Lofty Goals and Expectations

Address: 115 W 4th St #405, 90802
Asking Price: $390,000
Year Built: 1929
Size: 1 beds, 1 baths, 1,226 sq. ft.
$/Sq. Ft.: $317
HOA Fee: $351
Purchase price: $359,500
Purchase date: 5/2002
MLS#: S563294
On Redfin: 45 days
Down Payment: $78,000
Monthly Payment: $2,300
Income Requirement: $111,000
Description: SHORT SALE APPROVED 5/18/09 BRING OFFER OVER $370K - This contemporary loft space opens up onto stunning city and downtown views with its five south-facing windows: keep them open for ocean breezes and sounds of the city. Abundant natural light is there if you desire if not, the blinds will keep your home a private sanctuary. The Walker building is arguably the finest loft conversion in the city and it is steps away from the Pine Ave Entertainment District, a short walk to the Pike, the Harbor, the East Village Arts District, the Aquarium and of course, the beach. The rooftop common area of the Walker Building features an outdoor fireplace, a built in BBQ grill, a kitchenette and a hot tub that provides a perfect place to watch the sunsets over Palos Verdes and the Vincent Thomas Bridge.

Dude, nice description! Long Beach realtors puttin’ in work!

This most recent re-listing has been on the market for 44 days, but in reality this loft has been for sale since August of 2007. Begging on the MLS just a few months shy of two years! Yikes!

As far as lofts go, this is pretty cool.

Maybe too cool. It’s a little cold and industrial for my tastes (and imagine what it will look like without the furniture), but nothing some nice rugs and colorful artwork can’t fix.

I’m very confused as to how many bedrooms this loft has because the description says one, but there are two different photos of beds.

Two-bedrooms would be ideal. That allows owner-occupiers to get a roommate in case they have trouble making that $2,300 monthly payment on their own. The roommate option also makes it more attractive as a rental investment (although the solo bathroom mitigates that appeal).

But the big news here is that the current bank-approved price of $370,000 is awfully close to rolling back to 2002 pricing. Like, within 3%.

And it’s still not moving.

Besides the nutso price, a single garage spot in downtown, apparent lack of a shower (WTF?), and inherent headaches associated with short sales are all likely contributors to the austere lack of interest in this property.

Plus, check out this nearby loft for rent:

LOFT for Rent: Modern/ Industrial Style, East Village Arts District, Downtown Long Beach, 1008 sq ft. 1.5 bathrooms (shower), Corner of Alamitos and 4th St. Large, open ceilings, skylights, ceiling fans, AC, mezzanine level for sleeping area/walk-in closets, custom paint, new carpet upstairs, French doors open to balcony facing courtyard patio. Washer/Dryer, stainless steel appliances, Common area has rooftop sundeck with BBQ, gym/community room. 2 secure tandem parking spots in subterranean garage. $1675 deposit. Available now. Showing property now. BTW.....this loft has been beautifully painted--unlike the stark white walls in the original pictures below. Hardwood flooring is being installed today.

A bit smaller, sure, but it has two (ugh, tandem) garage spots, a shower, hardwood floors, and actual pigmentation on the walls and is asking a mere $1,675 per month. For a little perspective, to compete with that monthly payment our seller would have to drop his asking price to (are you ready for this?) $255,000.

Um.

Yeah.

He'd better hope there are still knucklehead knife-catchers out there dumb enough to value "owning" so much that they're willing to pay an extra $625 per month for that vaunted privledge.

And speaking of bong-toke-induced wishful thinking, check out what's happening in 90802 between the List vs. Sold price per square foot:



Boy, they must be selling "Spring Bounce" in dime bags now.