Long Beach is a buyers market, so whether your looking for beach rentals, single-family homes or condominiums, now is the time to move, according to some of the city’s longtime real estate brokers.
Joyce Coletti, a top broker at Prudential Douglas Elliman on East Park Avenue, said she is still faring well in the current market, and while banks may not be offering loans with zero percent interest anymore, houses that are on the market for $680,000 are selling for $670,000 or less.
“Anything that is priced right is selling, and anything that is overpriced is just sitting on the market,” Coletti said.
Coletti explained that along with selling homes, many of her summer rentals are also getting picked up faster than usual.
“Rentals are flying off the market,” she said. “If they are priced right, then sometimes I can rent it in one day.”
Joe Sinnona, associate broker at Verdeschi Realty, agrees there is an overall positive trend in the rental market in Long Beach, and although buyers have the upper hand, many are still expecting prices from years past.
“The rental market has really escalated here in Long Beach because people who can’t afford to buy are renting,” Sinnona said. “People are just plain old scared.”
While Sinnona reassures prospective buyers that now is the right time to buy, he said there no longer are returns on short-term investments.
“You’re up against time, and time is all you have to make smart, fast decisions in a market where houses are priced to sell,” he said. “Today’s buyer has to understand that whatever they buy, they have to be into this investment for the next seven to ten years, not two to five like they used to.”
Miriam Gold, vice president of Paul Gold Realty, fears that people don’t realize that the time to buy is now, but sellers have been are reluctant to sell.
“I’m seeing more buyers coming to open houses, but there is no rush to buy something,” Gold said. “There is no sense of urgency.”
Gold, a real estate agent in Long Beach for nearly 50 years, theorizes that it is a lifestyle change that is affecting the rental market.
“I think there are less summer rentals as the years go on because over time people just want to buy houses,” she said. “People don’t pack up the car and take the kids to the beach anymore like they used to.”