I sometimes hear: "What is the difference between Mediterranean and Spanish Revival style?"

Well, the first thing that really jumps out to me the amount of space between the roof line and windows.  In a normal Mediterranean style home, the windows will be very close to the roofline.

I have seen it often in my native South of France where a lot of "bergerie", farms for goats and sheeps, typically built in a rectangular fashion, has little space between the windows and the tiled roof.  It makes for a cozy and inviting feel.

What we call Spanish Revival is actually a local style in Southern California and reaches as far out as Texas and in some cases, further East.  It is a mixture of Spanish Andalusian typical homes but happily marries Mediterranean, Italian Renaissance and Moorish styles.

Here is what you can expect if you are looking to buy in the Belmont Heights area.

As far as the average for active homes listed.

              Bdrms Baths Sq Ft  List Price    LP/SqFt Sale Price SP/SqFt SP/LP DOM 
Minimum  0        1       418    $179,000    $266     N/A          N/A      N/A    2
Average   2        2       1429   $685,936    $484     N/A         N/A      N/A    88
Maximum 6        5       4100   $2,499,000 $930     N/A            N/A        N/A    313

For pending sales which gives you a good idea of what is going into escrow.

              Bdrms Baths Sq Ft  List Price    LP/SqFt Sale Price SP/SqFt SP/LP DOM 
Minimum  1        0       598    $299,900    $350    N/A          N/A      N/A    1
Average   2        1.50   1364  $671,525     $492    N/A             N/A        N/A    57
Maximum 7        5       4590   $1,950,000 $791    N/A             N/A        N/A    157

For closed sales which tells you what has happened this last month.

              Bdrms Baths Sq Ft  List Price    LP/SqFt Sale Price SP/SqFt SP/LP DOM 
Minimum  1        1       800    $329,900    $288    $315,000   N/A      92%  1
Average   2        2.25   1793  $744,315    $452    $723,484    $396    97%  61
Maximum 7        7.5    7244   $2,087,500 $644    $2,087,500 $644    103% 160

Expired properties are those that did not sell.

              Bdrms Baths Sq Ft  List Price    LP/SqFt Sale Price SP/SqFt SP/LP DOM 
Minimum  1        0       524    $269,000    $289    N/A          N/A      N/A   16
Average   2        2.00   1381   $630,192    $499    N/A         N/A       N/A   146
Maximum 8        8       3900   $1,225,000  $845    N/A         N/A       N/A   343

These numbers were taken from the Southern California MLS database.

As I cannot seem to figure out table layout under Typepad, I hope this is clear enough to see.

Next, I will compare prices from a few months ago until now.  As last year shows the general prices in Southern California have appreciated, I feel some prices are actually going down in Long Beach.  Maybe it’s a fluke.

Today,
the City Council will vote to send the proposed amendments for voters.
There are  seven propositions, including:
modifying the mayor’s veto power, appointing a commission to set
councilmembers salaries and expanding the term limits for the mayor and
councilmembers.

Look for the January 30 issue of the Long Beach
Business Journal for more information.

Less Sale By Owner

You really need professional help when selling a home in this market .  Doing it on your own can be especially tough as we see a smaller proportion go that way.  For-sale-by-owner deals went up the last two decades to 18% in 1997 down to 12%, according to a NAR survey.  In fact, going it on your own is best when the market has too many buyers and little sellers, it seems.

The survey found that median selling prices run 31% higher when using an agent.  FSBO, For Sale By Owner, want to avoid paying commissions, but face all the challenges an agent usually deal with and professionally understands. 

The article is interesting and clearly explains what I have been saying in this blog for some months now, you pay for a professional that can save you not only time but problems.

Click here to go to the Business Yahoo article.

Mortgage companies have been consistently in the news for the past few months.  Whether you go to the Brian Diez blog to get some insight as to how to maneuvre through this industry to Calculated Risk, equally insightful blog, you can read about what to watch out for when you look for a loan.

Business Week was also writing a piece on how the market is changing for lenders.  In fact, many companies have tanked, such as, Ownit, MLN, Sebring Capital, while others are facing a grim future, Option One, Ameriquest.  I can’t help but wonder how such companies get themselves in situations like these.  They were the key players of yesteryears.  Maybe they pushed too many wrong loans to people who couldn’t afford it that effected the market in a negative way?  It seems to be that ways.

The next few months would logically push these companies to seriously rethinking their strategies.  Let’s hope it involves smart loans and less fluff.  I still don’t understand why lenders charge points when it clearly seems a way to make more money on a loan.  I understand there are plenty of options but they are too confusing for most people.

Don’t know what to do today?  How about a Living History Tours of the Rancho Los Cerritos?  It’s today from 1-4 p.m. and it’s free.

Tour the 163-year-old adobe house with some of the Hathaway sisters, Llewellyn Bixby, Sr., a ranch blacksmith, or Bixby relatives, all "visitors from the past" who will step forward in time to haunt the Rancho halls.  These living history tours will take you to the realms somewhere between 1840 – 1940.  Which era will you visit?   You might discover what life was like on a booming cattle ranch.  Perhaps you will learn first-hand how long it took to shear 28,000 sheep.  Or, you will possibly explore how a crumbling adobe was transformed into a modern 20th century home.   
Tours begin every half hour with the last tour starting at 4 p.m.  No reservations are required.

Ever wanted to know how to get more involved in the community or learn more about the Ranchos?

Today, you can learn what it takes to keep a museum going "behind the scenes," and explore volunteer opportunities in the public arena:  guiding tours, working with school children, helping with special events, and giving talks to community groups.
Come explore opportunities to get involved at Rancho Los Cerritos–the Roots of Long Beach, and also enjoy a continental breakfast.  Please RSVP no later than January 26 by responding to this message, or by calling 562/570-1755.   

Condo Conversions Up in 2006

Condominium conversions in Long Beach went up three fold in 2006.  It has effected the local housing market.  Condos have received much attention for a while and I wonder if an adjustment is coming.

Vacancy rates are about two percent make condo conversion very attractive for investors.  One of the many city ordinances require property owners to provide relocation assistance to low-income households displaced from conversions.   But the affordable housing crisis is giving us an overcrowding of our city. 

The Long Beach Business Journal has a good article explaining the ins and out, as well as opinions on this tricky subject.

On another note, I noticed at least one condo on 2nd street, East side that is selling for much less than it commanded last year.  Is this the beginning of a re-evaluation of condo pricing?