So when is the best time to sell? That depends on you and your needs. But, some times of the year are better then others.

Typically the most sales happen from spring through summer. This is considered the “Home Buying Season”, the weather is nice, spring flowers begin to bloom, and the trees are starting to get leaves. Buyers might have been thinking about moving in the winter and are now actively looking.

Historically, most of the sales in Alamitos Heights happen during this time. Look at the graph below. This shows that most sales happen during this time period, except for December of 2010 and 2011 which was not typical.

So what does this mean to the seller? These dates used on the graph are the date the sale closed.  Keep in mind, it can take 30, 60, 90 days or more to get an offer, then it can take up to 30 days to close.

sales per month

 

If you want to know the Value of your home, or are interested in selling, give me a call. 562-673-1138

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November 22, 2013   Comments Off on Is there a “Home Buying Season”?

The cost of a Busy Street

Greenbrier vs Clark Avenue

I was recently doing an appraisal of a house on Greenbrier Road in zip code 90815. This street runs paralell to Clark Avenue. Clark is a busy north/south 4 lane road, and Greenbrier is just to the east.

I went back to 2000 and pulled all the sales between Atheron and Stearns and plotted them on a chart. What is shows is a linear difference of about $60,000 from Clark to Greenbrier. Doing an appraisal, I would have to make a location adjustment for any comparable on Clark Avenue vs an interior location.

If you find this interesting and need any charts or have any Appraisal need in Long Beach, please call 562-673-1138.

So, you

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September 8, 2011   No Comments

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

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

Foreclosure and Market Trends in Long Beach

I was curious about Foreclosure activity in Long Beach.  I did some research, only to find out that Long Beach rated as one of the top Foreclosure Cities in Los Angeles County by Foreclosur Radar, and in that, the top zipcode with the most Foreclosure Activity was 90805.

Look at the Foreclosure chart for Inventories, and look at October, then look at the Median Price vs Inventory chart. Inventory of homes on the market went up as the the foreclosure inventory creeped up.

But, the bigger point to make is that values are still dropping, which could increase more foreclosures.

 

Activity for Zip Code 90805

Real Estate Market Chart by Altos Research www.altosresearch.com

Real Estate Market Chart by Altos Research www.altosresearch.com

If you  need have and 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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April 8, 2011   No Comments

Current Long Beach Real Estate Market as of 1/24

The current Long Beach Market remains sluggish, we are still in a “Buyers Market” . The Market Action Index(MAI) is still below 30, anything below is a buyers market, anything above is a sellers market. The 90 day MAI stands at 17.20. The inventory has been tightening and the days-on-market has been increasing to an average of 165 days. This is not good for the overall market.

Agents, these reports from an appraiser, along with your CMA are a great tool to bring to a listing interview.  An added feature would be a Desktop Appraisal of the subject house.
If you are interested, please call Craig Wallace at 562.673.1138

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January 25, 2011   No Comments

Total # of Appraisers in Long Beach

I was curious as to the total number of appraiser there are in the city of Long Beach

 I went to the OREA website looked them up. Then, I decided to see how many are independent fee appraisers and how many are not. Any appraiser listed as working for a bank or a government agency I assume are not independent fee appraisers.

So, we have a Total of 149 Appraisers in Long Beach, of which, 140 are Independent Fee Appraisers. Look at the number of Trainees, only 14. Do you think we are going to have a problem in the future as some Appraisers retire or leave the industry? That is a different topic all together.

 Next I was curious to see how many closed sales of Condos and SFR’s there were in Long Beach for the past 4 months. I also wanted to see how this would average out to work for those Appraisers. I did not include Certified General Appraisers since they focus mainly on Commercial work. I also did not include Trainees since they can not really do work on there own. That left only Certified Residential and Licensed Residential Appraisers, a total of 84.

 I then took the total number of closed sales and divided that by the number of Fee Appraisers, as you can see that was between 2.7-3.0 Appraisals per Appraiser in Long beach, not including January. I guessed at a conservative post HVCC/AMC fee for an appraisal of $300. Basically each Appraiser would be making $775 -$866 per month.

 

Wow!

This does not include the fact that appraisers from other areas come to Long Beach.

 Basically, there is not enough work for the Appraiser that remain to make a decent living on, couple that with the low fees being paid and the fact that we lost most of our clients when the HVCC went into effect, it is no wonder the ranks are thinning.

To me this looks like a good argument to band together and demand a higher fee.

 What do you think?

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January 21, 2011   No Comments

A Look at the most Recent Data for Long Beach

 

This is a look at the current Real Estate Market for Long Beach. If you would like some custom information or to get a copy of one of are reports, send me an Email or Call Wallace Real Estate Services – Appraisals at  562-673-1138

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January 20, 2011   No Comments

Appraising Real Estate in Long Beach

Appraising Real Estate in Long Beach

By Craig Wallace, Long Beach Appraiser

Long Beach can be a difficult city to appraise in for a non-local appraiser there are many factors that contribute to the complexity that an appraiser must consider to perform and accurate appraisal. Long Beach is the 38th largest city in the United States, and the sixth largest in California, with a land area of approximately 50 square miles. That’s Big!
Zoning – Long Beach has a large mix of zoning that changes rapidly in residential areas. Some home have “granny flats” or additional units that were legal when built, but now the zoning has changed.

Location – Values can change by crossing a street. This can change the school district. Then there is the proximity to the beach for some locations. This can change in an area like Belmont Shore. Is the property located on the beach side of 2nd street or the other side?
In other parts of the city you must consider the flight path and airport noise, or location to freeways. Is the property located across from a park, is this a high use park and are there parking issues. Is the property located in or near the Port or a commercial center?

There are area that are less complex, those are usually areas made up of “post war 1940’s to 1950’s tract Homes.

Neighborhood – Long Beach has 52 Neighborhoods, each are unique and require the appraiser to have an understanding of each of them and how they can effect comparable selection. Here is the list of the 52:
• 4th Street Corridor
• Alamitos Beach
• Alamitos Heights
• Arlington
• Artcraft Manor
• Belmont Heights
• Belmont Park
• Belmont Shore
• Bixby Knolls
• Bixby Village
• Bluff Heights
• Bluff Park
• Broadway Corridor
• California Heights
• Carroll Park
• Central Area
• Craftsman Village
• Downtown Long Beach
• Drake Park
• East Village
• Eastside
• El Dorado Park
• El Dorado Park Estates
• El Dorado South
• Hellman
• Imperial Estates
• Lakewood Village
• Cambodia Town (Little Phnom Penh)
• Long Beach Marina
• Los Altos
• Los Cerritos – Virginia Country Club
• Memorial Height
• Naples
• North Long Beach
• Park Estates,[13]
• Peninsula
• Ranchos
• Rose Park
• Shoreline Village
• South of Conant
• Stearns Park
• Saint Mary’s
• Sunrise
• Terminal Island
• Traffic Circle
• University Park Estates
• Poly High
• West Long Beach
• Willmore City
• Wrigley North and South
• Wrigley Heights
• Zaferia

Historic Preservation Zones – Long Beach has 17 designated zones.
Perhaps a future post will include photos, video and history of each of the neighborhoods and Historic Zones.

When you need a local appraiser that knows Long Beach, call Craig at Wallace Real Estate Services.

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December 8, 2010   No Comments