Oceangate Square Condos-Downtown Long Beach-Market Report-720 W 4 St-90802-January-December 8, 2007

 Downtown Long Beach Condos

Oceangate Square Condominiums Market Report

January - December 8, 2007

Located in Downtown Long Beach the Oceangate Square Condos, built in 1984, sit on the corner of Maine Avenue and West 4th Street just one block from the beautiful Cesar E. Chavez Park and community center.  Park amenities include basketball court, Community Center, Playground, Weight Room, Picnic Area and Restrooms.  The park provides programs for Tiny tots, Youth and Teen Recreation and Senior Programs.

The complex provides a gym, community room, picinic area and outdoor barbeques on the greenbelt.  This is a well run building with a cohesive HOA.  A 4 story building the top floor units include highly desirable additional square footage in the form of additional loft space and cathedral ceilings.  It is a really great place to live.

This lovely condo complex is within walking distance to area beaches, the Long Beach Convention Center, The World Trade Center, the Downtown business district, Pine Avenue, area restaurants, local galleries, the East Village Arts District,  The Aquarium of the Pacific,  Rainbow Harbor and The Pike.  It is also convenient to area freeways and all area public transportation including the Metro Blue Line lightrail system.

There are currently 4 condos available at the Oceangate Square Condos:

2 - 1 bedroom, 1.5 bath units

2 - 2 bedroom, 2 bath units

2 condos have closed escrow this year,:

Unit 108 closed escrow in April 2007; listed at $299,000 it closed escrow at $290,000, it was on the market for 27 days.  This was an immaculate unit with pergo flooring, seller included stackable washer/dryer; 1 bedroom, 1.5 baths. 

Unit 410 closed escrow in April of 2007 as well; listed at $274,900 this top floor condo closed escrow at $281,000.  There were multiple offers for this unit as quickly as it went on the market.  The unit was immaculate, had wood laminate flooring, was priced right, needed little work and the loft was highly desirable; 1 bedroom, 1.5 baths, cathedral ceilings and loft.  I know how desirable this unit was, I represented the buyer who acquired the unit.  I wrote an article about the purchase of this particular unit.  The buyer wanted exactly this unit, but it was not available at that time.  Letters were sent to the owners of all similar units in 4 complexes in the neighborhood.  The seller contacted me directly before it went onto the market,even though he had already listed it.  The article is called Reverse Prospecting Works it is an interesting read.  REPRESENTED BUYER

3 Units Expired

We are all painfully aware of the changes in the real estate market and that prices have been declining not just in Downtown Long Beach, but in most places across the nation.  Note that these 2 two bedrooms are the only 2 units that have sold in this building this year, and they both closed in April of this year - 8 months ago.  Prices have come down since then.  If you are considering selling this must be a consideration when deciding on how to price your condo for sale. 

Some Downtown Long Beach Condos are selling.  The condos that sell have traits in common.  Buyers are looking for specific items, if you can you should attempt to prepare your unit for sale. 

What buyers want and will pay for:

• location
• wood or laminate floors
• parking spaces
• upgraded kitchens
• upgraded baths
• square footage
• upper floor units
• Most of all they want to see a sparkling clean home when they preview it. 

If you are on the market and your condo is not selling you may not be reducing your price in time.  You may be chasing the market down.   This is never a good thing to do and will generally cost you a lot of money, if you ever sell.  It is much smarter to take a giant leap when considering your price reduction and get ahead of the curve than to inch down and never quite get it right. 

As an experienced Downtown Long Beach Real Estate professional I have both written and received many offers to purchase homes and condos in Downtown Long Beach.  Not only do I know my contracts, I know them well enough to negotiate the very best deal for you whether you are a Buyer or a Seller and I want to earn your business.  Are you thinking about buying or selling a Long Beach Home or a Downtown Long Beach Condo?  Would you like to be properly represented by an experienced professional?  If so, contact me regarding your next Long Beach sale or purchase. 

 Laurie Manny

Long Beach Realtor®

Prudential California Realty

3728 Atlantic Avenue

Long Beach, CA 90807

(562) 212-5420

Long Beach CA Real Estate
 




 

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Posted on December 07, 2007 23:42:54 by Laurie.Manny

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