Is Your HOA FHA-Approved?

Many homeowner associations in Orange County and Los Angeles County are experiencing certain problems, and these problems could lead to more difficult-to-sell units in an already-soft condo market. For example, some loans are not getting approved for conventional Fannie Mae financing at the close of escrow due to too many owners being delinquent on monthly dues. As times become tough, and owners have to short sell, or go into foreclosure, the associations are not able to collect the scheduled income, and lowered reserves are a concern to lenders.

While associations are not required to have special approval for conventional loans, HUD now requires complete project approval before an FHA loan may be given. And the advantage is that sellers have more potential buyers with this approval, many more. FHA loans have made up 50% of the market in some areas, because they fit the 1st-time buyer's budget with 3.5% down payment, and 1st-time buyers are the majority of buyers in some markets, including condominiums.

If your association is up for renewal for FHA loans, or your association would like to be FHA approved, the following factors are essential for project completion:

1. Owner occupancy must be 50%.
2. No more than 15% of the units can be dues-delinquent over 30 days.
3. No one entity or person may own more than 10%--this is a problem in a 12-unit complex where 1 person owns 2 units, and this is not uncommon in areas such as Long Beach and San Pedro.

4. No more than 50% of the units may be FHA insured.

5. No pending litigation which adversely affects the entire association (collection and foreclosure litigation does not make the HOA ineligible).

HOAs must provide the condominium documents, along with certain information, and if eligible, the process may take about 60 days or more. This approval can help out owners who wish to refinance as well. You don't have to be selling in order to start the approval process, in fact, it's far better if the association obtains it before units go on the market, or an owners attempts a re-finance.

To be approved will usually cost about $1500 to $2000. For more information on documents HOAs provide, and help with finding a source, please contact me to find out where to get started. Some lenders will provide the approval if they are the source of your loan.

April 2011 Condo Market in Long Beach



Condo sales April 2011

 There were 93 condos sold last month (April, 2011) in Long Beach, ranging from a high of $700,000 at 1400 Ocean Blvd. to a low of $49,000 at 315 W. 3rd St.  Of those, 27 were all cash transactions--nearly one-third of the total; 44 were financed with conventional lending; 13 through FHA lending.  The downtown area had 13 of the all-cash sales, or almost 50%.

In the Bluff Park area, selling prices ranged from $435,000 to $335,000 for 2-3 bedroom condos, and $234,000 for a one-bedroom. Downtown Long Beach south of 7th St. (excluding Ocean Blvd. properties), the average price was $147,000 for a 2 bedroom under 900 sq. ft., to a maximum of $248,000 for a 2 bedroom unit over 1100 sq. ft.  Condo properties in and around Marina Pacifica and Bay Shore Drive sold at a maximum of $688,000 and a minimum of $300,000.

To find out more about buying a condo or obtaining financing, please visit my website http://www.juliahuntsman.com/, or call me!

How Many Properties Are For Sale Under $300,000 in Long Beach?

Lafayette - Downtown Long Beach condos

The answer is, a lot.



The great majority of residential properties included here are single family houses and condominiums; the list also includes a much smaller number of lofts (a separate MLS designation), own-your-owns and co-ops.  The grand total from SoCalMLS is 618 listed as "active", regardless of selling condition (short sale, REO, probate, etc.), or the amount of HOA dues in the case of common area properties.

This inventory is not too different from last September's post when there were 631 on the market.

The breakdown includes the following:

• 295 are single family houses, 31 of which are partially in Wrigley, Alamitos Beach, North Long Beach, Rose Park, and their adjacent neighborhoods.
• 1 is classified as a loft in downtown Long Beach, and only 7 are own-your-owns or coops. More of the OYOs and coops have converted to condos, one of the recent projects underway is a co-op on Atlantic Ave.

• 314 (about 50% of the total) are condominiums, including the Marina Pacifica complex, Belmont Heights, Bluff Park and adjacent neighborhoods, The Lakes on Spring St.  The majority of condominiums are located in the 90802 zip code which includes Alamitos Beach, downtown Long Beach, Ocean Blvd. luxury buildings (31 condos are for sale along Ocean Blvd.!!)

