Jul
4

Belmont Shore-Naples Island Market Report – Long Beach Real Estate

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Belmont Shore-Naples Island Market Report

Long Beach Real Estate

January 1, 2009 – June 30, 2009

Naples Island Canal Long Beach California Living

Travel just around the bend at the Second Street/Livingston/Ocean Boulevard stoplight in Long Beach and youll find yourself in friendly Belmont Shore. Youll be in good company! Youll enjoy meeting neighbors as you stroll by the boutiques, businesses and shops of the popular Second Street shopping area. Grab a cappuccino at Starbucks and enjoy the day. The fun doesnt stop just because the sun goes down! People travel from all over the country to visit this lovely four mile area.

Naples Island consists of three individual islands and all have canals that pour into Alamitos Bay. Just like its European namesake, streets in this popular seaside community have Italian names. And since 1971, La Bella Fontana di Napoli, a large fountain at the center of Naples, has been a popular meeting place. Looking for a romantic getaway? Take your sweetheart on an Italian style gondola cruise along picturesque canals.

Belmont Shore and Naples Island Real Estate For Sale – Long Beach California

Updated on a regular basis:

(Direct feeds from the Southern California MLS)

Belmont Shore and Naples Island Luxury Real Estate For Sale

Long Beach Homes For Sale

Long Beach Condos For Sale

Long Beach Income Properties For Sale

Contact us for further information on any of these Long Beach properties. It will be our privilege to assist you in your next real estate purchase.

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Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate BlogLong Beach Real Estate Website

Belmont Shore-Naples Island Market Report – Long Beach Real Estate

Posted on July 4, 2009 by Laurie Manny

Oct
17

Long Beach California Luxury Home Market Update

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Long Beac h California is home to the West Coasts most affordable beach real estate. Set in sunny Southern California we enjoy moderate temperatures year round, sweet ocean breezes and a resort atmosphere. With our purchase prices so reasonable is it any wonder snowbirds are flocking here? Palm Desert, 2 hours inland, is fantastic, but nothing compares to luxury oceanfront property and the beach is just more fun!

Long Beach has an endless array of entertainment to suit any lifestyle or age from water-sports to nightlife, theater and fine dining. This is the perfect place to do everything, do nothing or to just go fly a kite!

Yes we have golf courses! Long Beach is centrally located making access to all Southern California golf courses just a short drive.

Long Beach is conveniently located just 20 minutes south of Los Angeles International Airport (LAX), 20 minutes north of John Wayne Airport (SNA) in Irvine, and home to our own Long Beach Airport – which we love. We are also just a 20 minute drive into Downtown Los Angeles – in case you were thinking about catching a Lakers game; attending a concert at the fabulous Staples Center or a performance at our beautiful Music Center. Fantabulous and incomparable, 8 time Grammy award winner, Tina Turner
is performing at the Staples Center as I write this, had I known that ahead of time I would be there tonight singing along……..What’s love got to do with it? La la la… Gotta love that woman!

Did I say we were centrally located? A 2 hour drive north will find you in beautiful Santa Barbara. Head north just a little further and enjoy a day, or a romantic weekend, in wine country. A leisurely drive south will take you into lovely San Diego. Catch a Padres game or spend a day at the San Diego Zoo or perhaps SeaWorld with the family then head into the Downtown San Diego gaslight district for a delicious dinner and some relaxing down time.

Surfer? 10 minutes to surf city – Huntington Beach, where you will catch some of the finest waves on the west coast.

Long Beach is slated to become the new home of the largest movie studio in California. A deal has been struck to take over the Boeing facility near the Long Beach airport. This will infuse new life into Long Beach and will certainly attract celebrities to our lovely waterfront homes and high rise condominiums. How could they resist? You never know who your new neighbor may be!

