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Rate hikes are cooling city’s housing market By JAmEs BERNsTEIN jbernstein@liherald.com
Herald file photo
loNg BEACH’s mosTlY strong real estate market is feeling the effects of a series of interest rate increases by the Federal Reserve.
Rising mortgage interest rates are causing hiccups — but no heart attacks just yet — in Long Beach’s mostly healthy real estate industry. The Federal Reserve, in its campaign to tamp down inflation, has raised interest rates three times this year. Last month, it increased rates another 0.75 percent, to a range of 3 percent to 3.25 percent. Fed officials also released projections showing that they expect rates to be as high as 4.4 percent by the end of the year.
“We have got to get inflation behind us,” Federal Reserve Chairman Jerome H. Powell said in a statement. “I wish there were a painless way to do that. There isn’t.” Long Beach’s real estate market, which was booming before the Fed’s actions, has slowed, brokers told the Herald earlier this week. “The rate of transaction has slowed,” said David Kasner, of Coldwell Banker. He and other brokers in the city say that home prices have come down between 5 percent and 10 percent in recent months. But a three-bedroom, Continued on page 9
L.B. Historical Society building is badly in need of repair By BRENDAN CARPENTER bcarpenter@liherald.com
The Long Beach Historical Society has been preserving the city’s past for over 40 years. But now the society’s headquarters itself is becoming history, badly in need of repair. The society says the floors of the building, at 226 W. Penn St., which, are cracking, the chimney needs work and the majority of the windows need to be replaced. “It’s a 113-year-old building,” said Karen Adamo, president of the society, said of the structure, which is listed on the National Register of Historic Places. “We’ve maintained it pretty well
over the years, but now we have issues with the windowsills rotting out, the exhibit room doors on the outside are all rotted and the stucco needs work. It’s a major restoration.” Adamo said that the organization has been trying to get cost estimates for the building’s restoration, and was told by one restorer that it would cost about $150,000. The red tile roof was replaced 15 years ago, costing the society about $90,000. “We can’t just replace the windows with plastic — we have to restore them,” Adamo said. “We’re historically landmarked, and we need to keep the museum
T
o preserve our history is very, very important. EIlEEN PollIs
librarian, Long Beach Public Library house with the period. That’s why we have to restore and not just renovate.” In addition to the building’s historic status, the society also has a permanent charter with the State Education Department. A charter is a grant of authority issued by the department that is
necessary for any educational organization that intends to operate as a nonprofit, which the society does. The society preserves documents related to the city’s government, police and fire departments, schools and sanitation dating back to the late 1800s. There are also old postcards, clothing and photos of Long
Beach’s past. Individuals and groups such as school classes can explore the museum, and the society also holds events across the city throughout the year. One of them is the muchanticipated arts and crafts fair on the boardwalk each August. About 150 vendors take part. “We basically lived off ” the Continued on page 5