There is opportunity for many people here right now--including 1st time homebuyers, second home buyers, and investors. For a property search of these areas go to http://www.juliahuntsman.com/ at the property search tab, where all types of properties, including 2,3, and 4 units, may be searched throughout Long Beach, Los Angeles County and Orange County and all cities in Southern California. And, also take a look at two listings: an Emerald Villas Condo at $185,000 and a single family home in Lakewood for $365,900.

Emerald Villas is an FHA approved complex!!



New Listing: 2 Bedroom Condo in Emerald Villas in Downtown Long Beach

This is a well-situated condominium in the gated Emerald Villas, a 1991 complex with resort-like surroundings.  This light and spacious-feeling 2 bedroom, 2 full bath unit features indoor laundry, including the stackable washer/dryer, a cozy fireplace in the living room and a city lights view towards the east. Both bedrooms are carpeted, and the hall area provides extra counter space and cabinets for work area and storage. There's plenty of closet space in each bedroom.

Parking is in a secure, gated garage for two side-by-side spaces. The central courtyard in the common area has a beautiful pool and spa, and the fountain and the well-planted entry area are a gracious introduction to this beautiful complex. The HOA also features a BBQ area, sun deck and exercise room, and is within short walking distance to a nearby school and park, and is very convenient for freeway access. More information on this unit listed at $189,000 at 555 Maine Ave., #208, Long Beach, CA 90802.
Julia Huntsman, Broker
Lic 01188996

NOTE: off market 9/7/2011

How Many Properties Under $300,000 in Long Beach?



Ocean Blvd Condo

Today, the Southern California MLS (combined with CARETS) shows 631 properties in all areas of Long Beach. This is more than June, 2009 (431) and less than December, 2008 (737).

There are 269 single family homes of which 38 are bank-owned and 136 are short sales, the majority are in North Long Beach.  There are 340 condos under $300k,  of which 48 are bank-owned and 182 are listed as short sales. There are 13 co-ops, 4 require short sale approval and 1 is lender-owned. There are only 9 OYOs, probably because many have converted to condominium status in recent years--only 1 requires short sale approval and none are listed as bank-owned.

From these 4 categories, it's clear that short sales constitute nearly 50% of the market in this price range, while bank-owned properties, while bank-owned properties are about 14% of this category in Long Beach.

If you the buyer submits an offer on a short sale, know that they require patience and the ability to wait. The seller wants to avoid a foreclosure, and can usually only do so by obtaining short sale approval from the bank, and counting on the buyer to stick around for the entire process. Buyers should understand all of the short sale addendum terms, and be clear about the waiting period you've agreed to--if there is no waiting period (number of days) inserted in the addendum, that means you're committed to waiting until either the bank says it's not approved, or the bank says it's approved--whichever is longer. In other words, agree to 90 days and if there's no approval by that time, then it's safe to cancel and move on. A 30-day escrow including bank approval would not be realistic for almost all properties.

This is the affordable range for many people, and it also attractors investors who have a lot of cash. Some properties give a 10-day period for owner-occupants to make offers, another reason why the buyer should be prepared in advance with loan approval and funds documentation to be ready to make that offer, assuming it's the property you want. Otherwise, try to find a property being sold by an equity seller.

The future will continue to feature distressed properties in one form or another: "Sales of distressed properties are set to peak in 2011 at 2.3 million transactions before falling to more normal levels at 850,000 in 2016, according to a report from John Burns Real Estate Consulting."  Does that mean prices will continue to fall? It all depends . . . on the area and local real estate. That's why you should keep up with prices in the area of your interest, and stay in touch with a good lender and a good Realtor who can keep you updated on recent sale prices, interest rates and current lending guidelines (which can change every few months or every few weeks).

Nearby cities of Cerritos, Lakewood and Signal Hill also have properties, ranging in number from 22-27 each, under $300,000--the vast majority are condominiums with a small sprinkling of houses. Norwalk, however, has 200 properties, the majority being single family homes, so this is another area of opportunity for those willing to live a little further inland.
To see all properties of interest to you, including income property, just go to my website property search at http://www.juliahuntsman.com/. 