Did you know that Hollywood got its start in Long Beach? Long Beach was known as the motion picture capital of the world until post World War I when Hollywood developed around the glitz of the era. With its perfect Southern California climate, Long Beach afforded the perfect setting for the industry. There were eight film houses, two stock companies, roller-coasters and bath houses at the historic Pike, along the shore of Downtown Long Beach. This was the home of the Balboa Amusement Production Company, the world’s most prolific silent-film studio. W. C. Fields and other stars lived in beautiful mansions in the Bluff Park neighborhood along Ocean Boulevard and First Street, many of which remain in the families to this day.

Speaking of historic districts, Long Beach has 17 of them, California Heights being the largest. We love our historic homes here. You can find out more about the history of Long Beach here as well.

Redevelopment in Alamitos Beach and the bustling Downtown Long Beach communities has birthed fabulous luxury high rise condominiums with endless ocean views, Manhattan style lofts and many fabulous new dining opportunities.

The luxury home market is generally a cash market. Brian Brady’s 2009 Real Estate Market outlook predicts that disappearing jobs and financing will likely drive the price of luxury properties down in our waterfront and higher end communities. While that is tragic for the owners of these Long Beach properties it is an incredible opportunity to purchase the Long Beach home, condo or vacation property you, the buyer has been waiting for.

The Long Beach real estate market has gone through several tumultuous years, this winter is certain to be a difficult time for sellers of Long Beach luxury homes, condos and income properties. FHA loan limits, currently capping at $729,750 for single family home purchases are slated to be decreased to around $625,000 on January 1, 2009. Decreasing buyer purchasing power is certain to affect prices in the mid-market range of $700,000 to about $1,000,000.

What does this mean for sellers? If you are planning on selling, you should plan on closing your escrow before the end of the year and should price it to do so. It would be our pleasure to provide a home value assessment.

What does this mean for buyers? This is an incredible opportunity to purchase your new home at an incredible price.

International buyers are flocking to the United States to purchase real estate at our current depressed prices, there is limited financing for foreign nationals, most are purchasing with all cash. Long Beach prices have become very attractive to these buyers. You can start your search for Long Beach homes here. VIP service is provided with the ability to set up custom searches with an automatic email alert system.

If you are interested in purchasing a Long Beach luxury oceanfront home or a high rise luxury waterfront condominium, this winter is the time to make that purchase. It would be our pleasure to assist you.

Long Beach California City and Relocation Resource Guide

Long Beach Homes For Sale

Long Beach Condos For Sale

Long Beach Income Properties For Sale

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Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate BlogLong Beach Real Estate Website

Long Beach California Luxury Home Market Update

Posted on October 17, 2008 by Laurie Manny

Oct
8

Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate

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Belmont Shore Real Estate Market Report

Including Belmont Park, Naples Island, Marina Pacifica

Homes, Condos and Income Properties

Long Beach California

Last Updated 10/8/2008

Belmont Shore boundaries:

North – Broadway
East – Bay Shore
South – The Ocean
West – Livingston Drive

Belmont Park boundaries:

North – Marine Stadium
East – Bayshore
South – The Toledo
West – Livingston/Monrovia

Naples Isand boundaries:

North – Belmont Park
East – Marina Pacifica
South – The Peninsula
West – Belmont Shore

Belmont Shore-Naples Island-Long Beach California-Ariel

About Belmont Shore and Naples Island California

Long Beach Homes For Sale in Belmont Shore, Belmont Park and on Naples Island

There are currently 74 Long Beach homes for sale in Belmont Shore, Naples Island and Belmont Park.

3 homes are for sale between $500,000 and $600,000 (All in Island Village)
1 home is for sale between $600,000 and $700,000
10 homes are for sale between $700,000 and $800,000
11 homes are for sale between $800,000 and $900,000
9 homes are for sale between $900,000 and $1,000,000
17 homes are for sale between $1,000,000 and $1,500,000
8 homes are for sale between $1,500,000 and $2,000,000
7 homes are for sale between $2,000,000 and $3,000,000
5 homes are for sale between $3,000,000 and $4,000,000
3 homes are for sale between $4,000,000 and $5,000,000

Average Price: $1,498,262 down from last months: $1,564,786
Average Days on Market: 134

FHA loans are available to a maximum loan of $729,750 with a minimum 3.5% down payment (up from 3% as of 10/1/08) until January 1, 2009 when they are currently scheduled to drop the maximum loan amount to $625,000, this could change.

