What You Can Get for Your Money
In Pricey Long Beach, Calif.
The Los Angeles/Long Beach/Glendale metropolitan area in California is the nation's least affordable major housing market, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, released in December 2005. In this region, only 2.4% of all homes sold were within reach to home buyers earning the area's median income, according to the NAHB. (The area’s median income is $54,500; the median sales price was $495,000 in December.) The town is sought-after for its close proximity to Los Angeles (27 miles away), and its beach properties. Below are homes on the market that are located in the seaside city of Long Beach.
- Long Beach, Calif./$575,000
- Long Beach, Calif./$799,000
- Long Beach, Calif./$1.299 million
PLACE/PRICE: $575,000/Long Beach, Calif.
PROPERTY TAX*: 1.25% of sales price, or $7,188 a year if sold for $575,000
THE PROPERTY: Located five blocks from the Pacific Ocean, the 816-square-foot bungalow has two bedrooms and one bath on 2,150 square feet (.05 acre).
DESCRIPTION: Built in 1922, this cottage sits in the historic Rose Park South neighborhood, which is noted for its collection of Craftsman-style homes, says listing agent Phyllis MacBeth of Main Street Realtors of Long Beach, Calif. The home has harlequin tile in the kitchen and French doors. Outdoor living space includes a deck, a pond and two patios. The house is a short walk to Fourth Street, which is known for its trendy shops and restaurants, she says.
NOTABLE: The home's price was recently reduced from $589,000 to $575,000 because "the seller bought another house and is anxious to sell," Ms. MacBeth says. Homes are not selling as quickly because there is a large number of houses on the market, she says. The slowdown that the local real-estate market is experiencing is typical for the winter season, she says. Prices for residential property in Long Beach have been on the rise for the past five to eight years, she says.
Note: *Current owner's payment
Sources: Main Street Realtors, First Team Real Estate
-- Ms. Kim is a senior editor at RealEstateJournal.com.
Email your comments to lauren.kim@dowjones.com.