Condo Prices in Bixby Knolls and Belmont Hts/Belmont Shore/Bluff Park

The August 2010 median sold price of a condo in 90807 (Bixby Knolls and adjacent areas) actually increased by $10,000--to $170,000--compared to August 2009. That's down, however, from the $240,000 condo median in April.  I chose this zip code because I actually underwent a first time experience ever of receiving a buyer's lender appraisal $20,000 less than the contract price. (This leads into issues about out-of-area appraisers and the AMCs, which will not be elaborated on here.) So therefore, it seemed a good idea to see what Clarus Data Metrics research revealed this month. The for-sale price in this zip code for condos shows an overall decrease in asking price by 23%, but an overall increase in selling price by 6%. December and April were two months of exceptionally high prices reaching up to the $300,000 median. The monthly number of units sold range from 4 to10 in the last 12 months, and the same range for properties in escrow each month over the last 12 months, currently up 75% from August 2009. The monthly total number of condos for sale ranges from 39 to 55 over the last 12 months.

The August 2010 median sold price of a condo in 90803 (Belmont Shore, Bluff Park, Naples, etc.) actually decreased by 4%, ranging in median price from $550,000 to about $275,000 over the last 12 months, with the current median being $326,000. The median asking price is currently $50,000 lower than August 2009. The number of sold properties for August--15 condos--is one of the two highest months for the past 12 months. The number of condos in escrow has fluctuated from 6 to 15 per month in the last year--currently the pendings are down (by 3 units) from July and down from August 2009. Currently there are 83 condos on the market in this zip code, the lowest number was 59 last January. So although supply is up, so is demand--9 sold in August 2009, 15 sold in August 2010.

Buyers and sellers should know that lending in condos means a review of owner occupancy ratio (less than 75% is a deal killer for some lenders, less than 51% is a deal killer for all lenders), the number of owners delinquent in their HOA dues (can't be more than 15%), and existing lawsuits are all items that come under review in their review of the association's documents. Other issues could be HOA reserve funds and signs of lack of common area maintenance.

FYI: "Median" is not the same as "average"--the median number divides the group into two equal halves: Half the properties sold were above $326,000 and half were under that price.

Any why are those cows there? Because they like to keep an eye on things too.

June's Median Price Showing An Increase in Long Beach/Lakewood Area

Single family median price in Long Beach

The median price in Long Beach for a single family home has gone up for June 2010 to $370,000, with a total of 205 homes sold in this category for the month. This is a general increase from the $353,000 median in June 2009. The number of days on the market is trending downward gradually, the current average is 66 days, compared to 72 last year. Of course, this is a broad figure designed only to show a general trend, since prices vary from local area averages of $250,000 to well over $1,400,000 in single family homes in Long Beach.

Lakewood single family median price

It's a similar story for the City of Lakewood, a smaller city conceived of through city planning in the 1950's and with not so much diversity in housing inventory and selling prices as Long Beach. In June of this year, the single family home median price was $400,000 compared to $375,000 last year.

Los Angeles County as a whole shows the same trend for single family homes: $342,000 this year, $326,000 last year, for the months of June (however, that's a drop from May 2010 median which was $350,000).

Condos in Long Beach are still not as strong as houses, but overall, offer a great investment while their prices are still lower. The median at $232,500 for the city has risen 2% from last year, but has fluctuated greatly in that time, with days on market currently at 96, lower than last year's 108.  The lowest days on market of 66 was in October 2009, matching end of year buying but mostly the 1st expiration of the $8000 tax credit. For Los Angeles County, the condo median dropped to $315,000 from $360,000 one year ago.

New Listing: Bixby Knolls Condo 2 bedroom 2 bath - One of the Area Lowest Prices

The seller is still working to get ready for showing, but this Bixby Knolls condo is a great value at $180,000 for a front end unit with 2 bedrooms and 2 bathrooms and no one below. This is a great value in an FHA approved building. Has one parking space in gated garage with storage.

No interior photos yet, will include those in it goes into the MLS at the end of the month.

Interior features are kitchen area Pergo flooring, new kitchen counters, lots of kitchen/dining storage cupboards, and new dishwasher. Seller is freshening up with new paint, and bathroom has new tile floors.

The complex is conveniently located near the 405 FWY and the Bixby Knolls and Atlantic Ave. shopping/restaurant corridor. HOA dues are about $225 monthly. Complex has very nice pool and patio area, and community laundry. One parking space. This is an equity sale!

