More Long Beach condos to be auctioned Monday

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In August, the developer of the West Ocean Two complex in Long Beach, which was completed early last year, auctioned 39 units in the 114-unit building to spur sales after the housing bubble burst.

David Parsky, director of Citi Property Investors, said 33 of those units sold at the August auction, so they’ll try again. On Monday, another 39 units will be offered at auction, with starting bids from $195,000 for a one-bedroom unit. The building has a health club, pool and parking. Homeowner association fees average $750 a month and vary by the size of the unit, Parsky said.

Parsky said winning bids at the last auction ranged from 2% to 35% over the minimum bid amounts. With so much anxiety and confusion over where home prices are heading, Parsky said auctions may ease buyers’ fears of paying too much for one of the condo units because, ‘whatever the collective public thinks it’s worth is what it will sell for.’

-- Peter Y. Hong