FHA Lending Limits for LOS ANGELES COUNTY (LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN AREAS):

Single Family Home or Condo: $729,750
Duplex: $934,200
Tri-plex: $1,129,250
Four-Plex: $1,403,400

Jumbo Loans are currently requiring approximately 30% down payment and start at $729,000, also currently scheduled to drop concurrently on 1/1/09 to $625,000 unless something changes between now and then.

There are currently 12 homes pending (in escrow) in Belmont Shore, Belmont Park and on Naples Island.

12 Homes are accepting Back-Up offers
13 Homes are pending

Back-Up Offers:

Average Price: $1,171,650 down from last months $1,286,983
Average Days on Market: 104 up from last months 84

Pending Offers:

Average Price:$1,459,061 up from last months $1,311,130
Average Days on Market: 98 up from last months 81

69 homes closed escrow (SOLD) in Belmont Shore, Belmont Park and on Naples Island in 2008; up from 46 closings on 8/22/08, that is a nice healthy jump!

Lowest Price Home Sold: $625,000
Highest Price Home Sold: $4,450,000

Average Price: $1,216,423 up from last months $1,171,889
Average Days on Market: 92 up from last months 66

59 Homeowners Cancelled their Listings

Average Price: $1,367,521
Average Days on Market: 152

1 Homeowner Withdrew their home from the market

Average Price $1,299,000
Average Days on Market: 140

42 Listings Expired

Average Price: $1,325,699
Average Days on Market: 155

1 Listing has been placed on Hold

Price: $939,900
Days on Market: 20

6 Homes removed from their listings from the market and Leased

Average Lease Price: $3,966
Average Days on Market: 113

Search homes for sale in Belmont Shore,Naples Island and Belmont Park

Long Beach Condos For Sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

There are currently 23 Long Beach Condos for sale in Belmont Shore, Naples Island, Belmont Park and Marina Pacifica

3 for sale between $200,000 and $300,000
3 for sale between $300,000 and $400,000
1 for sale between $400,000 and $500,000
5 for sale between $500,000 and $600,000
2 for sale between $600,000 and $700,000
1 for sale between $1,000,000 and $1,500,000
1 for sale at $3,799,000

Average Price: $815,563* up dramatically from last months $531,386
Average Days on Market: 106 down just a bit from last months 109

*Please note that the dramatic increase in average listing price does NOT reflect an upturn in the local real estate market. It does reflect higher end properties coming available (which did occur here) or incorrect pricing.

There are currently 9 condos in escrow in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica.

4 condos are accepting Back-Up offers.
5 condos are pending

Back-Up Offers:

Average Price: $474,725 down from last months $541,628
Average Days on Market: 55 down dramatically from last months 113

Pending Offers:

Average Price: $340,659 down from last months $407,450
Average Days on Market: 199 up dramatically from last months 28

39 condos have closed escrow (SOLD) in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica in 2008, up from last months 31

Lowest Price Condo Sold: $225,000
Highest Price Condo Sold: $780,000

Average Price: $518,815 not far off from last months $513,912
Average Days on Market: 83 about the same as last months 85

19 Condo owners Cancelled their Listings

Average Price: $528,431
Average Days on Market: 123

26 Listings Expired

Average Price: $614,600
Average Days on Market: 192

2 Condo owners Leased:

Average Lease Price: $2,225
Average Days on Market: 176

Search Condos for sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

Long Beach Income Properties For Sale in Belmont Shore, Belmont Park and Naples Island

There are currently 19 Long Beach Income Properties for sale in Belmont Shore, Naples Island and Belmont Park, down from 21 last month.

9 are duplexes
6 are triplexes
1 is a four-plex
1 has 9 units
1 has 10 units
1 has 23 units

Lowest Price: $789,900
Highest Price: $6,950,000

Average Price: 1,716,568 down substatially from last months $1,946,614
Average Days on Market: 119 down from last months 138

There are currently 3 income properties in escrow in Belmont Shore, Belmont Park and Naples Island.

