Editor’s note: This is the fifth installment in a series of question-and-answer sessions with Long Beach real estate experts — Realtors, mortgage brokers, bankers, economists. There’s a lot of information about the national real estate market out there, but it’s tough to find good local information on residential real estate — until now.
Experts in the greater Long Beach real estate scene are invited to submit themselves as a Real Estate Q&A candidate regardless of whether they have good or bad things to say about the local market. Interested parties should send an email to [email protected].
10:42am | The Coastal Team of Gina King and Joanne Morris recently relocated their operations to Pacific Estates in Long Beach and added real estate blogger Eric Bryant, best known as “TheRECoach,” to their team. Morris and King are inseparable, so much so in fact that they insisted on answering questions for this Q&A together. Among the things the pair had to say is they believe the bottom has arrived for the single-family market.
Q) There’s a lot of uncertainty in the market. How do you deal with that, and how do you get your clients to deal with that?
A) Truthfully, we don’t see that uncertainty in buyers. By the time we are working with a client, they have overcome that fear. Sellers however, have a great deal of uncertainty, mostly around the process involved with distressed property. They are afraid, they are embarrassed that they are in the position, and many times they under the impression that they are, in some way, ‘desperate.’ So many times we are able to show them that they are not alone, they have options, and in some cases they were never really in a deficient state. They had equity, they had choices, and they had hope.
Q) Which sectors are hot, and which are not? (luxury, middle-range, entry-level, condos)
A) Beachside, waterfront, always a good choice and plenty of action. Homes under 300,000 and over $1.5 million are selling best. Condos, especially those with high HOA (home owners association) dues, are in the tank.
Q) Where in Long Beach, or surrounding areas, can one find any deals?
A) Everywhere, nowhere. If we truly knew that, we would be geniuses. It takes a great deal of hard work, research and networking to find any ‘deal.’ Those who think this job is simple are kidding themselves.
Q) Where in Long Beach, or surrounding areas, should buyers avoid?
A) Anywhere that doesn’t send a chill up there spine, places that don’t make them smile as soon as they walk up the driveway, homes that are anything less than exactly what they want. Otherwise, the sky’s the limit.
Q) Speaking of deals, where are all these foreclosures deals we’ve all been waiting for? Are they happening, or going to happen? If so, where and when?
A) Not in Long Beach. They are littering the landscape of the Inland Valley, the northern border of L.A. County, and most certainly throughout the California Central Valley, but don’t hold your breath for any ‘Shadow Inventory,’ here, it ain’t gonna happen.
Q) When the last spate of foreclosures hit Southern California, it negatively impacted many communities, creating blight in the form of unoccupied homes and uncared for communities. Are you seeing this in Long Beach? If so, which communities?
A) Very little, small pockets throughout, but Long Beach is one of the most unique and diverse cities in California. With that diversity comes a greater sense of community, which lends itself to pride, pride within the residents of the city. Pride that leads to keeping it clean.
Q) Is the bottom here, near or in another year (or more)?
A) For single-family homes, it’s here. For condos, it’s in another year, and for investment properties it’s near!
Q) Any good deals out there on the market?
A) Yeah. Working with The Coastal Team on your next transaction.