That's a good question, one that has a tot of different answers.  We have had and are in what would appear to be one of the strongest real estate markets ever.  Interest rates have been holding steady or actually dropping slightly over the past few months.

We have had the largest volume of business in our office for the entire year in September, and October may just exceed September.  The price of homes in just about all of the local markets....  Naples, Belmont Shore, Alamitos Heights, Belmont Heights, The Peninsula and Park Estates have reached an all time high.  You would be hard pressed to find an area where prices aren't up.

The number of buyers at open houses seems to be increasing almost weekly.  The Internet has created a lot of activity, at least in the sense of interest about certain  homes.  In some cases we have actually sold properties as a direct result of the Internet.

Our local inventory of homes has reached its' smallest number in practically a year making for a demand side market favoring the sellers.  Our advertising in various publications has been very effective and all in all the local real estate market is great!

The question then is what is on the horizon for the local real estate market?  That one is not so easy.

You don't have to look too far to get feedback on that one; just about every publication in the newsstand seems to have an article on the  real estate market.  We have so many variables to deal with that it is almost impossible to figure it out, this is when a Crystal Ball comes in handy.

All kidding aside we have all witnessed events that will probably effect our local market in one way or another, just how is yet to be seen.  Probably the most noticeable has been the devaluation of the dot.com sector of the stock market.   Think back not even a year ago, how many of your friends, family or maybe even yourself were buying stocks that you never even heard of and selling them in a week or two and making a incredible return.  That part of the market is gone (for the time being).

We have an election coming up that we hope you will remember to cast your vote.  This election could be the start of something great. What will the election bring?

That's another good question.

A Look At What's Being Built And What's Not

Bayshore
Alamitos Heights

A few months ago we reported that New Urban West Inc. was developing the [and at the base of Bellflower and Colorado. We had spoken to a representative at the time and were told that they planned on building 52 homes starting in the high $300,000 range. The completion date was set for year’s end. It looks like they had some set backs along the way. If you have driven by that area lately you can't help but notice all of the earth moving equipment. The dirt looks as though it is being moved from one end of the property to the other. It is really quite an undertaking. Hopefully for them the sight of an office trailer means that they are getting ready to start with the models. Our gut feeling is that when the homes are finally marketed they are going to start more in the $400,000 plus range.
      

Azure Bay
15-lot subdivision & docks

Recently the 15-lot subdivision between Loynes and Azure Way was sold for $4.65 million. Preliminary development is currently underway. The lots are adjoining the rear entrance of Bay Harbour and are on both sides of Azure Way. It is not clear how the lots are Laid out but there are both waterfront and off water lots. 15 lots divided into $4.65 million works out to about $315,000 average per lot. It would seem that after utilities, road construction, site prep, architectural work, construction cost and a lot of interest that these homes will probably start in the $700,000 plus range for off water and $1.3 plus million for water front with dock.
      

Wild Oats Center
PCH- Across from the Market Place

Finally after years of negotiations and rumors that Tom Selleck owned the property this parcel of ground is being excavated and prepared for construction. Once again the earth movinq equipment is all over the place but it is already graded to the point that you can see where they are going to build.  We have shopped at the Wild Oats in Pasadena and I must say it is definitely a top-drawer operation; you will like what they have to offer. Joining Wild Oats Market is Petco, Boater’s World and Mimi’s Cafe. For leasing information you can call 949-851-6990
      

Downtown Plaza
Pine Ave.

The long-standing debate as to what will become of the now defunct "Long Beach Plaza" looks like it may be going forward.  The City Planning Commission unanimously supported an open-air retail and residential plan.  The Ohio based developer, Developers Diversified Realty (DDR), lacks only a few votes before they start to demolish the existing mall.  They intend to build 460,000 square feet of retail space, 328 residential units and a hotel.

With the approval of the Planning Commission the demo work could start as early as next month, with construction within the next 4 to 6 months.
       

Set back for Queensway Project

The downtown Queensway Bay Waterfront Project, which has been rolling along quite well, suffered a major set back. The major tenant, Resort Theaters of America, has filed for bankruptcy. The city has to step back and reevaluate their options. This is the 2nd theater chain to drop out of the project.

The Queensway Project has been planned to bring Pine Avenue, the Convention Center and the Aquarium together in what would be a smooth transition between the three areas.
      

To Add On Or Not To Add On?

Drive through the neighborhood on Granada, Park, Roycroft, Quincy or Vista and you will see the telltale sign of a remodel..."the dumpster".   The dumpster means one thing, someone is in the demo phase of a remodel.   Actually, a lot has already been done or should have been done.  That is the ideas have been reduced to 'approved' plans, a contractor has bid on the job, and a contract has been signed. You have either borrowed or have enough money to cover the con tractor's bid plus a buffer of 10 to 20% more for changes.  You have your rent set aside for 6-8 months white waiting for completion and your existing mortgage payments for 6-8 months as well.  On the light side, you have a new phone number, mailing address, and all new utilities in your name.  If you're with us so far, don't let the rain bother you; it will rain when your roof is open.  You have now gained the right to visit your home and see how the demo and construction is coming along and, as time goes by, you will be able to tell your friends that it really was not that big of a deal! ....   You probably will save that one until it's finished.
    

Long Beach Schools Do-It-Again

Our schools have been on a roll.  They have just been recognized for their achievements in the Public School Accountability Act (PSAA) testing.  The State of California has set up this pro gram to reward the schools throughout the state for increasing their scores over the 1998-1999 scores.  As it turns out 78% or 62 schools are now eligible for a portion of the $677 million Governor’s Performance Award. T he schools with the largest gains will be eligible for bonuses for the teachers as well as the school.  These test scores show that our students are making strides to compete in the academic world.

From all indications our schools have been coming to life with enthusiasm and a sense of pride.  The idea that the rest of the country is looking to California may have something to do with it.  Our start up programs, like school uniforms and single gender classrooms, are innovations for the entire Public School System.

We applaud all of the schools; teachers, students, parents and everyone involved who have committed themselves to improving the education system. Thank you.