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Is Long Beach a Buyers Market?

Homeowners have been reluctant to sell says one Realtor, while others find rentals are moving quickly.


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.”

Mary Ellen Pollina March 30, 2012 at 03:17 PM
The real estate agencies in Long Beach would benefit by uniting behind the initiative to crack down on the enforcement of sanitation and building code compliance. When the first thing a potential Long Beach buyer sees coming over the Atlantic Beach bridge is a litter strewn and neglected commercial district, it’s a big turn-off. Any agent will tell you that first impressions are crucial to a buyer’s decision making.
Leonard Bauman April 02, 2012 at 12:04 AM
A modest West End bungalow with 2 bedrooms and 1 bathroom, 700 sq. ft just sold for $965,000.
Lloyd April 02, 2012 at 03:04 AM
To Miriam Gold... I'm a stickler on this. It's improper English when you write.."I think there are less summer rentals......" It should be, there are FEWER summer rentals.... The constant misuse of this common adjective and countable vs non countable noun combination drives me nuts. But I do agree about fewer people packng up the car and taking the kids to the beach. At leasf not here in Long Beach where it costs a fortune to buy one day beach passes for a family of four. I recommend some kind of parking fee and residential stickers to increase beach useage and revenues. If people rather take the LIRR or bus to the beach thats fine. But how many families really want to do that? And if they cant drag tons of stuff by car, they may just have to buy it all here from our merchants. More beach goers mean more money for Long Beach. NYC has free beaches and so does the State. They just charge for parking. Free unlimited parking in Long Beach during the summer is lunacy. No other beach community provides that.
Lloyd April 02, 2012 at 03:14 AM
Florence. I was advised by one of our prominent editors, that the staff does not edit or delete posts here. He claims that the Patch posters themselves do it when a post gets flagged 3 times for being inappropriate. I had a few very mild posts deleted and I questioned why. So there might be a few people reading your posts or mine who support the opposing side. And they can be vendictive.
Raised in LB May 10, 2012 at 04:35 PM
Lloyd, since you're keen on correcting people's english when they post, how about proof reading your own.

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