1 income property is accepting Back-Up offers.
3 income properties are pending.

Back-Up Offers:

Price: $1,495,000
Days on Market: 78

Pending Offers:

Average Price: $1,389,666 down dramatically from last months $1,699,000
Average Days on Market: 157 up from last months 142

13 income properties have closed escrow (SOLD) in Belmont Shore, Belmont Park and Naples Island in 2008, up from last months 12.

Lowest Price income property Sold: $799,000
Highest Price income property Sold: $3,500,000

Average Price: $1,662,115 down from last months $1,734,041
Average Days on Market: 129 down from last months 135

7 income property owners Cancelled their Listings

Average Price: $1,316,685
Average Days on Market: 292

2 income property owners Withdrew their properties from the market

Average Price $837.250
Average Days on Market: 76

18 Listings Expired

Average Price: $1,456,883
Average Days on Market: 218

Search Income Properties for sale in Belmont Shore, Belmont Park and Naples Island

Belmont
Shore-Naples Island-Belmont Park Income Properties For Sale

*All statistics are as represented by the MLS and are not to be interpreted as the representations of the author.

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Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate BlogLong Beach Real Estate Website

Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate

Posted on October 8, 2008 by Laurie Manny

Oct
5

Long Beach Real Estate Sales-Market Update: October 5, 2008

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Long Beach Real Estate Sales-Market Update: October 5, 2008

Through September 30 2008

The Long Beach real estate market closes sales for the month of September with the average purchase price down 16% from year end 2007. The average sold price of residential real estate in Long Beach for year end 2007 was $543,770, end September finds the average sale price of residential at $454,208 with a small increase in the number of days on market; that is a decrease in average sale price of $89,562, which is substantial. The volume of Long Beach home and condo sales has dropped this month after steady growth throughout the year.

1/1/2008 thru 9/30/2008

1745 Residential Long Beach Properties sold; homes, condos, coops, lofts, OYOs
2008 Average Long Beach Residential Sale Price $454,208
2008 Average Residential Days on Market: 79

1/1/2007 thru 12/31/2007

2614 Residential Long Beach Properties sold; homes, condos, coops, lofts, OYOs
2007 Average Residential Sale Price $543,770
2007 Average Days on Market: 66

The government bailout, meant to stimulate the economy and real estate market, seems to have had an opposite effect across most of our nation. Prices are down to a very affordable level, interest rates have remained low, loans are still available and there is plenty of inventory to choose from. 100% financing and most government assisted down payment plans have dried up, stated loans are toast as well, the FHA is offering loans with 3.5% down payment at very reasonable interest rates (if you qualify), which is very reasonable – its really not a bad time to buy. Ask the wealthy why they are out buying 2nd, 3rd and 4th homes; vacation homes are selling- they are a good investment right now. They are buying because it is smart to buy low and sell high.

Today I spent time reading on one of my favorite national real estate social networks. Fellow Atlanta Realtor, Jim Crawford asked the question “Has your market slowed to a crawl or died?” Realtors from across the nation have steadily been reporting in with the skinny from their real estate markets. In a nutshell, the impending bailout, the actual bailout and the impending election seem to have buyers frozen in place for the last several weeks. Fear seems to be ruling the day.

Waterfront and ocean close homes and condos in Long Beach are experiencing average sale price of about $635,000, 88 DOM, for 2008 thru end of September, with approximately 350 closed sales. Compared to 2007’s average sale price of $665,155, 74 DOM, about 650 closed sales for the year. While these highly desirable Long Beach homes and condos are selling well above the average for our city, they are down, although prices are holding near the beach a lot better than they are further inland.

We try to keep our Long Beach neighborhood real estate market reports updated monthly or bi-monthly, as time will allow. These are a great resource for buyers and sellers of Long Beach properties, and contain valuable statistics to better assist in your real estate decisions. We know those decisions are important ones and want you to have the most current information at your fingertips. If the information you require cannot be found here, please do not hesitate to ask.

