Big price cuts for luxury Long Beach condos
Worth noting: Pretty steep price cuts at the new, ocean-view luxury condos at One West Ocean in Long Beach.
Two examples: A two-bedroom, two-bath unit originally priced at $698,000 is now listed for $462,000, representing a 34% discount. A larger two-bedroom, two-bath originally priced at $1.026 million is listed at $735,000 -- a 28% discount.
It can't be pleasant for buyers who paid full price in the complex -- if there are such buyers -- to see these discounts.
The condos are located in 90802 ZIP Code, where DataQuick counted 31 foreclosures in the second quarter of 2008, up from six in the year-earlier quarter.
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--Peter Viles
Photo credit: Long Beach shore, contributed to Your Scene at LATimes.com by Dominic.
Long Beach lost its luster a long time ago, the streets are filthy, 27% poverty rate, crime is rampant....there are alot of other places to invest in real estate and long beach is not one i would come home to.
Posted by: gene | October 05, 2008 at 03:45 PM
On top of the original inflated price tags the Association Dues are $725/month!!! Nice monthly overhead! And the low price units have no view. Otherwise it is a great location.
Posted by: sailor7x | October 05, 2008 at 05:26 PM
Rome wasn't built in a day.
It took over 20,000 years to compalet those cave paintings, according to the London Telegraph today.
I suspect it will take a long time to un-wind this.
Posted by: MyLessThanPrimeBeef | October 05, 2008 at 08:47 PM
Some will loose in this and some will win. Personally I still feel downtown RE is still over priced and over rated, Where I live now you cab buy a 5000sq ft house on a golf course for less then this condo at $460K. The HOA is $200/year. The best part is when you leave your house you won't get murdered. This is what these builders are now competing with, though they will not admit it.
Posted by: Steve | October 06, 2008 at 05:36 AM
Were these the condos that were supposed to be auctioned?
If so...I guess that didn't turn out so well.
75%-80% off original price *might* move them, but even at that price, I'd be scared to buy into a condo where you run the risk of homeowners not being able to pay their dues in the future...or even worse...they turn into Section 8 housing after you are the only person to take them up on the *discounted* price.
Condos have never been a good investment IMO. The only people who will say otherwise are the people who are desperately trying to sell you one or the poor saps that already bought in.
Posted by: E | October 07, 2008 at 03:59 PM