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May
05


Long Beach Own Your Owns-OYO-OYOs-Condo Conversions-Income Properties in Long Beach

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Long Beach Own Your Owns - OYOs

What the Heck is an OYO?

What is an Own Your Own?

Why would I want to own one?

 

Long Beach has been home to many Own Your Owns over the years. They can be found throughout Downtown Long Beach, Alamitos Beach, Bluff Park and into Belmont Heights; older, usually 2 or 3 story buildings tucked between newer and sometimes taller buildings.   Recent Condo Conversions have trimmed the numbers of available OYOs considerably. OYOs used to be a really good investment, selling for considerably less than Long Beach Condos, they proved to be a very desirable purchase. When they successfully converted to condominiums owners realized large profits.  Often condo conversion was the motivation for purchasing an Own Your Own. 

 

Many buyers ask about OYOs.  They want to know if they are the same as a condo, or more like a stock cooperative. 

 

OYOs are similar in ownership to condos in that they are both fee simple ownership with individual tax bills and deeds. OYOs are a pre-condominium form of ownership, mostly built in the 50s. They generally sell for less than condos and are occasionally candidates for condo conversion, if they qualify, at which time they increase in value dramatically. Often OYOs will not have sufficient parking to qualify for condo conversion. 

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http://www.lauriemanny.com/003252
Posted on May 05, 2008 19:18:26 by Laurie.Manny
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May
04


Can We Get Long Beach Homeowners To Pay Back Their Mortgages?

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HR 5830: The FHA Housing Stabilization and Homeowership Retention Act of 2008 , is designed to provide relief for homeowners in trouble by refinancing their loan to reflect lower housing valuations.  If the current lender 'forgives 10% of the loan balance, it allows a homeowner to enter into an equity sharing type of arrangement for a refinanced loan.

I offered my analysis of and support for this bill, on BloodhoundBlog.  A discussion arose about a change on social mores, most often associated with younger, first time home buyers.  It seems that the compunction that comes with a mortgage default has disappeared.

My questions for discussion are:

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http://www.lauriemanny.com/003210
Posted on May 04, 2008 16:54:07 by Brian.Brady
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May
03


Long Beach California Real Estate Sales

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Twilight over Naples Island and The Peninsula-Long Beach Real Estate

Long Beach California Real Estate Sales Update

January - April 2008

 

The real estate market in Long Beach has begun to shift.  We have witnessed a steady rise in homes and condos for sale in Long Beach since the beginning of the year, as is witnessed by the chart provided.  Buyers who have been waiting out the real estate market hoping to get that incredible deal are now buying those Long Beach homes and condos they have been wanting. 

 

Interest rates are still great, although lenders are tightening up on lending standards.  It is getting more difficult to procure a home loan unless your income and credit scores are high, your credit history is good and your debt ratio is low.  As we progress into the summer months lending standards will become even more stringent.   

 


Long Beach Home BuyersIf you are one of the consumers who has been sitting on the sidelines waiting for Long Beach real estate prices to drop before you begin your buying process, you might want to speak to a mortgage lender pretty soon.  Run your credit, find out if you qualify for a home loan sufficient to make that purchase.  You may also decide to go ahead and buy now while Long Beach prices are low, some concessions are still being granted and home loans are still available to consumers with less than pristine credit. 

 

 

 Real Estate Sales in Long Beach California - 2008 - Year to Date

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
                 
1/4 273 120 6 3 1 43 16  462
                 
APR 134 51 1 3 0 17 6  212
MAY                
JUN                
                 
2/4                
subttl 407 171 7 6 1 60 22  674
                 
JUL                
AUG                
SEP                
                 
3/4                
subttl                
                 
OCT                
NOV                
DEC                
                 
TOTAL                
                 

 

 

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http://www.lauriemanny.com/0031E2
Posted on May 03, 2008 19:37:51 by Laurie.Manny
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Apr
28


Long Beach Mortgage Rates Report: April 29, 2008

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No real change in my posture.  I still believe that Long Beach mortgage rates have room to go lower in the next 30-90 days but Im advising clients who are closing in less than 17 days to lock. All others can float.

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http://www.lauriemanny.com/003072
Posted on April 28, 2008 23:51:35 by Brian.Brady
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Apr
21


Long Beach Mortgage Rates Report: April 21, 2008

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What a wild week this past one was for Long Beach mortgage rates.  On April 14, 2008, I advised folks who were closing in the month of April to lock rates; mortgage bonds plummeted from 101 to 99.5.  If you were closing in April and didnt lock your mortgage rate, it would have cost you about 1.5% in discount points to get that same mortgage rate, on Thursday- thats $7,500 extra in closing costs for a $500,000 loan!

I also advised that all May closings float. Mortgage bond prices rebounded to 100.5 today; I still think theres room for upside in the mortgage bond market which means lower mortgage rates.  I dont have high hopes for the American economy through the summer.  The foreclosures, weak housing prices, and credit crunch have closed the consumers 'virtual ATM '.  Higher food and fuel prices are starting to take a bite out of the consumers budget.  A gallon of gas and a gallon of milk both cost in excess of $4. In past years, a homeowner would suck it up and throw the money on his HELOC.  Now, with HELOCs frozen, the consumer has to tighten his belt.

The consumer drives much of the American economy so his tightened belt means less spending.  That should hurt this economy until we see the banks loosen up a bit.

Will we see lower mortgage rates in May?  I think so but the volatility of the mortgage bonds market still compels me to advise Long Beach home buyers to lock their mortgage rates for transactions closing within 14 days.  All longer closings should float¦for now.

http://www.lauriemanny.com/002F24
Posted on April 21, 2008 08:19:20 by Brian.Brady
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Past Articles

Buying Your Long Beach Homes - Long Beach Real Estate
Long Beach Mortgage Rates Report - July 14, 2008
Long Beach California Mortgage Rates Report: July 7, 2008
Long Beach Mortgage Rates Report: June 25, 2008
Long Beach Mortgage Rates Report: June 19, 2008
Long Beach Mortgage Rates Report: June 12, 2008
Long Beach Mortgage Rates Report: June 9, 2008
Can We Save the Long Beach Condo Market?
Long Beach Mortgage Rates Report: May 29, 2008
Long Beach Mortgage Rates Report: May 14, 2008

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