Currently there are 62 active condo listings in across Long Beach, with the overall average price being $562,469 per MLS data. This is a lower number than the 90 current house listings, however, SFR average price for the entire city of Long Beach is $1,226,196, significantly higher than the condo average. While condo prices range from $1,500,000 down to $270,000, the median and average prices are well below $600,000.
There are currently 131 condos in escrow with an average of 29 days on market, while there are 100 single family homes in escrow with similar days on market, and of course at a much higher average price than the condominiums.
Condominiums are located throughout almost all areas of Long Beach and provide an avenue to homeownership in a neighborhood which may otherwise be totally unaffordable to the buyer. Older HOAs may not offer enough parking for all owners because the building requirements before the 1980s were different, but later developments were required to offer a parking space per the number of bedrooms in a unit. And, older developments were most commonly built with community laundry rooms, while later ones offer inside laundries and central air and heat. Many older buildings, however, feature more interior square footage and seem more spacious. Condominiums may have more rules to meet for lender approval on a buyer loan, because the lender looks not only at the unit, but also at the common area maintenance and condition, so buyers searching for a condo home should keep this in mind. Rules and regulations of HOAs are part of the buyer's new homeownership--living in a condo is a certain way of living that is different than a single family home, but in today's market, especially, it offers ownership opportunity.
Long Beach also has some lower priced stock cooperatives and own-your-own properties which appear to be condos but are not, which are also affordable buyer opportunities, but do have some different mortgage requirements. If you find such a property on the market and want to find out more, please contact me. To find condos on the market in Long Beach, go to my condo search .
If you're a seller thinking of making a change and you want to put your condo on the market, please contact me for important information about selling your condo. I have 25 plus years of experience and have sold numerous condominium units.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
No comments:
Post a Comment