Call me to find out more about this property. 3510 Elm, #1, Long Beach, CA.

Find this and more properties at http://www.juliahuntsman.com/

Julia Huntsman, Broker, e-PRO®, SFR, REALTOR®

562-896-2609. CA DRE #01188996

Condos vs. Houses: How's it Going?

There it is, all in one picture: a condo building and two large homes, side-by-side, each property owner choosing where to live for individual reasons. And among those reasons would most certainly be affordability, but then even if a condo buyer could include the market value of either of the two houses in his price consideration, would he or she, looking down from a condo window, still want to buy the house with the large lot, square footage, maintenance, and property taxes? (The former owner of the house on the right once told me that he did make such a choice will standing in an upper floor condo next door.) These particular properties happen to be at two extremes of size and value (the condos are in the $500,000 range and the houses are double and triple that), but many people will ultimately prefer a house over a condo if they can also choose other adjustments in their criteria.

Nationally, condo inventories are higher than houses, but according to the National Association of Realtors, "the condo market has actually outperformed the single family market recently. In February, condo sales were up 30.3 percent YOY in comparison to 4.3 percent for single family homes. Starting in July of 2009 condo sales have been running at rates higher than the total for either 2008 or 2009."

In Long Beach, the months supply of inventory ending in February 2010 for single family homes is 3 months (down 44% from last year: 1045 vs. 1290 in 2/09), while the months supply of inventory for condos and lofts is 3.75 months (down 46% from last year: 449 condos on the market vs. 592 in 2/09).

Long Beach condos in escrow were up by 42% from 2/09; the number of houses in escrow were up by 30% from 2/09. The median sold price for houses in Long Beach, however, has increased from $310,000 to $350,000, while the median price for condos has decreased from $237,000 to $203,000. (These trends may vary somewhat by specific areas.) Days on market has decreased for both, but overall condos are spending less time than houses on the market.

Historically, in the local market, condos are the first time buyer's most likely choice due to price, and yet because of the distressed market many of those borrowers are having trouble, and condos are the likely choice of many investors and all cash buyers as prices make them more and more attractive.

Although March's figures are not available yet, more inventory in both categories has been coming on the market locally, and the California tax credit as well as what's left of the federal tax credit are helping to spur more action.

Stay tuned.

How Many Condos are Listed in Long Beach Under $250,000?

About 4 years ago, someone left a comment/question on one of my blog posts asking where in Long Beach a condo could be found for $250,000. I don't know where that person is now, perhaps they have already taken the plunge into homeownership, but if not, now is a much better time for looking for that condo.

A search in all of Long Beach on the MLS shows 185 active listings for studios, 1, 2 and 3 bedroom condominiums at $250,000 or less. Typical of today's market, many are short sales, however opportunity knocks for the buyer who has the ability and patience to wait.

The Marina Pacifica complex shown above has several listings in the lower price range. and this photo features a listing (CLW-09378967) for a studio at $199,000 with HOA fees of $379/month.

When getting pre-approved for a condominium purchase, a buyer should be aware of items such as the HOA dues amount, number of parking spaces and their location, whether or not the building is FHA approved, building amenities, and association documents as spelled out in the contract.

In other associations, monthly fees may range from under $100/month to several hundred dollars a month, so it's important to find which associations will work for you.

Condo living is usually a closer community living than a house in a neighborhood may be. Condos are a great doorway to homeownership, and may offer an opportunity to live in a desired area that the buyer may not otherwise be able to afford.

Homeowner Associations and Fannie Mae Loans

Effective March 1, 2009, Fannie Mae is implementing changes to their condo financing guidelines “in light of the current condo market and the need to mitigate risk on condo loans”. Some of these changes may affect a buyer’s ability to obtain conventional condo loans for new and established condos, and have consequences for condo sellers, principal residence buyers and investor buyers in condominium projects.

Whether you're a buyer or a seller, it will pay to consider these issues in advance of buying or putting your condo on the market. You are more likely to attract a strong buyer if your HOA meets these guidelines, and if you are an investor buyer, you especially would want to find out the nature of ownership in a project if you're obtaining a loan, and even if you're a cash buyer, you would probably want to anticipate your future selling situation. Underwriters/lenders do review association documents during escrow, and these are some of the things they're measuring.

