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.”

Eddie March 28, 2012 at 06:54 PM
Interest rates are creeping up, and the big banks have loosened lending. Now is a great time to buy with rates at historic lows. While much of Nassau County is in a demographic tail-spin, Long Beach remains a stable middle class community with great resources and little risk of the decline that has plagued much of Long Island. No community offers more services to renters. Our parks and community rec can't be beat anywhere on Long Island. But prepare to fork over some big bucks for rents. You get what you pay for. Look for a professional landlord, legal apartment and good maintenance. Budget for tax increases. They'll affect rents and mortgages. Just a way of life when Democrats are elected. Move to Long Beach, enjoy the endless summers and help us kick out inbred political hacks that hike up taxes and rents!
Candygram for Mongo March 28, 2012 at 08:03 PM
unfortunately, it seems her other option would have been to try to sweep it all under the rug
Misty March 28, 2012 at 09:07 PM
What's going to happen to real estate values when the school budget is voted down and we go into austerity?
Eddie March 28, 2012 at 09:51 PM
Last year, in virtually EVERY Long Island district that voted down school budgets where big tax increases were mandated, PROPERTY VALUES SOARED. I believe the same will happen here in Long Beach. When home shoppers see that the community has reeled in a school board who has doubled taxes in the past, it would only help property values. I know you don't own a house, Misty, because you advocate owners to pay more and more for your services, but trust me: My home would be worth much more if its taxes were still $2300 as they were seventeen years ago and not $21,000 as they are today. My tenants would still be paying $700/month too instead of $1800.
Harvey Rosen March 28, 2012 at 10:37 PM
Many people pay nothing but demand we pay more taxes to the schools. Misty -- even tho your section 8 wont go up, your landlords taxes will. This is the biggest reason section 8 clients get kicked out - the landlord cant afford to rent to section 8 like you after the taxes go up. So misty, if you like long beach and like the schools we pay for your kids, u may want to help ur landlord keep his rents low so ur not shuffled to Hempstead or freeport.
Francine March 29, 2012 at 12:39 AM
Property values go up when taxes go down. The value of houses in Long Beach is based on proximity to the beach and bay- end of story. The school district has very little effect on the value in Long Beach. If parents only cared about the school district they would be living a long way from Long Beach.
Castles Made of Sand March 29, 2012 at 02:54 AM
Taxes aren't going down because Long Beach City Government and the School Board refuse to do anything about the cost of operations. If anything, they increase the costs as was clearly seen in the presentation by the school district’s Chief Operating Officer, DeVito, in which he outlined a tremendous spike in costs. City Hall is likewise creating un-budgeted positions and giving out raises. Your home value may drop, but your taxes will not because amount of money they feel they need to operate does not. VOTE "NO" ON THE SCHOOL BUDGET. There is no other way to reign in this school board. They'll cancel programs, lay off teachers, but they'll still get that redundant stadium built.
Misty March 29, 2012 at 11:33 AM
I've owned a home for almost 18 years. My taxes were $3,700 when I moved in and have quadrupled since. It cost $180,000. I'm not going anywhere anytime soon, so I don't really care what it's current value is. It would be quite substantial since I've put over $200K into it over the years. Eddie, clean your crystal ball because it's not working.
Misty March 29, 2012 at 11:43 AM
Harv, I've never been on public assistance. I have a full time job, excellent healthcare benefits and am in line to be a financially secure senior. Just because I write what other people are thinking, doesn't make me a welfare recipient.
Florence March 29, 2012 at 12:19 PM
Looks like Patch is now deleting any posts that criticize the Democrat City Council. Way to Go Patch! Just like Newsday and the Long Beach Herald!
Florence March 29, 2012 at 12:21 PM
Your taxes quadrupled in 18 years LuLu? And you are demanding more increases? Either you are a moron or you are full of crap. If you paid $200,000 for your place and put another $200,000 into it and now you want higher taxes, you may be very surprised when the most you'll sell it for is $350,000. But you don't sound too bright. That means you're losing $50,000 +
Misty March 29, 2012 at 12:34 PM
Flo, I'm not going anywhere anytime soon. That is what I said. Meaning, I don't care what the value of my home is now because it is not being sold. Duh.
Misty March 29, 2012 at 12:37 PM
Waterfront homes never sell for $350K even if they are in poor condition. My house is all redone. Again, I'm not going anywhere so it's value today is irrelevent!!!
toolittle March 29, 2012 at 01:04 PM
Can you provide further information on this ? Where can I look into this ?
Misty March 29, 2012 at 01:45 PM
At least it doesn't put words in people's mouths. Please clarify where I said that I was demanding more increases. I've read my posts and cannot see where I even eluded to something like that.
Eddie March 29, 2012 at 02:41 PM
Someone who has a "home on the water" and doesn't care about maintaining their property value isn't very astute. And a person who says "Waterfront homes never sell for $350K..." is stuck in 2005. Remember the $1.4 million Massapequa waterfront? They're worth $425,000 now. How about $650,000 in 2005 Baldwin? Now they are worth $160,000. And Misty, if your taxes continue to grow -- as you are advocating -- you won't have a choice. You'll be driven out. Hope you can find a buyer then.
Eddie March 29, 2012 at 02:42 PM
"Misty 5:07 pm on Wednesday, March 28, 2012 What's going to happen to real estate values when the school budget is voted down and we go into austerity? "
Misty March 29, 2012 at 04:26 PM
Eddie, man, Wtf are you talking about? I don't want the cost to live where I live to grow. I don't know where you and Florence got that idea. I would love to pay the property taxes that people pay in Alabama. I was merely stating the facts of the my own situation. All I did was mention austerity when mentioning the school budget. I don't know where you two got your information. By the way, your tenants pay $1800 now. Is that for a legal apartment or are you one of the ones taking advantage and not reporting this income to the IRS?
Eddie March 29, 2012 at 06:34 PM
Illegal rentals are a scourge in Long Beach. I wouldn't think of renting illegally. Unfortunately the present Democratic administration is doing nothing about it. They set up an "illegal rental hotline" that is unanswered and an email that has 540 unread messages. Nobody despises illegal rentals more than legal landlords, except perhaps those who live next to the scourge,
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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