Downtown Long Beach Stock Co-operatives

 Downtown Long Beach Stock Co-op

100 Atlantic Avenue - Market Report

Long Beach Stock Co-operatives

What the heck is a co-op?

Why would I want to own one?

Downtown Long Beach is home to several stock co-operatives referred to more commonly as co-ops.  When you purchase a stock co-op you receive a stock certificate instead of a traditional deed. 

Purchasing a stock co-op means that you become a stock holding member, sharing in a common interest in the corporation, with an exclusive right to occupy a particular unit.  This is accomplished in the form of a long term lease from the corporation.  The common areas in a co-op are owned by the corporation.  Unlike a condo where you would own the actual unit and a joint interest in the common areas.  An introduction to and history of co-operatives can be found here. 

Traditionally stock co-operatives have been more affordable than the more common condominium purchase, one of the reasons being the difficulty in acquiring financing.  Banks are not overly fond of funding co-operative loans and usually require a substantial down payment of 10%, sometimes 20% before they will consider the loan.  Even then only a very limited of banks are willing to make this kind of investment.  

Downtown Long Beach is home to the 100 Atlantic Avenue Tower.  Set in the East Village Arts District and just one block from Ocean Blvd. this 11 story tower sits in one of the best locations in Downtown, a literal urban paradise.  

A short walk to area galleries, restaurants, novelty stores and coffee shops, to Pine Avenue, The Pike, Shoreline Village or browse on over to Hamburger Marys for a great lunch.

100 Atlantic boasts incredible views from most of its upper level units; while the units in the building do not have balconies, every exterior room has walls of glass to enjoy the spectacular views.  Built in 1958 in the shape of an X, the building has 4 wings.  The design provides 8 distinctly different views, a rooftop patio with fabulous 360 views of the coastline, the port and the city, on a clear day you can see the San Bernardino Mountain Range; a great place to view the traditional fireworks show at the Queen Mary every 4th of July.  There is a small community pool & spa on the lobby level.

This building does not come without its own challenges.  There is limited parking available and parking spaces are assigned based on availability, the waiting list is quite long.  There is monthly parking available at the many hotels and parking lots in the area.  If parking is not a major challenge for you, this may just be the perfect place for you.

Updated May 8, 2008:

There are currently 3 Stock Co-op listings for sale at 100 Atlantic Avenue as follows:

• There is currently 1 unit pending in escrow. Unit #602, a 1 bedroom, 1 bath, 750 sq ft., offered at $155,000, has been on the market for 36 days. 
  

• 5 Units have closed escrow since January 1, 2008 as follows:

• 1  one bedroom, one bath was leased for $1,500
  
• 3 units cancelled thier listings.
• 1 unit withdrew from the market.
  
• 3 Listings expired. 
  

 Laurie Manny

Long Beach Realtor®

(562) 212-5420

Long Beach CA Real Estate

 






 

Related Posts

Posted on 2008-01-27 @ 2.47:41 am by Laurie.Manny

Comment from: Ann Cummings [Visitor] · http://www.NewHampshireMaineRealEstate.com

Thanks for the info on stock co-ops. I had read about this but didn't quite understand how they worked versus condos.

Permalink 2008-01-28 @ 7.26:16 am

Comment from: Laurie Manny [Visitor] · http://www.lauriemanny.com/

Ann,

Most people don't understand stock co-ops, they are not as common as condos and many cities don't have them at all.  So many consumers have been asking about them lately it seemed a good time to put up an article about them.  I try to address consumer issues here.

Permalink 2008-01-29 @ 3.17:41 am

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