Potential buyers are shopping and are looking for a great deal. Today’s buyer wants to see a lot of properties before making a final decision. Often the very deal they are seeking will come across early in their search. Reluctant to write an offer until they assure themselves that they have acquired the very best deal available on the market, they are hesitating too often and losing that deal only to find there isn’t another on par with it available. Many Long Beach buyers give up their home search disillusioned at what their dollar will actually purchase.

Personally I blame the media and the bubble bloggers. Many buyers have an unrealistic idea of what their money will actually buy. $300,000 will not buy a home that is worth $500,000, it never did. What is available in the $300,000 range are mostly bank foreclosures and the homes mostly need work. It is unrealistic to expect to find a completely remodeled, turnkey home available in that price range foreclosure or otherwise. Does it happen? Yes, rarely. So 100 buyers sitting on the sidelines waiting for that 1 home to come available and when it does they don’t want to offer more than the asking price, they are usually working with a 3.5% FHA down payment and in sweeps an investor with all cash who closes the deal in 10 days. Most of today’s buyers are unequipped financially to handle the upgrades and repairs necessary on foreclosed homes, which can be substantial; that is why the bank is selling them in AS IS condition. Lets keep in mind that $300,00 for homes in Long Beach is really a great price when they are available.

Read Also:

Long Beach Real Estate – Closed Sales

January – September – 2008

2008	Homes	Condos	Lofts*	Co-ops	OYOs	2-4 Units	5+ Units	TOTAL
JAN	72	40	2	1	0	9	6	130
FEB	94	32	2	1	1	17	6	153
MAR	107	48	2	1	0	17	4	179

1/4 ttl	273	120	6	3	1	43	16	462

APR	137	56	1	3	0	21	6	224
MAY	164	59	1	4	0	28	7	269
JUN	160	60	1	2	4	24	8	259

2/4 ttl	461	175	3	9	4	73	21	746
YTD Subttl	734	295	9	12	5	116	37	1208

JUL	183	67	1	0	1	31	8	291
AUG	181	74	0	1	4	26	3	289
SEPT	139	63	0	1	0	22	4	229

3/4 ttl	503	204	1	2	5	79	15	809
YTD Subttl	1237	499	10	14	10	195	52	2017

OCT
NOV
DEC

YTD TOTAL

* Lofts include Loft Live and Work spaces

For a little perspective, here is a comparison of the last 4 years for the same time period.

Long Beach Real Estate – Closed Sales

January – September – 2005 – 2008

YEAR	HOMES	CONDOS	LOFTS*	CO-OPS	OYOs	2-4 UNITS	5+ UNITS	TOTAL
2008	1237	499	10	14	10	195	52	2017
2007	1380	714	18	12	17	258	68	2467
2006	1795	924	15	15	56	464	84	3353
2005	2304	1184	9	19	120	664	239	4539

* Lofts include Loft Live and Work spaces

Disclaimer: Statistics are as represented in the SoCalMLS and are not the representations of the author.The numbers represented above are only as good as the information input into the SoCalMLS by the listing agents. If (in my opinion, may be the case) some listings of lofts, co-ops and OYOs were input as condos, then they are reflected as condo sales here. Often listing agents will represent these as condos in the MLS in order to stimulate traffic as many buyers agents will not look at the other categories. As crazy as this sounds it is true and sales have occurred as a result of utilizing this tactic. Therefore the information in these categories is very likely not a true representation of the actual sales, but the grand total of these and the condo category would correctly reflect the total of all – as represented by the SoCalMLS.

Contact Laurie to begin the search for Your Long Beach Home.