According to FNMA, these guidelines may be modified on a case-by-case basis, but here are the basic guidelines for established HOAs:

• No more than 15 percent of the total units in a project can be 30 days or more past due on the payment of their condominium/association fee payments.
• Fidelitybond/fidelity insurance required for new and established condominium projects with more than 20 units-- thus ensuring that homeowner association funds are protected.
• The borrower must obtain a “walls-in” coverage policy (commonly known as HO-6 policy) unless the lender can document that the master policy provides the same interior unit coverage. The HO-6 insurance policy must provide coverage in an amount that is no less than 20 percent of the condominium unit’s appraised value.
• No single entity (the same individual, investor group, partnership, or corporation) may own more than 10 percent of the total units in the project.
• The homeowners association must have at least 10% of its budgeted income designated for replacement reserves and adequate funds budgeted for the insurance deductible.
  

What's For Sale in Long Beach under $300,000?

In October, 2007, I wrote a post about properties under $300,000. The picture has changed considerably:

Then, there were 360 houses, condos, co-ops, and own-your-owns available in Long Beach. And now, there are 737 in the same category under $300,000. That's DOUBLE the inventory in that price range! And, the bonus is that right now interest rates are even lower, and may go as low as 4.5% for a 30-year fixed (see Treasury Considers Plan to Stem Home-Price Decline ), and even as we write, the mortgage applications more than doubled last week. Lots of loan guidelines have changed in the last year--one of the important things to remember is that a decrease in your interest rate lowers your payment immediately, as opposed to trying to save more money for your down payment. Try an internet real estate calculator to make simple P&I comparisons.

In the meantime, what is available for about $250,000? MLS P665655 (listing photos shown) is a one-bedroom condo in Stoneybrook, a nice condominium association on the edge of Alamitos Heights and a 5-minute drive to Belmont Shore. List price is $251,000, 13 days on the market as of today, and the association features a beautiful planted landscape with walkways and streams, spa, sauna, two swimming pools, a large clubhouse, tennis courts, weight and locker rooms. Gated parking is located under each condo building, with elevator access to upper floors.

For more info on this or other buying opportunities, just contact me!

FHA Loan Bill May Increase Loan Limits

The FHA Modernization Bill passed by the United States Senate on December 13 will bring changes that have been fought for long and hard. FHA loans are currently limited to $359,900 in Southern California (loan amounts are regionally based), and 3% down on top of a $359,900 loan amount does not meet most of the housing market in this region. Per California Association of Realtors, "the U.S. Senate on Dec. 14 approved legislation designed to modernize the Federal Housing Administration’s mortgage insurance program by increasing loan limits, and helping troubled borrowers with subprime loans refinance into federally insured mortgages." "The bill, which has the support of the Bush administration, also would reduce the required minimum down payment for an FHA-insured loan from 3 percent to a flat 1.5 percent of the appraised value of a home. "

If passed, new FHA loan features will also streamline condo purchases, and increase loan limits to $417,000 (the current conforming loan limits for non-FHA loans). Expect these changes to be taking effect in January after the final issues are worked out between the Senate and the House.

Long Beach long beach real estate 'Voice this!

Seaport Marina Hotel Project Will Be Revised

Lennar Homes is now dropping its project to build 425 condos or townhomes plus other mixed use development at the Seaport Marina Hotel site, leaving the current operator of the site, Taki-Sun, to work out a new, scaled-down, project that will please Taki-Sun and the community. Negotiations on this project began a long time back (previous post), and have also been complicated by the area residents' objections to a proposed Home Depot construction in the same area (proposal was passed 6-3 by the City council, but is now being challenged by the Coastal Commission). This same area is part of a long term plan as reflected in the post about the SEADIP proposal, and new development will bring an additional burden on the roadways, and ultimately, quality of life, to the area.

It seems that everyone wants to be at the beach, but finding the room for maintaining coastal environment vs. building development is more and more a challenge. Our open areas along the entire Southern California coastline diminish with each decade, so every proposed use now carries more focus and stringent study.

Long Beach long beach real estate 'Voice this!

CAR: July's California Median Home Price at $586,030

While the sales volume continues to decline, the median price in this state remains strong. July's median price for single family homes (excluding condominiums) is even a little higher than this time last year, according to the California Association of Realtors.

