I had the opportunity yesterday to hear a presentation on a proposed development plan for the 2nd and PCH property where the hotel currently sits.  It's a crazy intersection for traffic and like the speaker said, a development on that corner could make it worse.  But my favorite thing he said was it is the gateway to Long Beach for many that are visiting.  You get off the 405 at 7th/22 exit and enter the Eastern side of the City from Studebaker.  You come up PCH from Seal Beach and you are at that intersection.  Not very impressive and then when you get to that corner - less than a block from the Ocean, the empty lot in front of the Hotel greets you.  It would be wonderful to have a new development on that corner.  It would contribute to revenue for the City, show us as progressive and put a 'live/work' community befitting of the 21st century right at the entrance to our wonderful hometown.  This is a difficult problem the City is trying to solve, whether it's what to build, how to handle the traffic or just getting everybody to agree something needs to be done on that corner.  I for one vote for moving forward.  I don't know specifically what that means but I liked what I saw and heard yesterday.  This is not a plan for that intersection it is one proposal the City is considering.  If you want to see and hear more about this proposal check out www.secondandpch.com  I'd love to hear what you think about one of the proposals for this intersection.  We are still years away from getting something done but wouldn't it be great to know the plan is moving forward.

I can name a few and I'm sure you can as well.  I had the opportunity yesterday to attend a luncheon and hear a speaker who is a real estate attorney and works for the California Association of Realtors.  His group gets to field a ton of phone calls from Realtors and Brokers all over the state.  They call to ask questions that will protect their clients and them in a transaction.  The question can be about anything from the time of the offer to the time of the close.  As they say 'they have our back' and just add another level of protection to clients of Realtors.  This gentleman speaks and gives us updates on what's happening in the marketplace, changes to the laws (CA just passed a bunch of laws on Oct. 11 to protect consumers in loan modifications) and changes to contracts and forms.  During the question and answer phase at the end, one of the questions he was asked was 'what is the most common question' asked to attorney's on the 'hotline'.  Half of the attendees in the room shouted an answer in unison.  He smiled and said you are right!  The answer to his question 'complaints about other Real Estate agents'.  I say Real Estate agents because allot of people still do not realize that when the State of California issues you a Real Estate license that does not make you a Realtor.  You must join both the National Association and the State Association and a local Association to be a Realtor.  These associations provide education, up to the minute legal advice and lobbying efforts at all levels of government.  Although these things are all important, the lobbying efforts are critical.  It's these efforts that help congress understand the meaning of their actions to us 'regular' folks on the street.  The biggest lobbying effort right now is to extend the First Time Home Buyer Tax Credit.  We have to pass this law.  So when you hear a Realtor complain about the agent on the other side of the transaction my first question is always is this a Realtor or an agent.  Realtors live by a strict code of ethics and are held to a higher standard.  That's important - to me - to my clients and it should be to you.

I am fascinated that the news continues to report on "everything you need to feed bad about regarding buying or selling a home".  Wouldn't it be great if there was a news station that actually had upbeat news stories.  Not fluff but real world good news.  There is a bunch of it out there, especially when it comes to buying or selling a home.  There are more people buying homes today as First Time Buyers than ever and they are getting good loans from great lenders and they are actually qualifying under real rules.  That is something to celebrate.  One question Long Beach buyers ask me constantly, and I know it's the same everywhere, how do I know how much I can qualify to buy.  I tell everybody the same thing, don't start looking for a home until you have met with a lender and discussed your current credit report, your buying power and know exactly what you will qualify to buy.  The cardinal rule when you start the process to buy is to stop spending!  On anything other essentials.  Don't charge anything else on any credit cards until the transaction is closed.  Every purchase can affect your credit score and ability to qualify.  Be sure to work with the lender to get your credit report in great shape before you start searching.  You don't want a disappointment or a frustrated effort and that's exactly what you will get if you don't have your lender relationship locked up before you go shopping.  And don't forget continue to pay everything on time.   Here's the bottom line: Obtain your preapproval from a reputable lender (your Realtor can probably recommend several that work in your local area), leave your existing credit lines in place, and refrain from shopping for all but essential items until your transaction closes.  Sellers will feel much better about your offer if you have a strong Approval letter from a lender with a good reputation - somebody they have heard of so they don't worry about how real it is.  How simple is that - and what great news!  And get a lender, get qualified, and call me. 

I had the chance today to hear some stats about what's happening in the Long Beach market.  I learned that in Aug. the median price in Long Beach was $320,500, down 14.5% from Aug. of 2008, but that Lakewood had a median price of 400,000 up 1.3% from one year ago.  Some other stats you may find interesting.  First time Buyer home index is 67%.  In a great market we are happy if 20-25% of our first time buyers qualify to buy a home so this market is exception.  The interest rates today for 30 year fixed conforming loan with 20% down is 5 1/8 to 5 1/4, depending on credit scores, etc.  Our total inventory in Long Beach is way down from what we usually expect and in total we probably have less than a 4 month supply and that's all areas of the City combined.   Today the median time on the market is 35.2 days.  That says that there is a large pent up demand for property in the Long Beach area. The are still good buys to be had and if you thought the investors thought it was great before, in this day of less inventory they are aggressively going after property.