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This week on LivingLong Beach we discuss the down grading of our national credit rating and the numbers for the first week of August. Our guest Holli Applegate from Old Republic Title Company helps us understand why title insurance is so important. Holli also provides us with some situations that are becoming more and more common in today’s market.
On a somber note, we would like to send our condolences to Teri and John Kelsall from Lakewood, who recently lost their son, Lt. Commander Jonas Kelsall, a Navy SEAL, when his helicopter was shot down in the Tangi Valley. Our deepest thoughts and condolences go to his family for the sacrifice they have made for our country. If you would like to show your support, in lieu of flowers or gifts, The Greater Lakewood Chamber of Commerce has set up an account for the family’s travel expenses at Gateway Business Bank in Lakewood.
On an economic note, Standard & Poors did it, they lowered the American credit rating. What does this mean to you, nothing really. It this recent economic crisis has taught us anything, it is credit is bad, cash is king. Unfortunately, someone forgot to tell the US Stock Exchange, which dropped significantly after the report was announced.
THE NUMBERS
Nothing too shocking in this weeks numbers, other than Adam can’t remember what week he is in.
Active Listings 1282 +9%
Average Price 470K -1%
Total Sold 46 -30% – Typical for the first week of the month
Lowest Price 80K 0%
Highest Price 2.1M +56%
Average Price 434 +19%
Days on Market 79 +1% – Hey, still below 100
In summary, prices are falling but the market is still competitive and homes in Southern California sell quick.
Now onto our guest, Holli Applegate who has been a title rep for 22 years and has been with Old Republic Title for the past two and half years. Mark and Holli have worked together for over five years and through our experience has been a source of information and local resources. Today Holli discussed the senate bill SB 458 which was signed on July 20th. If you are a home owner with a second loan, you are defiantly going to want to hear what Hollie has to say, and how this may benifit you, especially if you are in the middle of a Short Sale.
Hollie also brings some great stories of how is an issue in today’s REO market, and how you can protect yourself against it. Another must listen, if you own a home.
When was the last time you checked to see if you still own it? Better give us a call.
Of course it wouldn’t be a show with out the Deal of the Day, where Adam and Mark, Lisette this time, present properties that they feel are a strong buy, for one reason or another.
Deal of the Day
310 Olive Ave, 3 Long Beach Listed at $189,900
This is a great two bedroom, one bathroom condo located in the Arts District of Long Beach. Hardwood floors, modern fireplace and some upgrades in the kitchen.
Adam complained that he isn’t getting enough calls on the Deal of the Day, so he is turning into the “A-List”, which a personal hand picked selection of homes which are perfect for investors, either holding or flipping.
820 Spruce Street, Compton
3/1 1,005GLA 5,000sqft lot 1 – Garage Listed at $185,000 24 DOM
Ready for the 1st reduction in price
22426 Elaine Ave, Hawaiian Gardens
2/1 610GLA 2,501sqft lot 0 – garage Listed at $100,000 11 DOM
CASH ONLY
5137 Los Flores Blvd., Lynwood
3/3 1,814GLA 7,200sqft lot 2 – garage Listed at $236,000
Un-permitted work,
This is just the beginning of the A-List, each week we will be adding more properties and details to you can determine if they fit your investment model.
The thing is, you might not be able to tell if you are looking at a great house at a bargain price. That’s what we’re here for. We match people with places. The right places.
If you have questions or suggestions, feel free to leave a comment or send us an email at info@livinglongbeach.com
We are also live now on iTunes. You can now subscribe to Living Long Beach.
Holli can be reached at holli.applegate@gmail.com or via phone at 562-355-1643.