Partially responsible for this decrease in sales are the tighter lending guidelines--for buyers looking for 100% loans, they are much tougher to find. For all buyers, higher FICO scores are demanded, and some loan programs have disappeared all together. These changes affect the entry level buyers the most, as even a 95% loan-to-value program may be difficult to find.

110 out of 371 communities/cities in this state showed an increase in their median price compared to one year ago. Click on the title link of this article and see the 10 highest priced communities in the state, and the 10 with the greatest increase.

Condos have increased overall to a median price of $434,640, a 2.4% over one year ago.

Real estate is local, so median prices don't reflect changes up or down in other communities on a month-to-month basis.

Important to keep in mind: “It is important to note that decline in sales is not driven by weakening economic conditions ... Rather, the statewide and national economies continue to move forward, with no recession on the horizon at this point in time."

Plusses and Minuses of Long Beach Condo Conversions

National homeownership by the end of the Clinton Administration supposedly rose to about 65%, the highest ever recorded. But, according to the City of Long Beach within the last few years, during that same time period, that was about how many non-owners were living in Long Beach. In other words, we were the opposite of the national picture. According to the Long Beach Business Journal, July 31, 2007 edition, the local situation may be close to reversing itself. A total of 152 conversion projects have been approved, reducing Long Beach's supply of rental homes by 2,133 since 2000.

No trend is perfect: The opportunity for homeownership has decreased homes available for renters. With long term population projections in the state predicting that the demand for housing will continue far into the future, there will continue to be a demand for housing for both owners and renters, and right now there's a demand for rental housing, and there may be some future restrictions on conversions to allow for a balance. The newly converted units are often smaller and priced lower--800-900 sq ft for a 2 bedroom--than the original condos. Some lenders need specific information on final conversion date and the current owner occupancy level, if any, to underwrite financing. The smaller 2-story buildings may not have elevators, however, remodeled new interiors with new appliances, for some buyers, may be a compensation for these other factors. Buyers should know that in dealing with a smaller building, they will also be a dealing with a smaller risk pool in their Association funding. The unit at 2138 E 1st St. is an upper floor 2 bd/2ba, 775 sq. ft, $238/month HOA dues, ocean view, in a historic district, and has been listed and on the market for 440 days, per today's MLS activity, in a building of 10 units where all others have now sold, list price $417,500. There are others on the market at lower prices than this one.

For a list of condo units in this area, please let me know, they're easy to e-mail.

Do tenants need some protections and acceptable and affordable housing stock, yes. Do buyers need lower-priced units and opportunity to buy in a selection of areas, yes. The story is not as completely simple as this, there are multiple effects and ramifications on each side pertaining to job impact, higher developer fees, higher rents, and units sitting on the market, but the City of Long Beach wanted more owner-occupied housing, and that is what is happening.

Long Beach

Cooper Arms: Co-op to Condo

Originally conceived in 1922 as the most luxurious co-operative apartment building in Long Beach, it was rival to the Biltmore Hotel in Los Angeles and the Huntington and Maryland Hotels in Pasadena. The construction of the Cooper Arms reflected the building boom after World War I and the discovery of oil in the region.

The Cooper Arms was the first tasteful result of that building boom when it opened in March, 1924 as the city’s first residential high rise, catering to elegant resort living. The investors behind the building were a virtual “Who’s Who” of Long Beach. William Frist, owner and editor of the Long Beach Press, Dr. W. Harriman Jones, prominent surgeon and of course, Larkin Y. Cooper. Cooper owned a great amount of property in Long Beach, concentrating on property on Ocean Boulevard. He owned the property where the Cooper Arms was built.

The architects of the Cooper Arms were Alexander Curlett and Claude Beelman prominent architects of the day who also designed the Farmers and Merchants Bank building at Pine Avenue and 3rd Street in Long Beach and the Security Bank building at Pine Avenue and 1st Street in Long Beach. Claude Beelman later became a significant architect of buildings on the “Miracle Mile” of Wilshire Boulevard in Los Angeles. The Cooper Arms was built by the Scofield Construction Company, also the builders of the Biltmore Hotel in downtown Los Angeles. The Cooper Arms is designed in the Italian Renaissance Revival style with elegant architectural and decorative features on both the interior and exterior. The building is a twelve story, steel frame reinforced concrete structure with exterior walls of brick finished in smooth stucco. The ground floor is comprised of both public and private space. Commercial uses are adjacent to an arcade which accesses the Ocean Boulevard frontage.

