Long Beach Real Estate Trends of Single Family Homes for November 2008 in 90802 Downtown Area
There are 22 single family homes on the market in 90802 zip code of Long
Beach, California. The lowest priced home is $125,000 for a two bedroom, 1
bath home…wow….and the highest priced, pull out your check book, home is
$3,495,000. What do you get for 3.4 Million? You get 50 feet of
beach frontage with 180 degree ocean view…wake up in the morning to view
Catalina to the entire coastline of Long Beach. This three bedroom, four
bathroom home has 3,100 square feet built in 2008. It is a tri-level home
with upgrades for fit for a king…take a look at this
luxury
Long Beach home.
Accepting Backup Offers or Not, What is the Gig?
When an offer comes in from a buyer, depending on the offer, your listing
agent may suggest that you accept backup offers just in case the current buyer
does not continue with the purchase. How can you tell? I think it
depends on the offer that the buyer wrote with his/her agent. If it
appears weak in terms of not having a large enough deposit or down payment, it
doesn’t hurt the seller to accept backup offers.
Now, those backup offers do not automatically knock out the buyer who the
seller has accepted an offer with…they are just in case type of offers.
Currently, there are 3 home owners of single family homes in 90802 accepting
backup offers. 4 additional properties are in escrow with the status as
pending sale.
So, what sold in the month of November 2008 in 90802 for single family homes?
Closed Sales in November 2008
# of single family house sales: 4
Avg. Listed Price: $277,875
Avg. Square Feet: 973
Avg. $/Square Foot: $280
Avg. Days of Market: 31
On average, these listings sold for 12.88% less than asking price.
View homes for sale
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I can’t believe there is actually a home on the market for $125,000. Even if it’s a condo, I thought I would never see the day where you can have Home Ownership and this price. I know the affordably index for first time buyer is now up. It will be a great year in 2009. Strap your seal belts on and let’s get ready for the ride.
Stella
Hi There. I’m always fascinated by other cities’ real estate, and I have to say I’m equally shocked at the price of some of your homes. I never thought there would be a home in Long Beach for $125k! Then I look at your average per sq ft cost, and that makes more sense. I’m able to find properties for $70 sq ft here in Las Vegas. Can you believe that? Anyway, I’m spending Christmas in Long Beach and will keep an eye out for some of your listings. Merry Christmas.
Felipe Crook
Prudential
The low end priced homes are not in the best neighborhoods…that’s why all buyers need an experienced agent to assist them.