I think both cities have many things in common.  They are roughly the same size and have the same population.  They both suffer from the same problems, a strong local culture and identity and are both probably unmanageable politically.

They both have pretty avenues and palm trees.

I will write more about it and post some pictures on my websites also.

Over at Urban Trekker Blog, Dewita wrote a post on the process of buying a home.  Darn, beat me to it, I was working on mine!

Go and see for yourself.  It has a great timeline. 

Urban Trekker.

In a nutshell:

Step 1
Removing Contingency. The most common contingencies are home inspection, financing, and the sale of your current home. These conditions have to be removed before you can proceed to closing.

Step 2
Appraisal and Title report. Your lender requires a formal appraisal to confirm the value of the home you’re buying. They wanted to know what the CMV of the house as collateral to secure the home. The title ensures that the seller has clear title to the property and has the right to transfer ownership to you. If a seller fails to pay a contractor, the contractor can file a lien on the property. In case of appraisal, depending on the jurisdiction, it’s very likely that if the appraisal comes in lower that your sales price you will have to renegotiate it with the seller. If seller don’t want to come to terms with you, then you can either pay the extra out-of-pocket or void the contract.

Step 3
Prepare closing documents. Escrow service companies or real estate attorneys prepare docs that confirm the transaction, prorate funds, etc. For example, for tax calculation — depending when you go to closing, the escrow company have to do debit and credit in their calculations.

Step 4
Proceed to closing. Sellers pack and leave the house. Both parties signed closing documents. This is when funds exchanged hands. Funds from lender for buyer go straight to pay sellers and proceed is disbursed to the seller after the deed has been recorded.

Step 5
You get the keys to your new home.

Stay tuned for mine.  I swear, I was really working on it…

A total of 42,750 new and resale houses and condos were sold statewide last month, up 0.7 % from 42,450 for September and down 21.7 % from a 54,600 for October 2005.  October was the slowest month since 1997.

The median price, up 0.2 % from September’s $466,000.

Generally speaking, price have appreciated in some areas.

You can read the entire post here.

A recent survey by Gallup found homeowners are still optimistic contrary to the general idea that median home prices should fall over the next year.   84% of homeowners still expect their home values to increase or stay the same.

The number that caught my attention was that one in four homeowners (27%) say they have seriously considered selling their home in the past year.  Which means, we have entertained, to great expenses many not so serious sellers?  Nah.  But wait!  There’s more.  Of those who have considered selling their home, just 16% say they acted on this option.  Hum, now I am puzzled. 

But Calculated Risk asks an interesting question,  If existing home sales over the last 12 months were approximately 6.65 million and inventory is currently 3.75 million giving a total of 10.4 million homes sold or currently in inventory.  Given that some homes languish on the market and then are eventually removed without selling.  If this survey is correct, the number removed from inventory without selling is approximately 2.4 million. And homeowners are seriously considering selling another 4.6 million units.  It would have been interesting to have had the numbers from the previous years and graph out a trend, but this is a very valid question.

This survey shows that the psychology might be changing as more homeowners believe their home values will "stay the same".

You can read the entire post here.

A Strange Article Form Real Estate Journal, Long Beach, CA

Even though we have all come to take the articles the site produces with a grain of salt, some are good, others are interesting to say the least.  The latest to date is how some agents are getting a lot of incentives from desperate sellers in order to favor their home over another. 

I must be out of the loop but I have not seen this in our city nor been approached.  I am wondering if it is not one of those stories that popped up somewhere and that journal tries to make it look like a real trend.  Or making I just look too ethical?

You can find the article here.

Instead I was about to write about how sellers are increasingly approaching us at Robert Weil Associates with an attitude of: "Please help us sell our home, it’s been sitting on the market for 6 months…"  Which is fine. 

You know the saying: First born child, second wife and third Realtor!  In fact the only trend I have seen over the past month are sellers coming to terms with the market, as is reflected with lowered asking prices.  Also see many understanding the logic of the higher the fee, the more incentive for the buyer’s agent to come and see it.  That is a good thing.

In the past, there was little logic to high commissions as homes sold very quickly with relative effort. However today’s market is a twist of intelligent and knowledgeable merchandising and professional skills, and even then…  More sellers understand the concept of higher fees which in turn helps them sell their home faster, saving on taxes due to the prolonged time on the market, as well as concurrent mortgages, etc.

Bet you didn’t know the many secrets Alamitos Bay has?  A new research by Stan Poe 2006 who has uncovered on the development of the Alamitos Bay peninsula. The peninsula was the precursor to the settlement of Naples.

The first "interest" meeting of the principal players took place on January 13, 1903. J. W. Hellman hosted a party.

The website gives an incredible account of how the Bay was thought of and created.  At first, a "Tent City" Planned For Alamitos Bay Pennisula and eventually it became what we know it as today.

Please go and read more on the Long Beach Heritage website.