The Linden Avenue entrance accesses a Spanish loggia which exits to a large garden on one side and a large public space on the opposite side, known as the “Grand Salon”, designed as a prominent gathering place for the elegant resort residents of the 1920’s. The Grand Salon has an eclectic decorative composition typical of the 1920’s era. Design elements include Egyptian-derived lotus, swags and medallions inscribed with urns and profiles. The large public space also displays a formal marble front Louis XVI fireplace.

The 12th floor solarium occupies a major portion of the top floor. It was designed to function as a ballroom, meeting room, banquet room and all-purpose informal entertainment center. The room has a domed ceiling with original lotus and bud molding. French doors open onto wrought iron balconies on the north, west and south sides of the room with commanding views of both ocean and city. The original hardwood floors, carefully installed at the time of construction of the building to absorb noise and provide correct resilience for dancing, are still in place and in good condition. Floors 2 through 12 comprise the 159 residential units, once owned as cooperative apartments, today are condominiums.

The Cooper Arms is located in the heart of downtown, and within walking distance to the beach, restaurants, theatres, exclusive night clubs, and the East Village Arts District. This building offers community laundry and historic meeting areas.

Units vary in features: some have a Murphy bed built-in the living room which often have high ceilings, walk-in closets with an eating area in the kitchen; a balcony with views of the ocean, downtown marina, and the mountains; HOA dues may be as low as $118 per month which includes water, sewer, and heat, and vary in size according to whether they are studio, 1 or 2 bedroom.
Long Beach

Long Beach Ebell: Gone to Lofts, Every One

Long Beach Heritage Museum photo
This conversion took place with the theatre portion of the Ebell Club on 3rd Street. It's namesake in Los Angeles is regarded as very important culturally and architecturally. Fortunately, the original theatre part of the building in Long Beach is now preserved in another form, but unfortunately, its reason for being declined with the condition of the building over time. Taking the name from a gentleman in the late 1800's who wished to help women of the era maintain a center of culture important to them, these "clubs" attracted many of the wives of men of local stature and some measure of wealth as their original members, starting a tradition of contribution that carried on for many decades. In Long Beach, this is one of many loft conversions from older buildings which in the past would have disappeared. All the original converted units are now sold out and interested buyers must wait for resales. Close to downtown and on a major bus line, it's also in a residential neighborhood and about 3 blocks from the ocean. What more can you ask for in a loft?
Long Beach

Number of Sales Goes With Seasons?

Condo sales by quarter



While all we seem to be hearing about is that sales are down, historically, the time of year has something to do with it, too.

If you compare 2007's condo sales for zip code 90803 (Belmont Heights, Bluff Park, Belmont Shore areas) as shown in the local MLS, with 2006's sales at the same time last year, even more have sold with about the same number expiring. Sold condos per quarter range from 23 to 42, with the second quarter of 2006 highest in sales. Although not reflected on this chart, the median prices from local tax data for Los Angeles and Orange Counties has increased over last year's prices.

While not exactly a scientific study covering all parameters, this does show sales are continuing actively in the current market. We'll see if the second quarter of 2007 echoes last year's.
Long Beach

Median Home Price in Long Beach

Dataquick's city by city chart tells us the January, 2007 median. For Long Beach it's the combination of condos and single family homes (remember, condos usually sell less than houses overall and may sell at greater numbers) which in January sold 8.41% higher than January 2006 at $490,000. Then scroll further down the chart
and find Long Beach zip code 90810--that section next to Wilmington--included under Southwest Los Angeles to see the incredible rise in price there since 2006--over 15% to the current median price of $462,000.

It's important to understand that prices vary widely by area--to check areas within Long Beach by zip code, go here. Some examples:

Naples, Belmont Shore, Bluff Park, Belmont Heights = 90803.
Belmont Heights, Alamitos Heights = 90814
California Heights area = 90806
Wrigley = 90806
Westside = 90810
Downtown, Alamitos Beach, West of Belmont Heights = 90802
North Long Beach areas = 90807

Long Beach