Long Beach Homes For Sale

Long Beach Condos For Sale

Long Beach Income Properties For Sale

Read More Details

Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate BlogLong Beach Real Estate Website

Long Beach Real Estate Sales-Market Update: October 5, 2008

Posted on October 5, 2008 by Laurie Manny

Sep
18

Long Beach Own Your Own-OYO-Owners Are Organizing for Condo Conversion-Breaking Long Beach Real Estate News

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Breaking Long Beach Real Estate News:

Long Beach Own Your Own (OYO) Owners Are Organizing for Condo Conversion. Back in May the Long Beach Real Estate Home Blog published an article on OYO’s. So many buyers were inquiring about this form of ownership it made sense to publish an article, explaining this form of ownership, to be found on the Internet. Well it has been found, by several thousand Long Beach and potential Long Beach residents who have indeed read it, including many frustrated Long Beach OYO owners. Several days ago I was contacted by the lovely Deb Dobias, a Long Beach OYO owner who is a major contributing force in the quest to organize OYO owners to push state and local officials to loosen the reigns and convert the last of the existing Long Beach OYO’s to condos. Deb went on to explain what these owners have been up against and the efforts they have put forth. We invited her to write an article here and are very pleased that she accepted our offer.

It is our sincere hope that the District Weekly, Curbed LA, the Grunion and Downtown Gazettes, the Press Telegram, the Los Angeles Times and the Orange County Register will also pick up this article or will contact Deb and assist in this noble effort with an article of their own to help these troubled OYO owners. It is our further hope that both California state and local officials will get out of the box and make this happen.

Please understand that many of these owners are in deep trouble. They cannot sell their Own Your Own (OYO) homes because there is little or no financing available. Due to the problems plaguing this form of ownership many owners have rented their units out and have moved on. In doing so they have decreased the level of owner occupied units in the remaining OYOs which has eliminated any chance for a Long Beach buyer to obtain financing to purchase.

In July 2008 the Long Beach Real Estate Blog offered the communities of Long Beach a place to be published. This is another in a series of articles by Long Beach residents. Do You Want to be Published?

OYO
Conversions – An
untapped resource for Affordable Housing

Author: Deb Dobias

Long Beach Own Your Own (OYO) Condo Conversions The City of
Long Beach Housing is under-served in providing affordable housing to
“first-time home buyers” and seniors on fixed incomes. “While Long Beach Housing Trust” continues to
build new projects for affordable housing, low income or fixed income buyers
are still unable to have enough funding to pay the down payment. Building costs
keep the price of these “Affordable” Long Beach homes high.

Purchasing Own
Your Own Apartments (OYO) in Long Beach is a means to becoming stakeholders and being
able to afford to buy apartment homes for reasonable sums. OYOs were the pre-cursors to Condos, usually
built before the 1960s. Long Beach has a large number of these
charming, well-kept, usually small buildings.
Most Long Beach OYOs, even after Condo Conversion, would sell for less than newer
“Affordable Housing”; this could
significantly add to the City’s Affordable Housing. Best of all, making it possible for people to
buy these affordable Long Beach homes would leave the Housing Trust funds for more
housing in Long Beach.

Little Problem…

Someone
who wants to buy a Long Beach OYO usually cannot get financing like Condos can. When a bank does offer loans, it usually
requires a high owner-occupancy in the OYO complex. For the past few years, only Long Beach investors could
cough up the cash to buy these places, so owner-occupancy is often low.

Which causes more problems…

One lady in our building got sick and
couldn’t work for a while. Our building, a Long Beach OYO,
had some serious maintenance issues so we had to levy some special assessments,
which she couldn’t pay. The City of Long Beach has Rehab Loans for low-income owners of houses or Condos, but not for
OYOs. This poor lady wound up having to sell
her OYO home for a very low price and move in with family. Had we been able to convert, she could have kept
her home.

Many Long Beach OYO owners are elderly. Reverse mortgages are not available to OYOs in Long Beach.

No home equity loans are available to
OYOs. This often causes owners to vote
against maintenance assessments or to avoid maintaining their own units. These are older buildings, so this affects
Long Beach neighborhoods and tenants as well as owners.

A lady who lived in her OYO home told me that she wanted to take out an
equity loan so she could invest in another property. Renting that property would help her to pay
bills when she retires. She has
excellent credit and owes nothing on her OYO.
She cannot do this simply because her OYO complex can’t prove who lived
there in 1982!

