BUSINESS NEWS
14 • June 2020
Leslie Brophy, Pacific Realty
Peninsula real estate ‘insane in a good way’
TRAVEL TRAILER/5TH WHEEL
“This time last year we probably had more than
200.”
Would you consider it more of a buyer or
seller’s market? Why?
“Right now, it’s definitely a seller’s market. For
a while it seemed we were maybe in a transition.
But I think when the stock market took a hit
people wanted something solid. The biggest thing
I think has happened is people have figured out
they can work from home and now their home can
be wherever they want it to be. The cities are a
mess and they want out, just look at the riots that
are happening. People don’t feel safe in the city
anymore. Here occasionally something weird
happens but overall we’re peaceful community.”
What are the unique benefits of purchasing
in Pacific County?
“We have three stoplights on the peninsula.
We have great restaurants. Everybody that’s here
wants to be here, there’s a real sense of community.
It’s just a great community overall.”
What are the biggest drawbacks?
“The lack of vendors. There’s not a plethora
of vendors. We could use more tradespeople. We
love the people we work with but if they’re busy
and I need something done right now, it can be
tough. It’s just tough finding and having options.”
Have you witnessed any trends or changes in
the community regarding sales?
“They’re up and the higher-end properties are
getting a lot more attention. We just sold one for
$1.2 million on the north end of town. There was
one in Butterfly Shores that was $1.45 million
that just went pending. One of my sellers had a
$1.35 million house who said some people from
California we’re going to make an offer on.”
How do the amount of closings compare to
the past couple years?
“There’s definitely more. It’s just been
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How long have you worked in the field?
“32 years”
What is the main community you sell in?
“The Long Beach Peninsula, between Long
Beach and Ocean Park.”
Is there an area you consider your expertise
or specialty?
“The Peninsula. I live in Seaview, so I love
Seaview, but my office is Long Beach so I’m
familiar with it. We do a lot in Ocean Park and
Surfside. It’s the whole peninsula.”
How do sales and inquiries from potential
buyers and sellers compare this summer to last
year at the same time?
“Generally, May and June are little bit slower
because normally people are getting kids out of
school or planning their summer vacation. This
year they are all at home sitting and thinking ‘What
am I going to do?’ So it’s much busier than I’ve
ever seen it be in the late-May/June atmosphere
before. It’s insane in a good way.”
What in particular has been busy?
“Inquiries have been gigantic. We need more
listings. There are very few listings and things are
pending right away. Some of the prices are also
higher. I was working on one last night where the
agent called me up and said, ‘Are you going to
presenting that offer? I’ve got a full-price one. So
I text the guy back and said ‘We have a full price
offer. Is there anything you want to do differently
in your offer to make it more appealing and he
said, ‘Offer them $305,000.’ We’re talking a
744-square-foot cabin.”
How does your number of listings/inventory
compare to last year and recent years?
“It’s definitely lower. We really need more
listings. If you took out condos, there were only
74 home listings on the Peninsula.”
What’s the typical amount of home listings?
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Pacific Realty • Leslie Brophy, owner/broker
102 Bolstad Blvd. E, Long Beach • Pacreal.com
significantly busier. At
first when covid-19 hit
I thought, ‘Oh crap, am
I going to have to lay
people off?’ I was really
worried about it but then
it’s just taken off. It’s
way busier. It scarily
reminds me of 2005,
when things were out of
control and everybody
Leslie Brophy
was buying everything.
Your biggest fear is then what happened after.”
How are interest rates? Are loans sufficiently
available?
“Interest rates are super low — in the 3’s—
which is a major contributor. There are plenty of
loans out there. We have some really good lenders
in the area.”
How are appraisals coming in, about what
you expected? Higher? Lower?
“They seem to be a little bit higher. I’m
pleasantly surprised. As prices have been jumping
up I’ve been worried, but so far the appraisals
seem to be keeping up with the market so far, but
that could change.”
What’s your local situation with regard to
building sites? How is supply and demand?
“Very few. A lot of the good building land has
already been built on. It’s hard to find good building
lots locally. There’s still some out in Surfside, but
finding them affordably is pretty tough. You still
have to hook up power and find a water source. If
it’s a well it’s pretty cheap but if you have hook up
to city water and sewer it’s about $6,000. If you
have put in a septic it’s $10,000, if you’re really
lucky, but generally $12,000 to $15,000 or higher.
The infrastructure is expensive. Lumber prices are
good but anything metal has doubled in price. A
box of screws or nails has gone up to almost $20.”
How friendly is the market for first-time
buyers compared to the previous year?
“We’re seeing quite a few. It’s been a joy. It
seems to be pretty good. Some of the offers I’ve
been getting on listings are first-time home buyers
so it seems to be okay.”
Does it seem to becoming easier or
increasingly out of reach for first-time home
buyers?
“Some of the prices are tougher for people. But
I think right now I have four or five that we’re
doing right now that are first-time home buyers.
I would say it’s pretty good if they can find stuff
in a reasonable price range. The price ranges
compared to other areas are still affordable. If
you’re looking at an oceanfront 2,000-squarefoot
house in Seattle, you’re not going to get it for
anywhere near what you’ll pay here.”
What impact has the covid-19 crises had on
the current real estate market?
“I think it’s made our market way busier,
because people have figured out they can work
from home and their home can be wherever they
want it to be. Many want out of the city and the
ocean is really nice. After they get here hopefully
they’ll be okay with the rainier weather. My
understanding is some of the restaurants aren’t
going to survive which is devastating. For our
tourism too it’s a really strong player. When
Cottage Bakery closed for about a week people
were panicking. It was like downtown Long
Beach had burnt down. People were hysterical.
It still concerns me that some of our small
businesses might not survive.”
Does being an election year have an impact?
“Normally it does, but this year not so much. It
worries me sick but I’m too busy to worry about
it too much right now.”
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