Why can’t OYOs just convert to Condominiums?

California has an outdated law that prevents many OYOs
from converting. This law requires that
an OYO complex prove that they were at least 75% owner-occupied in 1982.

Why?
Since OYOs are already individually owned, there is a section of laws
that allows OYOs to convert in a different way than rental buildings. Part of this law was written to prevent
developers from owning OYOs, then converting them to condo for profit more
cheaply and easily than converting a rental building. They figured this 1982 owner-occupancy
requirement would close that loophole.
Twenty-six years later, this law not only doesn’t serve its intent but
very few people can come up with that kind of proof because no one keeps
records that long.

We
tried to fix it.

Long story short -
the City of Long Beach won’t grant exceptions to this because it’s a California State Law. We couldn’t get the California State Law corrected via
an Omnibus Bill sponsored by Senator Lowenthal because a Tenants Rights group
objected. The next step is to try to get
separate bill sponsored by a legislator.

Wait. Why would a Tenants Rights group object?

Understandably,
they worry about the large number of rental buildings that have been converted
to Condos in Long Beach. When they do that, it boots
people out of their Long Beach homes and makes fewer rental apartments available so the
rents are higher. When it comes to OYOs,
though, it’s a matter of converting units that have already been individually
owned for 50 years. Who owns these
places won’t change with conversion.
Some OYO owners may sell their unit/s after conversion; many of those would sell
whether they are converted or not.

Conversion
helps tenants, too!

Rental Availability

OYO’s in Long Beach provide an
approach for “Mom & Pop” owners to enter into the investment/rental market
which can continue or increase the availability of rental units. Once loans are made available, these new
rental unit owners will be motivated to maintain and upgrade their units.

Maintenance

Of course,
maintenance isn’t a tenant’s job since they are paying rent. Because there is no financing available to
OYO buildings, owners have less money available to them for maintenance and
upgrades. It lowers the quality of life
for everyone.

Owning your own

Long Beach Own Your Own (OYO) Homes

There’s a guy in my OYO building who has
rented his unit for 23 years through 3 changes of ownership. He wants very badly to buy his place, and
could afford it now, but there is no financing available.
His landlord charges as much rent as the market will bear, which is
typical. His housing costs would
increase at a much slower rate if he could own his home.

The new legislation would ease the condo conversion issues so
that there are loans available for these “self owned
apartments”. There are great loan
programs out there for first-time home buyers in Long Beach, some with no down payment. The new proposed legislation will help these
kinds of Long Beach properties get the financing needed to make them available to those of
us who need affordable housing.

For more info on
this law and our efforts to correct it, visit our website.

www.OwnYourOwnCondo.org

Contact us with
your comments, questions, or if you can help us to change this law. We are gathering a list of OYO buildings for
the sole purpose of helping change the law.
If you own an OYO home, please add your building to the list!

Deb Dobias

Deb@OwnYourOwnCondo.org

We
have supporters from the following OYO complexes,
as well as Realtors and HOA Property Managers.

Our list is growing. This list only partially covers
the Long Beach area but we are expanding our search.
Please contact us to add your name to our list of
supporters or if you can help us change this law.

700 E 1st St

Ocean View Apts or Ocean Gardens.
1311 E 1st

2225 E 2nd street

The Montclair
1250 E 3rd

1250 E 4Th St

1280 E 4Th St

Clarendon OYO Apartments
1739 Appleton

Palm Garden Apts.
617 Cedar

354 Chestnut Ave

Welles Apartment HOA
325 Elm Ave

Princess Apartments
82 Lime Ave

Lime Ave OYO
337 Lime Ave

Villa Aqua
1101 E Ocean Blvd

*Disclaimer: The opinions and statements in this article are not necessarily the sentiments or opinions of the Long Beach Real Estate Home Blog, its author’s, owner, or any affiliated persons or entities and we accept no liability for them.*

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Laurie Manny Long Beach Realtor (562) 212-5420
Main Street Realtors Belmont Heights 244 Redondo Avenue Long Beach California 90803
Long Beach Real Estate BlogLong Beach Real Estate Website

Long Beach Own Your Own-OYO-Owners Are Organizing for Condo Conversion-Breaking Long Beach Real Estate News

Posted on September 18, 2008 by Laurie Manny

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Laurie Manny

Main Street Realtors

Belmont Heights

244 Redondo Avenue

Long Beach California 90803

Lic.#01321200

(562) 212-5420

Contact Laurie

Long Beach Real Estate Blog

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Long Beach Condo Buyers Beware

The condo market in Long Beach, and nationwide, may be in for a few rather large shockers which could rattle more than a few cages. We have already come across several HOA's in, or very near, serious financial jeopardy.

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Buying Fixer Upper Homes in Long Beach

Many buyers who are searching for homes in Long Beach express interest in purchasing a "fixer upper" . It is always interesting to hear what their idea of a "fixer upper" is. There are so many levels of fixer upper it is necessary to clarify what the buyer has in mind.

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Buying Long Beach Homes

Issues for the "First Time Home Buyer"

With so many Long Beach homes on the market at affordable prices one would think it should be really easy to find a home and get a great deal. So why are so many first time buyers having trouble finding a home that suits their needs at a price they can afford?

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FHA Loan Limits

FHA loans are available to a maximum loan of $729,750 with a minimum 3 to 3.5% down payment until January 1, 2009 when they are currently scheduled to drop the maximum loan amount to $625,000, this could change.

Current FHA Lending Limits for LOS ANGELES COUNTY (LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN AREAS):

Single Family Home or Condo : $729,750
Duplex : $934,200
Tri-plex : $1,129,250
Four-Plex : $1,403,400

7 Steps to Pre-Home Purchase Preparedness

1-Choose a Lender 2-Checking Credit Scores Prior to Starting the Purchase 3-Be Pre-approved Prior to Searching 4-Have A Solid Financial Plan 5-Insist on a Lock-In Letter 6-Demand a Loan Commitment 7-Waiting to Sell Your Home

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Long Beach California is Best Neighborhood for Walking

One of the most appealing draws to living in Long Beach California is the walkability of many of our local neighborhoods.

Long Beach California has been ranked as the 8th Most Walkable Neighborhood!

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Relocating to Long Beach California?

If you are relocating to Long Beach California you will need lots of information. You will be curious to know about Long Beach communities , neighborhoods and resources . We have tried to include as many area resources as possible here to make your transition a smooth one.

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Belmont Shore-Naples Island Market Report

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Belmont Shore and Naples Island Real Estate For Sale – Long Beach California

Belmont Shore and Naples Island Luxury Real Estate For Sale

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Long Beach California City and Relocation Resource Guide

Long Beach Homes For Sale

Long Beach Condos For Sale

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Belmont Shore Real Estate Market Report-2008-Belmont Park-Naples Island-Marina Pacifica-Long Beach California Real Estate

Belmont Shore Real Estate Market Report

Including Belmont Park, Naples Island, Marina Pacifica

Homes, Condos and Income Properties

Long Beach California

Long Beach Homes For Sale in Belmont Shore, Belmont Park and on Naples Island

There are currently 74 Long Beach homes for sale in Belmont Shore, Naples Island and Belmont Park.

Long Beach Condos For Sale in Belmont Shore, Belmont Park, Naples Island and Marina Pacifica

Long Beach Income Properties For Sale in Belmont Shore, Belmont Park and Naples Island

Long Beach Real Estate Sales-Market Update: October 5, 2008

Long Beach Real Estate Sales-Market Update: October 5, 2008

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Long Beach Own Your Own-OYO-Owners Are Organizing for Condo Conversion-Breaking Long Beach Real Estate News

OYO Conversions – An untapped resource for Affordable Housing

Which causes more problems…

Conversion helps tenants, too!

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OYO
Conversions – An
untapped resource for Affordable Housing

Conversion
helps tenants, too!